What is the automatic repayment function?
During the loan process, the borrower needs to repay the loan on time every month as agreed in the contract. If the borrower forgets to repay the loan or is unable to repay it on time for other reasons, overdue repayment will result in penalty interest and damage to the credit record. The automatic repayment function can help borrowers automatically deduct payments and avoid forgetting to repay and late repayments.
Does PesaX online loan provide automatic repayment function?
Currently, the PesaX online loan platform has provided users with an automatic repayment function. Users only need to choose to activate the automatic repayment function when borrowing and authorize the PesaX online loan platform to deduct the money. When each repayment date arrives, the system will automatically deduct the amount due from the bank account designated by the borrower to ensure that the repayment arrives on time and avoid overdue repayment.
Advantages of the automatic repayment function
1. Avoid forgetting to repay: The automatic repayment function can effectively avoid overdue repayment problems caused by negligence or forgetting to repay, and avoid fines and damage to your credit record.
2. Convenient and fast: After activating the automatic repayment function, borrowers do not need to make manual repayments every month. The system will automatically deduct the payment, saving time and effort.
3. Improve credit: Timely repayment can improve the borrower’s credit record. In the future loan process, the borrower can more easily obtain lower interest rates and higher limits.
How to activate the automatic repayment function?
Borrowers need to choose to activate the automatic repayment function when applying for a loan and fill in their bank account information. After successful review, the PesaX online loan platform will automatically deduct funds from the designated account on each repayment date. If the borrower needs to change the repayment method, he can contact customer service at any time to make changes.
Summary
The automatic repayment function is a convenient, fast and safe service provided by PesaX online loan to users. Turning on the automatic repayment function can avoid the problems of forgetting to repay and late repayments, improve the borrower’s credit record, and provide better conditions for future loans. Hope this article is helpful to you.
