Fairmoney is a leading fintech company that provides quick loans to Nigerians through a mobile application. As of 2024, repaying a Fairmoney loan has become even easier with multiple repayment options available to accommodate the diverse needs of borrowers. Here, we will explore four easy ways to repay your Fairmoney loan and answer some frequently asked questions regarding the process.
1. Through the Fairmoney App
Repaying your loan directly through the Fairmoney app is perhaps the most straightforward method. The app is designed to offer a seamless user experience, providing a hassle-free way to manage and repay your loans.
Steps to repay via the app:
- Open the Fairmoney app on your smartphone.
- Navigate to the ‘My Loans’ section where you can view your current loan details.
- Click on the ‘Repay’ button.
- Choose your preferred payment method (bank account, debit card, or USSD).
- Follow the prompts to complete the payment.
- Once payment is successful, you will receive a confirmation within the app.
2. Bank Transfer
You can also repay your Fairmoney loan via a direct bank transfer. This method is convenient if you prefer using your bank’s mobile app or internet banking service.
Steps for bank transfer:
- Log into your bank’s mobile app or internet banking platform.
- Select the option to make a transfer.
- Use the provided Fairmoney bank account details (ensure you check this on the Fairmoney app or official website for accuracy).
- Include your loan ID as the payment reference.
- Complete the transfer.
- Keep a copy of the transfer receipt for your records.
3. USSD Code
For those without immediate internet access, USSD repayment is a reliable alternative. This method allows you to repay your loan using a simple code entered on your mobile phone.
Steps to use USSD:
- Dial the specific USSD code provided by Fairmoney (for example, 3226#) from your phone.
- Follow the on-screen prompts to select the ‘Loan Repayment’ option.
- Enter the amount you wish to repay and confirm.
- You will receive an SMS confirmation once the payment is successful.
4. ATM Payments
You can repay your Fairmoney loan using an ATM, which is an excellent option if you are on the go or prefer physical transactions.
Steps for ATM repayment:
- Visit any ATM and insert your debit card.
- Select the ‘Pay Bills’ or similar option.
- Choose the option to pay a loan and select Fairmoney as the biller.
- Enter your loan ID as the customer reference number.
- Complete the transaction and keep the receipt for your records.
Frequently Asked Questions (FAQs)
What happens if I miss a loan repayment deadline?
Missing your repayment deadline can lead to additional interest charges and affect your credit score. It’s important to contact Fairmoney customer service to discuss possible extensions or payment plans.
Can I repay my loan before the due date?
Yes, Fairmoney allows early repayment of loans without any penalties. This can actually be beneficial as it may improve your credit score and eligibility for future loans.
Are there any hidden charges when repaying the loan?
Fairmoney prides itself on transparency. Any fees associated with your loan will be communicated during the application process. However, standard bank charges may apply for transfers or USSD payments.
What should I do if my repayment is not reflected?
If your repayment does not reflect on your account within 24 hours, you should contact Fairmoney customer support with proof of payment so
Conclusion:
With various repayment options available, repaying your Fairmoney loan is now easier than ever. By following this step-by-step guide, you can confidently navigate through the app and repay your loan on time. Remember, timely repayments can lead to interest reductions and better credit scores, so it’s essential to stay on top of your loan payments.
