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What is an installment Loan?

Installment loans are a way to make repaying larger loans easier for some Fido customers. Customers eligible for installment loans will have this option in the app to choose multiple payments, instead of 1 payment that is due in a month.

Fido offers up to 6 months of installment options. This means that instead of repaying the entire loan after the usual one-month period, Fido will divide your loan repayment into small equal amounts. Hence, you pay a small part of the loan each month over the installment period (1 to 6 months) you have chosen.

Note that, it does not mean you will repay the entire loan after the period you choose, but it means each month you will pay a part of the bigger loan.

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