How to Repay Loans Using FairMoney App

Are you bothered about how to repay loans using FairMoney app? It’s simple and quick. FairMoney, a microfinance bank that gives instant loans to individuals, has various repayment options for you. You can use your debit card or transfer to your FairMoney account.

Things and times have changed, in the world of today convenience and speed are key, and loan repayment methods should be just as quick.

For FairMoney users, the repayment process is designed to be convenient and FairMoney users can repay their loans in a few taps.

Knowing how to navigate the repayment process will help you manage your finances better, avoid late fees and maintain a good credit score.

In this article, we will take you through the process of repaying your loans on the FairMoney app, the options available and tips to never miss a payment.

The FairMoney app is user friendly and allows users to repay loans using debit card or by transferring to their FairMoney bank account.

Whichever option you choose, the repayment will be reflected immediately and your loan will be settled.

Now let’s get into the nitty gritty of repaying loans on the FairMoney app, the step by step process, pros of each and some tips to make it even smoother.

How to Repay Loans Using FairMoney App

Paying Back with Debit Card Linked to the App

One of the simplest ways to repay loans through the FairMoney app is by using a debit card. FairMoney app allows you to link your debit card for quick payments. This is useful for those who prefer card payments over bank transfers as the app stores your card details making future payments faster.

Here’s how you can repay your loan using your debit card:

1. Open the FairMoney app: Open the FairMoney app on your phone. Make sure you are logged in with your account credentials.
2. Click on “Repay loan”: Once you are on the homepage, click on “Repay loan”. This will take you to the loan repayment section of the app.
3. Choose the amount to repay: Select the loan amount you want to repay. You can repay the entire loan or just a part of it depending on your financial situation and preferences.
4. Select your debit card: If you have already linked a debit card to your account, select the card. If you haven’t linked one, you will have the option to add a new debit card by entering the required details.
5. Confirm payment: After selecting your card and amount, confirm the payment. The loan will be repaid and you will receive a notification once the payment is done.

The advantage of using your debit card is the convenience. Since your card is saved in the app, future loan repayments can be done in just a few clicks without having to enter card details again and again.

Repaying Loans via Bank Transfer

For users who prefer bank transfers, FairMoney also offers an option to repay loans by transferring funds to your FairMoney bank account. This is good for users who manage their finances through bank transactions rather than linking their debit cards to the app.

Here’s the step-by-step guide to repay your loan via bank transfer:

1. Go to “Add Money”: On the homepage of the FairMoney app, click on “Add money”. This will show your FairMoney bank account details including your FairMoney account number.
2. Copy your FairMoney account number: Once you see the account number, copy it. You will need this number to make a bank transfer.
3. Transfer the repayment amount: Using your regular banking app, transfer the loan repayment amount to your FairMoney bank account number. Make sure to double check the details to avoid sending the money to the wrong account.
4. Wait for confirmation: After you complete the transfer, the funds will reflect in your FairMoney account as a deposit. Then you can go ahead and repay your loan by clicking “Repay loan” on the app and selecting FairMoney account as the payment method.
5. Complete repayment: Once the amount is transferred and showing in your FairMoney account, select the loan you want to repay and complete the transaction.

Paying via bank transfer is good for those who don’t want to store their debit card details on apps. It also gives you more control over the amount you pay at any time.

FairMoney Loan Repayment Options Benefits

The flexibility of FairMoney loan repayment options is why many users prefer it. Here are some of the benefits:

• Ease: Both debit card and bank transfer options allow you to pay back loans without visiting any physical bank. All can be done on the app, super easy.
• Instant Reflection: Once you pay back a loan using any of the options, it reflects immediately on your account. No delays in clearing your debt.
• Multiple Options: Having both debit card and bank transfer options gives you the flexibility to choose what works best for you, depending on your situation.
• Security: Both options are secure, your financial details are protected.

How to Pay Back on Time

Paying back on time is crucial to avoid late fees and good credit score. Here are some tips to help you stay on top of your loan repayments:

1. Set reminders: Use your phone or calendar to remind you of upcoming loan repayment dates. So you don’t miss payments.
2. Auto-save: Save money regularly so you have enough to pay back your loan when the due date comes.
3. Early payment: If you have the money, try to pay back your loan before the due date to avoid last minute rush.
4. Update the app: Keep your FairMoney app updated so you have access to all the latest features including quick loan repayment options.
5. Budget: Manage your monthly expenses wisely and make sure loan repayment is on top of your financial plan.

Summary

Paying back on FairMoney app is easy, fast and convenient. Whether you pay via debit card or bank transfer, the process is seamless and your loan is cleared instantly. Now that you know how to use these features, avoid delays and always pay back on time. Follow the steps above and use the tips to manage your loan repayment and be good with FairMoney.