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LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

in Nigeria

LairaPlus APP

Best loan app

in Nigeria

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

What are the repayment methods of personal loan APP in Nigeria?

Personal loans have become a popular way for people to access funds quickly and conveniently in Nigeria. With the increasing use of smartphones, there has been a rise in the number of personal loan apps available for Nigerians to access loans. However, when it comes to repaying these loans, many Nigerians are still unsure about the repayment methods available. In this article, we will explore the different repayment methods for personal loan apps in Nigeria.

1. Direct Debit Repayment Method

Direct debit is one of the most common repayment methods used by personal loan apps in Nigeria. This method involves linking your bank account to the loan app, and the loan repayment is automatically deducted from your account on the due date. This method saves time and reduces the risk of forgetting to repay the loan.

2. Card Payment Repayment Method

LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

for Android

Card payment is another repayment method available for personal loan apps in Nigeria. This method requires you to enter your card details on the loan app, and the loan repayment is deducted from your card on the due date. This method is convenient for those who do not want to link their bank accounts to the loan app.

3. Bank Transfer Repayment Method

Bank transfer is another repayment method available for personal loan apps in Nigeria. This method involves transferring the loan repayment amount directly to the loan app’s bank account using your bank’s mobile app or internet banking platform. This method is suitable for those who prefer to make manual payments and want to have control over their loan repayments.

4. Payroll Deduction Repayment Method

Payroll deduction is a repayment method that allows borrowers to repay their loans directly from their salary. This method is suitable for employees who have a regular salary and want to ensure that their loan repayments are made on time. The loan app will deduct the loan repayment amount from the borrower’s salary before it is paid into their account.

5. USSD Repayment Method

USSD repayment method involves the use of Unstructured Supplementary Service Data (USSD) codes to repay loans. This method requires the borrower to dial a specific code on their mobile phone and follow the prompts to complete the loan repayment. This method is suitable for those who do not have access to smartphones or internet banking platforms.

6. Cash Payment Repayment Method

Cash payment is another repayment method available for personal loan apps in Nigeria. This method involves the borrower visiting the loan app’s office or partner location to make a cash payment for the loan repayment. This method is suitable for those who prefer to make manual payments and want to have control over their loan repayments.

In conclusion, personal loan apps in Nigeria offer different repayment methods to suit the preferences of borrowers. It is important to choose a repayment method that is convenient and easy to use to ensure that loan repayments are made on time. Borrowers should also read and understand the terms and conditions of the loan before applying to avoid any surprises during the repayment period.

LairaPlus Loan App

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

in Nigeria

LairaPlus APP

Best loan app

in Nigeria

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

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