Sometimes, unexpected expenses or cash flow problems can make it difficult to repay a loan on time. Missing a repayment can affect your credit score and your chance of getting future loans. FairMoney understands this and offers a feature that allows eligible users to extend their repayment date.
This feature is useful if you need just a little more time to gather funds, avoid late fees, and keep a good credit history. However, not everyone qualifies for an extension, and the process comes with a fee. Knowing how it works before you request one can save you stress and prevent mistakes.
This guide explains how FairMoney’s loan extension works, who can use it, and the exact steps to extend your repayment date using the FairMoney mobile app.
How to Extend a FairMoney Loan
FairMoney offers a loan extension option for qualified account. This feature lets you delay your repayment to a later date for a fee, without harming your credit standing if you use it correctly.
Step-by‑Step Process:
Log into the FairMoney app. On the home screen, swipe left to reveal the green loan card, then tap the Manage loan icon. Choose the Extension option. From there, you can pick the number of extra days you need and pay the exact fee shown in the app. Once paid, your due date is updated .
Extension eligibility depends on factors like how many extensions you’ve already taken, the age and amount of the loan, and your credit history within FairMoney. If the “Extend” button is grayed out or missing, you are not eligible at that time .
The extension fee ranges from around ₦500 to ₦2,000 depending on the loan amount and the number of days requested. Note that under‑payment or over‑payment of that fee will block the process .
Things You Should Know Before Requesting an Extension
A loan extension lowers your immediate repayment burden but may increase total interest. The interest rate itself doesn’t change, but extending means the original interest accumulates over more days. That can raise the total cost of your loan .
Only eligible users see the offer. Eligibility can change over time, so if it’s unavailable now, check again after a few days or after making a full or partial repayment.
What If Your Extension Doesn’t Get Activated?
Make sure you paid exactly the amount shown in the app. Any discrepancy, paying more or less, will not trigger the extension. If the option is not activating after correct payment, contact FairMoney support and send proof of payment for review .
Quick Summary
If FairMoney shows an extension offer:
Open your FairMoney app
Swipe left to the green loan card
Tap Manage loan → Extension
Pick your extension duration
Pay the exact fee shown in the app
If you don’t see those options:
Update the app
Clear app cache or storage
If still unavailable, wait a few days or repay partially to become eligible later .
Final Thoughts
A FairMoney loan extension can help if you’re late on payment. But use it carefully—it adds cost and should be a stop-gap, not a habit. Always repay on time if possible. If you need help with the app or other FairMoney features, I’d be happy to guide you further.
