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.