How to Repay a Loan on FairMoney and Increase the Repayment Date

There has been so much information online about loans and microfinance banks. You’ll see some content and videos talking down on loan apps and banks, while some will highly recommend them.

But the truth is, many of the Nigerian youths who actually understand how money works and move with good businesses are the ones thriving with loan support.

The ones that don’t understand how banking and repayment work are usually the ones that end up making bad reviews online, especially on TikTok or YouTube.

Some so-called content creators also do this just to make money from views. Your best move should always be to check a verified source like TechManly, where we do full reviews and real checks from past users before recommending any app or bank. Some of these apps are good but become strict when you fail to repay early after your grace period.

You can check our other guides on the Lapo Microfinance Loan, the Renmoney Mobile Loan, and the AidaCredit Loan App if you want to know how each works before applying.

In this article, let’s go through how FairMoney loan repayment works and how you can extend or increase your repayment date when you’re unable to pay on time.

How to Repay Your FairMoney Loan

FairMoney makes repayment very easy, and you can pay using different methods—through their app, bank transfer, or even using your debit card.

Here’s how to repay:

Option 1 – Using the FairMoney App

1. Open the FairMoney app on your phone.
2. Tap on “My Loans” or “Repay Loan.”
3. Select the active loan you want to pay.
4. Choose Repay Now and pick your preferred payment method (card, wallet, or bank transfer).
5. Confirm payment and wait for instant confirmation.

Option 2 – Via Bank Transfer

• You can also repay directly into your FairMoney account number (it appears in the app under “Repay Loan”).
• Once you transfer to that account, it automatically updates your loan status.

Option 3 – Through Auto Debit If you used your bank card during the loan request, FairMoney can automatically debit your card on the due date.
To avoid being charged twice, don’t make a manual payment while auto debit is active.

How to Extend or Increase Repayment Date

FairMoney allows users to request a loan repayment extension (also called a loan top-up or rollover).
This option helps you avoid penalties or late payment records when you can’t repay on the exact due date.

Here’s how it works:

1. Open the FairMoney app.
2. Go to the My Loans section.
3. Tap “Extend repayment date” or “Top up loan” (depending on the version you’re using).
4. The system will check your credit score, past payments, and eligibility.
5. Once approved, your repayment date will move forward, and you’ll see the new date on your dashboard.

Note: FairMoney may charge a small interest for extending repayment or top-up loans. The new amount will reflect instantly before you confirm the change.

Important Things to Know Before Requesting an Extension

• Only users with good repayment history can get an extension.
• Don’t wait till your due date before requesting, do it 24–48 hours before.
• Your credit score improves when you pay early or extend properly.
• If you ignore your due date, FairMoney can still debit your account automatically or mark your BVN for loan default.

Benefits of Paying FairMoney Loan Early

1. You qualify for a higher loan limit next time.
2. You build a better credit record with FairMoney and other microfinance banks.
3. You can get instant approval for top-up loans.
4. You avoid unnecessary extra charges or debit alerts.

Common Issues and Fixes

• Loan not updating after payment:
Wait for 5–10 minutes. If it doesn’t update, contact support via the in-app chat or email help@fairmoney.io.

• Auto debit happened twice:
Send proof of both transactions to support; a refund usually comes in 24–72 hours.

• Extension option not showing:
Update your app to the latest version (from the Google Play Store), the feature is under My Loans.

Contact and Support

• Email: help@fairmoney.io
•  Phone: 017001276 / 01 888 5577
•  Office Address: 28 Pade Odanye Close, Off Adeniyi Jones, Ikeja, Lagos, Nigeria

FAQs (Frequently Asked Questions)

Q1. Can I pay the FairMoney loan before the due date?
Yes. You can pay anytime before the due date, and it improves your credit score.

Q2. Can I extend my FairMoney loan twice?
Yes, but only if you have a clean record and your first extension was approved.

Q3. What happens if I don’t pay at all?
FairMoney will add daily interest and report your BVN to credit bureaus (CRC, CreditRegistry, etc.), making it harder to get loans later.

Q4. Can I repay through another person’s account?
Yes, but make sure you include your FairMoney reference or account number in the transfer description.

Q5. How long before my next loan is approved after repayment?
Usually within 24 hours after full repayment, depending on your repayment record.

Conclusion

FairMoney has proven to be one of Nigeria’s top microfinance banks that actually care about users’ convenience.
They’ve made loan repayment, savings, and account management easy for everyone, especially for users who need quick cash or business support.

If you ever face repayment delays, don’t panic—use their extension option early or contact support to adjust your due date.

Always pay on time and keep your account in good standing, and you’ll keep getting access to higher loan amounts whenever you need them.