Many Nigerians who use the Newcredit Loan App often face one common issue, repayment date too short. Maybe your business deal got delayed or your salary didn’t drop on time; either way, no one wants late fees or blacklisting.
This detailed guide explains how you can extend your loan repayment date, manage repayment plans, and calculate your Newcredit interest rate properly before borrowing.
Understanding How Newcredit Loan Repayment Works
When you collect a loan from Newcredit, your repayment date is automatically set based on the loan tenure you choose during application.
The app deducts the exact due date and sends reminders through SMS and notifications before it expires.
Your repayment plan is tied to three main things:
- The loan amount you borrowed
- The repayment duration (in days)
- The interest rate applied
For instance, if you borrow ₦20,000 for 91 days, Newcredit will show you your interest rate, total amount due, and due date before approval.
Can You Increase or Extend the Repayment Date on Newcredit?
Yes—indirectly.
You can’t manually change the repayment date after approval, but you can extend your repayment window through early repayment cycles or loan renewal, this works in many other loan apps.
Here’s how it works:
Option 1 – Renew After Partial Repayment
If you repay a loan early or on time, you’ll become eligible for a new loan almost immediately.
Your next loan will automatically come with a longer tenure and sometimes a lower interest rate depending on your repayment behavior.
Option 2 – Contact Support Before Due Date
If you realize you can’t pay on time, open the Newcredit app, go to Help → Contact Us → Chat Support, and send a message explaining your reason.
In some cases, they grant a short extension (1–3 days) to avoid default marking, though this isn’t guaranteed.
Option 3 – Early Repayment Adjustment
If you repay earlier than the original due date, you save interest on the unused days, and your next approved loan will likely come with more flexible date options.
Step-by-Step: How to Manage or Extend Repayment Date
- Open the Newcredit App
- Tap “My Loan” from the home screen.
- Check your current loan details—due date, amount, and days left.
- If you need more time, contact support immediately through the Help Center.
- Request a repayment extension (short grace period)
- If not approved, repay partially and reapply—your new offer will come with extended days.
Tip: Don’t wait till after the due date; once your loan enters “Overdue,” extension won’t work again and the interest penalty will start counting.
How Newcredit Calculates Interest Rate
Newcredit uses a daily interest system based on your loan amount and repayment duration.
Here’s the breakdown.
Formula:
Total Repayment = Principal + (Principal × Interest Rate × Days / 365)
Example:
If you borrow ₦10,000 for 91 days at a 30% annual interest rate:
→ Interest = ₦10,000 × 30% × 91 / 365 = ₦748
→ Total Repayment = ₦10,000 + ₦748 = ₦10,748
So you’ll repay ₦10,748 after 91 days.
Current Newcredit Loan Terms (2025)
| Loan Type | Range | Duration | Interest (APR) |
|---|---|---|---|
| Personal Loan | ₦10,000 – ₦500,000 | 91 – 365 days | 2% – 36% |
| SME Loan | ₦50,000 – ₦800,000 | 120 – 365 days | 18% – 30% |
Note: Your interest depends on how consistent and trustworthy your repayment record is — the better your record, the lower your future interest.
Tips to Avoid Late Repayment or Overdue Charges
- Always check your due date immediately after loan approval.
- Turn on reminders or alarms two days before repayment.
- Fund your account at least a day early (auto debit can delay).
- If you can’t repay, contact support early, it helps prevent penalty interest.
- Repay before time to unlock higher limits and flexible future tenures.
Common Issues and Fixes
• App not showing repayment date:
Refresh or log out and back in; check “My Loan” tab again.
• Payment failed or deducted twice:
Wait a few minutes, failed deductions are usually reversed automatically within 24–48 hours.
• Late fee added even after repayment:
Send your repayment proof to support@newcredit.ng with transaction ID.
• Account still showing loan active after payment:
Close and reopen the app; sometimes system delay occurs.
FAQs
Q1. Can I extend repayment after my loan is overdue?
No. Once it’s marked overdue, the system locks extension. You’ll need to repay and reapply later.
Q2. Does early repayment reduce interest?
Yes, you only pay for the days used, not the full tenure.
Q3. Can I change repayment date manually in the app?
No. The app doesn’t allow manual change, only support-assisted grace or renewal.
Q4. How is my interest rate decided?
Your credit score, repayment history, and BVN-linked financial activity determine it.
Conclusion
The Newcredit Loan App is built to help Nigerians access fast, collateral-free loans, but repayment timing matters.
While you can’t directly change the date just like other loan apps like AB MFB, good repayment behavior, early action, and open communication with support can help you extend or manage it without penalty.
Always calculate your loan interest before borrowing, plan your repayment schedule properly, and use Newcredit responsibly, that’s the easiest way to build trust and enjoy bigger limits next time.
