Extension of Loan Repayment is possible on the Fairmoney App, and in this article, I’m going to walk you through how you can easily extend your Fairmoney Loan Repayment. But before I dive into the guides, let’s talk about things you need to know before you extend a loan repayment.
- First of all, you need to get a loan repayment extension offer before you can be able to extend your loan repayment duration on the Fairmoney App.
- You should also know that extending your loan duration often reduces your monthly payments but increases the total interest paid over the life of the loan. You can use our loan calculator to estimate this difference.
- For Fairmoney, the company charge certain loan extension service fee. So, there's no increase in loan interest. You will only pay for the initial interest. However, the interest rate will contiue to increase when the deadline for the extension ends.
- You also needs to consider whether extending your loan repayments duration will ease your financial stress or free up cash for other priorities, like savings or emergencies.
- If your loan has a variable interest rate, extending the repayment duration might expose you to more rate fluctuations over time.
- Furthermore, check if the loan allows you to make extra payments without penalties. This can provide flexibility to pay off the loan faster if your financial situation improves.
- Longer loan terms may improve your credit score temporarily by reducing your debt-to-income ratio. However, if you miss payments, the extended timeline could mean more opportunities for negative impacts.
Must Read: How to check Credit Score in Nigeria for free in 2025.
How to Extend Loan on Fairmoney
Follow these steps to extend your Fairmoney's Loan Repayment's Duration on the Fairmoney Mobile App.
- Open the Fairmoney App. The App is available on the Google Play Store for Android and Apple App Store for iPhone in case you've uninstall the app.
- Login to your account using your email/phone and your unique password. An OTP may be sent to your email or phone, confirm the code to aid successful login.
- Once you're in the loan app, navigate to "Manage Loan" simply by clicking on the "Manage loan Icon".
- Tap on "Extension" in the Manage Loan page. You will see if you are eligible to extend your current loan.
- Once you're eligible to extend the loan repayment duration, choose your desire days of extension and pay the loan extension fee.
The fee is usually range from N500 to N2000 depending on your extension time and loan amount. It will be deducted from your Fairmoney Balance. So, if you don't have enough money in your account, your can fund your Fairmoney wallet from other bank account.
