01/10/2026
(1) Stop Taking New Loans:
If you genuinely want to repay your loans from a loan app, one of the first steps is to stop borrowing more money to cover existing debts. Taking new loans may provide temporary relief, but it can keep you trapped in a cycle of borrowing and repayment. Focus on your current debt, reduce unnecessary expenses, and direct as much of your available income as possible toward clearing what you already owe.
(2) Calculate Your Total Debt:
Before you can create a realistic plan to repay your loan-app debts, you need to know exactly how much you owe. List every outstanding loan, including the principal, interest, fees, penalties and repayment dates. Knowing your total debt gives you a clear picture of your financial situation and helps you develop a focused repayment plan instead of borrowing blindly.
(3) Create a Debt Repayment Budget:
Set aside a specific portion of your monthly income specifically for repaying your loans. After covering essential expenses, prioritize your debt payments and avoid using the money for unnecessary spending. A realistic repayment budget gives every naira a purpose and helps you steadily work toward becoming debt-free.
(4) Prioritize High-Cost Debt:
If you have multiple loans, identify the ones with the highest interest rates, fees, or penalties and focus on paying them down first while maintaining any required minimum payments on your other debts. This can help reduce the amount you lose to borrowing costs and make it easier to regain control of your finances.
(5) Cut Unnecessary Expenses:
If you are serious about repaying your loans, temporarily reduce spending on things you can live without and redirect that money toward your debt. Cancel unnecessary subscriptions, reduce impulse purchases, eat within your budget and avoid lifestyle spending that can wait. Every naira you save can bring you closer to becoming debt-free.
(6) Increase Your Income:
Cutting expenses alone may not be enough if your debt is large. Look for legitimate ways to earn extra income through a side hustle, freelance work, consulting, selling products or offering a valuable service. Use as much of the additional income as possible to accelerate your debt repayment and reduce your dependence on loans.
(7) Contact the Lender Early:
If you realize you may not be able to meet your repayment deadline, don’t ignore the loan or wait until the situation gets worse. Contact the lender early, explain your situation and ask whether they offer a reasonable repayment arrangement. Being proactive can help you understand your options and avoid making the situation more difficult.
