Fairmoney mobile loan providers in Nigeria recently announced the introduction of a loan Extension for any of their customers who are unable to pay due to some unforeseen circumstances. For those who don't know FairMoney loan or have used their loan app.
FairMoney is among the best mobile loan providers in Nigeria design to assist you with urgent cash when you need it most. They are better than most useless bad loan app
that have occupied Google play Store. They have become the third mobile loan providers that support loan extension. below are the lenders who support loan extension.
There might be others who support loan extension but the 3 platforms I mentioned other ones I know. However, Carbon loan is undoubtedly the best in Nigeria due to their mode of operation, they offer longer loan duration and less interest compared to every other mobile loan provider.
Branch, FairMoney and Migo money is also among the best loan providers in Nigeria and I recommend that you only use them for any urgent financial needs. I also have the list of 10 bad loan apps and lenders in Nigeria to avoid
What is Loan Extension
In case you don't understand what a loan extension is all about, it allows you to reschedule your loan to a later date when you are unable to pay at the moment. Maybe the money you expected to use and repay your loan didn't come as expected, what you do is to apply for a loan extension to enable sort things out.
However, there is some price to pay for a loan extension but it all depends on the platform and the terms they set for their loan extension. Migo money will ask you to pay the only interested for the previous month and then extend the loan till another 28-30 days.
How FairMoney Loan Extension works
Below are the loan extension introduction email sent by FairMony to all their users informing them of the new development. They also explain the reason behind the implementation of loan extension and how it works.
Our customers are at the centre of everything we do at FairMoney. The goal is to provide you with the ease you need to manage your finances and grow your businesses.
We have realized that one way to provide this ease that we promise is through loan extensions. Emergencies come up, plans change, and sometimes being able to make payments on your due date will be impossible. Our customers have asked that we provide a means to extend the validity of their loans. We listened and have now made this possible.
The way we achieved this is by adding a new loan extension feature to the app, this feature allows you to keep your loan for a longer period of time and change your due date to much later date.
So, if your loan is due on the 7th of March, but you are unable to make a payment on that date, you can apply for an extension, get a new date which we will offer to you, and then repay your loan on the new date. All of this happens in less than a minute.
This gives you the chance to pay at a later date without the fear of a late charge or your credit rating dropping. You will also avoid being reported to the Credit Bureau for late payment, which will help you remain eligible for loans in the future.What you need to do is:
- Update your app in the Google Play Store
- Open the FairMoney app where you will see a button that says “Extend”.
- Click on that button, you will be directed to the Loan Extension feature screen
- By accepting the extension offer, you will need to pay a prepayment amount or an extension fee
A prepayment amount is a partial payment from your ongoing loan amount. When you pay this, the amount paid is deducted from the ongoing loan amount.
An extension fee is a slight payment you might need to make to extend your loan. This payment won’t be deducted from your ongoing loan amount.The loan extension feature is not available to all customers.Extension offer will depend on several factors like:
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- Number of extensions already taken
- The maturity of the loan
- The amount of the loan
- The risk profile of customer (Credit Score)
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Once a customer qualifies for an extension offer, that customer will be notified.
When life happens, we want you to know that we’ll be there for you.