Our customers are at the center of everything we do at FairMoney. The goal is to provide you with the ease you need to manage your finances and grow your businesses.
We have realized that one way to provide this ease that we promise is through loan extensions. Emergencies come up, plans change, and sometimes being able to make payments on your due date will be impossible. Our customers have asked that we provide a means to extend the validity of their loans. We listened and have now made this possible.
The way we achieved this is by adding a new loan extension feature to the app, this feature allows you to keep your loan for a longer period of time and change your due date to much later date.
So, if your loan is due on the 7th of March, but you are unable to make a payment on that date, you can apply for an extension, get a new date which we will offer to you, and then repay your loan on the new date. All of this happens in less than a minute.
This gives you the chance to pay at a later date without the fear of a late charge or your credit rating dropping. You will also avoid being reported to the Credit Bureau for late payment, which will help you remain eligible for loans in the future.
What you need to do is:
– Update your app in the Google Playstore
– Open the FairMoney app where you will see a button that says “Extend”.
– Click on that button, you will be directed to the Loan Extension feature screen
– By accepting the extension offer, you will need to pay a prepayment amount or an extension fee
The prepayment amount is a partial payment from your ongoing loan amount. When you pay this, the amount paid is deducted from the outstanding amount.
An extension fee is a slight payment you might need to make to extend your loan. This payment won’t be deducted from your ongoing loan amount.
The loan extension feature is not available to all customers.
Extension offer will depend on several factors like:
– Number of extensions already taken
– The maturity of the loan
– The amount of the loan
– The risk profile of customer (Credit Score)
Once a customer qualifies for an extension offer, that customer will be notified.
When life happens, we want you to know that we’ll be there for you.