Installment Credit makes repaying larger credit limits easier for Fido customers by allowing them to spread repayments over multiple months instead of making a single payment within one month.
Depending on your Fido Score and eligibility, you may be offered the option to spread your repayments across multiple months, making it easier to manage your budget while meeting your repayment obligations.
How Do Installment Loans Work?
When you qualify for an installment credit, the Fido App will show the repayment options available to you.
Your total loan amount, including any applicable fees and charges, will be divided into equal monthly repayments over the approved credit term. The number of installments available depends on your Fido Score level and credit profile.
How Many Installments Can I Get?
Fido offers credit terms ranging from 1 to 6 months.
First-time customers typically start with a 1-month repayment term.
As you build a positive repayment history and improve your Fido Score, you may unlock access to longer repayment terms and larger credit amounts. Customers with higher Fido Score levels may qualify for repayment periods of up to 6 months.
The repayment options available to you will be displayed in the Fido App when you apply.
How Can I Qualify for More Installments?
The best way to unlock longer repayment terms is to:
- Make your repayments on time
- Maintain a strong repayment history
- Use credit responsibly
Important to Note:
- Choosing an installment plan does not mean you defer payment until the end of the chosen period. It means you will pay a portion of the total amount each month.
- The installment plan helps you manage your finances better by reducing the burden of a one-time repayment.
For further assistance, feel free to contact Fido Support through Live Chat in the app.