As you dey plan for money…na so money sef dey plan for you!


Have you ever been in a position where you’ve saved up a particular amount more times than you can count?


You save. Obinna needs money to buy a lecturer’s handout. You spend.


You save again. Mama falls sick. You spend.


You save AGAIN! Water from the flooded streets of Lagos knocks your car engine. You spend.


Frustrating right?


When it comes to loans… you may be tempted to run away…


This is your reassurance that GOOD lenders (like SnapCash) understand that LIFE HAPPENS to everyone and even when you plan to repay on the due date, an unplanned emergency could pop up and you hit a roadblock. If this happens to you, there’s no need to panic or abscond (you’re not a thief are you?!).


Take a deep breath and follow the steps below to make informed decisions that’ll get you out of financial muddy waters in no time…


## Contact the lender immediately
The first instinct most people have when they realize they are unable to pay back their loan on time is to panic, dread and hide. While this might be a natural response, it does more harm than good.


They sit, fret and wait for the lender to call and ask why they haven’t paid their debt or inform them of the seizure of their collateral.


This is what most people go through, but you are not most people and can avoid this. It’s quite simple, when you get into a tight situation that’ll deprive you of meeting the repayment date, it’s now time to make that ‘bound-to-be-uncomfortable’ but ‘needed’ CALL to the lender.


Explain your situation to them with sufficient evidence, so they don’t think you are trying to skip on your payment. Informing them of your struggles on or after the due date makes you seem like a fraud, so contacting the lender and keeping them informed shows a level of trustworthiness they might not have known existed. (Don’t blame us! We are used to super-stories from borrowers too).


## Ask for a grace period
The next thing you should do when you can’t make loan payments on the due date is to ask for an extension AKA GRACE PERIOD.


Now that you’ve contacted the lender and explained your situation, you can ask for a grace period as a means to smooth out any problem affecting loan payment.
Depending on their terms, lenders may grant a grace period of 0 to 30 days after the due date.


During this extended period, you will be free to work through your financial difficulties, and here’s something really interesting — when you resume debt payment you won’t be asked to pay a late fee. (See why honesty is the best policy!). The grace period also gives you a chance to restructure your loan with the lender and agree on terms that are fit for you and the lender.


## Restructure your loan terms
Restructuring the terms of your loan can take the form of reduced interest rate, extended repayment period or reducing the remaining balance. (Plenty of options available for you!)


It will give you some relief and make it easier for you to repay your debt. It could be temporary or permanent. Temporary restructuring is such that your terms will be adjusted for the period you are facing problems while permanent restructuring is such that your loan terms are adjusted and the adjustments are kept even after your problems have been solved.


## Budget and save towards clearing up debt
Once your loan has been restructured…
The panic dies down and you relax back into your any-how money routine.
No! Don’t do that.


Now would be the time to swiftly get your finances in check and pay back your loan. And you do that by strict budgeting, that’ll allow you to save up enough to clear up your debts within your grace period.


Remember that for the duration of your grace period any debt paid off will not attract a late fee.


And while it may entice you to look for get-rich-quick investments, you should not succumb to the temptation, as a high-risk investment is another means to splurge your money and end up in the financial trenches. AGAIN! (Suffer nor dey tire you?).


## Pay your debt
Well, this speaks for itself. Doesn’t it?
Once you’ve followed the above steps; contacting the lender, asking for a grace period, restructuring your loan terms and budgeting to save up, you can now pay your debt with ease.


The lender will thank you for it and might even sneak your name into the responsible borrowers’ list. Here’s a way to know how you can make that list.


A rule of thumb is to always clear up pending debts before your grace period elapses. It not only boosts your credibility but also your loan worthiness for the future.
…
As always, SnapCash will always get you out of sticky financial crises with our never-ending curated information just for your consumption!
We’re always happy and available to offer you expert advice and opinions…
Shoot us a message at hello@snapcash.ng for more clarification on what to do when you fall short on repayment!





What to do if you can’t repay your loan when due

Access to credit shouldn’t be a privilege reserved for those with extensive paperwork and collateral. Yet, many Nigerians find themselves locked out of financial opportunities because of some high barriers. 

The good news? 

Small loans offer a practical way to build and strengthen your credit history; no complicated requirements, just a straightforward path to proving your financial reliability.

## Understanding Credit History and Why It Matters
Your credit history is a record of how you have managed borrowed money over time. Lenders use this information to determine whether you are a responsible borrower. A good credit history can help you:
1. Access higher loan amounts in the future
2. Get lower interest rates on loans
3. Improve your financial credibility with banks and lenders

If you don’t have an existing credit record, small loans can serve as an entry point to building one.

How Small Loans Can Boost Your Credit Score
1. Access Instant Online Loans in Nigeria
Small loans are easy to obtain. SnapCash provides an instant online loan in Nigeria without requiring lengthy paperwork or collateral. By taking out a loan and repaying it on time, you start creating a positive credit history.

2. Improve Your Creditworthiness with Quick Repayments
With quick loan in minutes services, borrowers can access funds swiftly and repay them in short cycles. Repaying small loans on time consistently signals to lenders that you are a trustworthy borrower, increasing your chances of qualifying for larger loans in the future.

3. No Collateral? No Problem!
One of the best features of small loans is that they are loans without collateral. You don’t need to pledge assets to secure funding, making it easier for first-time borrowers to access credit. By responsibly handling small, unsecured loans, you build a track record that can be used to secure better financial products later.

4. Avoid Loan Defaults and Late Payments
To build a strong credit history, always borrow what you can afford to repay. Late payments or defaults can negatively impact your credit score. Setting up reminders or automating repayments ensures you stay on track.

5. Increase Your Loan Limits Over Time
Lenders reward responsible borrowers by increasing their loan limits. With SnapCash, timely repayment of small loans can qualify you for higher amounts, further strengthening your financial standing.

## Start Building Your Credit History Today
If you’re looking for a quick loan in minutes to cover unexpected expenses while improving your credit score, small loans are a great option. An instant online loan in Nigeria provides fast, secure loans without collateral, helping you achieve financial growth. Start your journey toward a strong credit history today, borrow responsibly and build a brighter financial future! For further questions and assistance send us a message at hello@snapcash.ng.


How Small Loans Can Help You Build a Strong Credit History in Nigeria

Hello Rockstar!!


How’s the economy at your end? We understand these days might be tougher than others and we thought to bring some light to the beginning of the tunnel.
If you ever get stuck in a situation where you need that extra help to fulfill your loan obligation, you can always turn to family and friends to help (well, those that have money to spare) and as such we give you 3 ways your friends and family members can help you pay back your loan with SnapCash.


## Direct transfer
When you are in need of money to pay back your loan and have had a nice long discussion with that Uncle (or friend) that wants to help, you can send them your bank account details so that they can directly send you the money.
From there you can now wire the pending loan amount to your SnapCash virtual account. This is everyone’s choicest method, the individual gets in touch with a friend or family member who’s kind enough to offer help, and they send the money to them so that the individual can make the payments themself.


## Share your SnapCash virtual wallet
This method can work well alongside direct transfer. Instead of asking a friend or family to send the money to your bank account, you can simply provide them with your SnapCash-issued virtual account number. They can directly send the money to your virtual account and then you can pay it back with ease. This method is especially helpful as a means to avoid any extra transfer charges your bank might slap you with.


## Share your payment link
Another method others can use in helping you pay back your loan is the payment link method. This link takes the friend or family to a webpage created for the specific purpose of paying money into your SnapCash virtual account. A payment link is usually single-use, so it can’t be used more than once.


## Payment links tend to have many purposes but in this sense, they offer an individual a way to clear up a loan debt. Remember, if you ever get stranded in paying back a loan at SnapCash, you have the option to share the payment link with a friend or family member willing to help you out.
…
At SnapCash, we understand that some days are tougher than others and you can have great intentions to pay back your loan, but life just happens.
We urge that you don’t keep us in the dark or be unruly to us, send us a message at hello@snapcash.ng and find out the options available to you.


Best of luck rockstar!


3 ways others can help you to pay back your loan

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Featured Articles

What to do if you can’t repay your loan when due

How Small Loans Can Help You Build a Strong Credit History in Nigeria

3 ways others can help you to pay back your loan