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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 instant personal loan APP in Nigeria?

Instant personal loan apps have become increasingly popular in Nigeria due to their convenience and quick access to funds. However, it is important to understand the different repayment methods available to borrowers. In this article, we will explore the various repayment options offered by instant personal loan apps in Nigeria.

Repayment via Direct Debit

One of the most common repayment methods used by instant personal loan apps in Nigeria is direct debit. This involves linking your bank account with the app, so that the loan repayment amount can be automatically deducted from your account on the due date. This is a convenient option as it saves borrowers the hassle of manually repaying the loan.

Repayment via Bank Transfer

LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

for Android

Another repayment method offered by instant personal loan apps is bank transfer. This involves manually transferring the loan repayment amount to the lender‘s bank account. Although this method is not as automated as direct debit, it still provides borrowers with an easy way to repay their loans.

Repayment via USSD Code

Some instant personal loan apps also offer repayment via USSD code. This involves dialling a specific code on your mobile phone and following the prompts to complete the repayment process. This option is particularly useful for borrowers who do not have access to reliable internet or a smartphone.

Repayment via Cash Deposit

A few instant personal loan apps also allow borrowers to make cash deposits at designated bank branches. This repayment method is suitable for borrowers who prefer to make physical payments instead of online transactions.

Repayment via Debit Card

Another repayment method available to borrowers is using their debit card to repay the loan. This option is convenient as it does not require manual transfers or cash deposits. However, borrowers need to ensure that they have sufficient funds in their account to avoid defaulting on the loan.

Repayment via Salary Deduction

Finally, some instant personal loan apps offer repayment via salary deduction. This involves the lender deducting the loan repayment amount directly from the borrower’s salary. This is a convenient option for borrowers who have a regular income and want to ensure that their loan repayments are never missed.

In conclusion, instant personal loan apps in Nigeria offer a variety of repayment options to borrowers. From direct debit to salary deduction, there is an option that suits every borrower’s needs and preferences. It is important for borrowers to understand the different repayment methods available and choose one that is most suitable for them to avoid defaulting on their loans.

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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