If you don’t repay a loan from NiceNaira, a digital lending platform in Nigeria, you’ll face several consequences. The NiceNaira app offers loans with annual percentage rates (APRs) ranging from 12% to 30%, and the service rate varies from 6% to 24%.
The monthly interest rate is set at 0.5%. Failure to repay the loan can lead to increased financial burden due to accruing interest and penalty fees. This non-payment can significantly impact your credit score, making it more challenging to secure future loans. It’s important to repay your loans on time to maintain a good credit history and avoid these negative consequences.
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NiceNaira encourages responsible borrowing by rewarding on-time repayments with potentially higher borrowing limits and lower interest rates in the future.
For more detailed information, you can refer to the dxmetrics article on NiceNaira.