What happens if a loan is overdue

If a loan passes its 60-day maturity date without being fully repaid, it becomes overdue.

What to expect

• Overdue loans are charged a higher interest rate of 20% (compared with the standard 10%), applied on top of your original balance.
• An overdue loan can lower your credit score and affect future eligibility.
• The loan stays active until the full balance, including the overdue interest, is cleared.

What to do

1. Open the Loans tab and select the overdue loan.
2. Make a repayment as soon as you can to stop further fees from adding up.
3. If you cannot repay right away, reach out to support so we can help.

Tip: Even a partial repayment reduces what you owe and shows good standing.

To clear it, follow How to repay your loan. To rebuild your score afterward, see How to improve your eligibility.

Need a hand? Email support@boldswitch.ng.