Fairmoney, a widely popular loans and finance app in Nigeria with over 5 million downloads on the Playstore, offers users the convenience of quick loan approvals without the need for collateral or guarantor. Repaying your Fairmoney loan might seem confusing at first, but this guide will walk you through the process step by step, ensuring a smooth repayment experience.
- Understanding Fairmoney Loan Repayment
- Steps to Repay Your Fairmoney Loan 2.1 Sign in to Your Fairmoney Account 2.2 Click on “Repay” 2.3 Enter Repayment Amount 2.4 Choose Repayment Option
- Various Repayment Methods 3.1 Via Fairmoney App 3.2 Using USSD Code 3.3 Bank Transfer via Mobile App 3.4 Using Debit Card
- Frequently Asked Questions 4.1 Can I Repay Before the Due Date? 4.2 Consequences of Late Payment 4.3 Repayment Duration
Understanding Fairmoney Loan Repayment:
Just as you can’t receive a loan without paying it back, Fairmoney expects timely repayment of loans granted through their platform. Before applying for a loan, it’s wise to familiarize yourself with Fairmoney’s repayment terms and conditions. While they do offer the flexibility of extending the repayment date, it’s recommended to do so only if necessary.
Steps to Repay Your Fairmoney Loan:
- Sign in to Your Fairmoney Account: Open the Fairmoney app and log in to your account using your credentials.
- Click on “Repay”: Locate the “Repay” option from the app’s main menu and click on it.
- Enter Repayment Amount: Specify the amount you wish to repay or select the option for full loan payment.
- Choose Repayment Option: Click “Next” to explore available repayment methods.
Various Repayment Methods:
- Via Fairmoney App: The most recommended method is to use the Fairmoney app itself. Add funds to your account and then use that balance to repay your loan. This app also offers other financial features, including saving and investment options.
- Using USSD Code: Fairmoney provides a USSD code option. Copy the code displayed, dial it on your phone, and follow the prompts to complete the repayment.
- Bank Transfer via Mobile App: Note down the bank details provided, including bank name, account name, and account number. Use your bank’s mobile app to initiate a transfer to repay the loan.
- Using Debit Card: If you’re new to Fairmoney, you can click on the linked ATM card number and select “Pay.” Alternatively, funds can be automatically deducted from your debit card on the loan’s deadline day.
Frequently Asked Questions:
- Can I Repay Before the Due Date? Yes, repaying before the due date is advisable. It can lead to reduced interest and a better credit score.
- Consequences of Late Payment: Late payments result in increasing interest rates and persistent reminders from Fairmoney to repay the loan promptly.
- Repayment Duration: The duration for repaying a Fairmoney loan may vary based on the terms of your loan agreement.
Conclusion:
Repaying your Fairmoney loan is a straightforward process with multiple options to choose from. Whether you prefer using the app, USSD code, bank transfer, or debit card, you have the flexibility to select the method that suits you best. Prioritize timely repayment to avoid additional costs and maintain a positive credit history.