Getting an instant online loan through Xcredit is effortless and convenient. With various repayment options available, you can repay your loan stress-free. In this guide, we’ll walk you through the process of repaying your Xcredit loan, ensuring you understand the different methods and consequences of late payments.
Repaying Your Xcredit Loan
Once you’ve downloaded and installed the Xcredit loan app and received your loan, the next step is repaying it. Xcredit offers multiple repayment options, making it convenient for you. Here’s how you can do it:
- Auto-Debit Method: The auto-debit option allows automatic deduction from your bank account, linked through the ATM card used during loan application. Your payment will be processed seamlessly, and your loan balance updated.
- Manual Repayment: You can also manually repay your Xcredit loan. Follow these steps:a. Open the Xcredit App on your phone. b. Access your account dashboard and click on “My Loan.” c. Choose the specific loan you want to repay. d. Click “Repay In Advance.” e. Select your preferred repayment method from the available options.
Available Repayment Options:
a. Bank (ATM) Card:
- Click “Bank Card” and choose your linked bank account.
- To add a new card, click “Add a Card” and provide card details.
- Complete the payment process, and the loan amount will be deducted from your account.
b. Bank Transfer:
- Choose “Bank Transfer” and note the provided bank account number.
- Use your bank app, nearby ATM, or USSD code for the transfer.
- After successful payment, refresh the Xcredit App to reflect the repayment.
Consequences of Late Payments
Late repayments come with consequences that you’d want to avoid. Here’s what you need to know:
- Late Fees: Late repayments result in a 2% daily fee. Timely repayment is crucial to prevent accumulating additional costs.
- Account Suspension: Xcredit may suspend your account if you consistently miss payments.
- Credit Bureau Reporting: Xcredit reports late payments to national credit bureaus as required by law, affecting your credit history.
- Communication with Contacts: In extreme cases, Xcredit may contact your contacts about the late repayment.
Benefits of Timely Repayment
Repaying your Xcredit loan on time offers several advantages:
- Access to Larger Loans: Timely repayment enables you to access larger loan amounts for future needs.
- Positive Credit History: On-time repayments contribute to a positive credit history, improving your chances of borrowing from other lenders.
Conclusion
Repaying your Xcredit loan is a straightforward process with multiple convenient options. Whether you opt for auto-debit or manual repayment, ensuring timely payments is essential to avoid late fees, account suspension, and negative credit bureau reporting. By understanding the repayment process and consequences, you can manage your loans responsibly and maintain a healthy financial profile.
FAQs
How can I repay my Xcredit loan?
There are three simple ways to repay your Xcredit loan: through bank transfer, USSD code, or using the Xcredit mobile app. You can choose whichever method is most convenient for you.
What information do I need to make a bank transfer for my loan repayment?
To make a bank transfer, you’ll need your Xcredit loan repayment details, which include the unique reference number for your loan and the bank account provided by Xcredit for repayments. Ensure the amount matches your loan balance.
How do I repay using the USSD code?
To repay using the USSD code, dial the code provided by Xcredit, follow the prompts, and enter the necessary details, such as your loan reference number and the repayment amount. Ensure you have sufficient balance in your account to complete the transaction.
Can I repay my loan through the Xcredit app?
Yes, you can repay your loan using the Xcredit mobile app. Simply log into your account, select the loan repayment option, enter your repayment amount, and confirm the transaction. The app is user-friendly and provides a quick way to make repayments.
Also Read: KiaKia Loan USSD Code: How to Use it for Loans & Repayments