How to Close, Delete or Deactivate your Naira Loan Account Easily

Benefits of Closing your Naira Loan Account

Potential benefits of closing your Naira Loan account include:

Avoiding unnecessary fees if not actively using the lending account
Increased security and protection of your personal and financial information
Simplifying your overall financial and lending portfolio
Eligibility to potentially reopen a Naira Loan account later after a waiting period

When to Consider Closing your Naira Loan Account

You may want to close your Naira Loan lending account if:

You have not utilized the account for an extended period of time
Naira Loan reduces competitive lending rates or increases fees
You experience poor, diminished, or worsened customer service
You wish to switch lending institutions or accounts
You need to reopen the same type of Naira Loan account after previously closing it

Carefully reviewing your situation and options can help determine if closing your account is the best course of action.

Step-by-Step Process to Close your Naira Loan Account

Follow these key steps to close out your Naira Loan lending account:

Contact Naira Loan – Phone or email their customer service team. Ask to formally close your account and identify any unique requirements.
Repay outstanding loan balance – Pay off and settle any outstanding loan amounts to prevent future fees or issues.
Cancel automatic payments – Stop any recurring automatic payments being withdrawn from the lending account.
Withdraw unused loan amounts – Transfer or withdraw any unused or unspent approved loan amounts into another bank account.
Follow up on closure – Confirm back with Naira Loan after some time that the account is fully closed in their systems.

Key Differences Between Closing vs. Deactivating

Closing an account permanently terminates it whereas deactivating simply temporarily suspends many features but still allows for easier reopening if ever needed again in the future. Consult with the Naira Loan team to understand the exact implications of each option.

Naira Loan Account Closure Process and Timeline

When you formally request account closure, Naira Loan will process the request and communicate with you as needed to complete necessary steps. This process may include:

Verifying your identity and authorization
Settling any outstanding loan balances
Waiting approximately 30 days for any pending transactions or activity to finalize
Mailing an official account closure confirmation letter

The full account closure process can take anywhere from 30-60 days depending on your account specifics. Maintain contact with the Naira Loan team to ensure smooth and proper closure procedures.

Impacts After Naira Loan Account Closure

Once your Naira Loan account officially closes, be aware of related impacts such as:

Credit rating or score changes due to closed loan account history
Automatic or scheduled loan payments no longer withdrawing funds
Loss of access to account lending features, services and privileges
Potential bank penalties from automatic loan payments still attempting to withdraw after closure

Have alternate plans or back-up payment options in place ahead of closure to avoid any payment issues.

Reopening a Closed Naira Loan Account

If you change your mind later on, you may be able to reopen a properly closed Naira Loan account by:

Contacting Naira Loan directly and requesting to reopen closed account
Updating your personal details and information
Providing any requested documentation
Meeting current lending eligibility requirements

However, there are often mandated waiting periods before you can reopen an account after closure. Check in with the Naira Loan team first before assuming an account can be reopened.

FAQs On How to Close, Delete or Deactivate your Naira Loan Account Easily

How to Close, Delete or Deactivate your Naira Loan Account Easily

1. Does closing my Naira Loan account hurt my credit score?

Closing an older active lending account can potentially impact your credit score in the short-term. But effects are usually relatively small and your score typically rebounds quickly.

2. How long does the full Naira Loan account closure process take?

While submitting a closure request is fast, allow approximately 30-60 days for the complete account termination process including pending transaction finalization.

3. Is reopening a closed Naira Loan account possible?

Yes, in many cases you can request to reopen a voluntarily closed account assuming it was in good standing upon closure. But restrictions and waiting periods before reopening may apply.

4. Will Naira Loan charge fees for closing my lending account?

There are typically no direct account closure fees. However outstanding owed amounts on your account at time of closure may still be charged or sent for collections.

5. How do I ensure my Naira Loan autopay gets cancelled when I close an account?

When closing, immediately contact any lenders withdrawing automatic Naira Loan payments to cancel and provide alternate payment arrangements.

6. What should I do if I get charged fees after closing my account?

Contact Naira Loan detailing any charges or fees received. Verify your account shows as terminated in their system, with no pending transaction or closure actions causing the fees.

7. Does Naira Loan require my permission to close my lending account?

Yes, your consent and request is mandatory for voluntary account closure. But their terms also permit involuntary termination without consent in some scenarios.

8. How does account closure impact any associated Naira Loan credit account?

Cancelling a credit card or closing a line of credit require separate processes from terminating a lending account. Contact them to understand options.

9. Can I immediately withdraw my full unused loan amount when I close?

No, allow the standard post-closure period of 30+ days for all transactions to finalize before withdrawing any unused portion of approved loans.

10. What if my account has outstanding loan balance owed when closing?

Naira Loan may reject a closure request until any owed loan amounts are repaid in full, otherwise send remaining balance to collections post-closure.

11. Do ongoing disputes or investigations block account closure?

Yes, all open disputes and investigations need full resolution prior to Naira Loan allowing account closure procedures to start.

12. Is there a minimum notice period to close a Naira Loan account?

No set minimum notice required – you can request to immediately close your account. Just remember to allow the standard 30+ day transaction clearance period.

13. Who can I contact for additional Naira Loan account closure questions?

Reach out directly to the Naira Loan customer service and support team by phone or email. They handle account closure inquiries and details.

Conclusion

We hope this detailed guide managed to cover the key steps and considerations surrounding closing your Naira Loan lending account. Closure can be an easy process if you understand what to expect. Be sure to connect with the Naira Loan customer service team for any updated guidance or account-specific assistance throughout the termination and closure procedures.

Closing accounts you no longer need can provide security, simplicity, and cost savings benefits. Just be aware of any short-term credit score or automatic payment impacts from closure, and have backup plans in place. Allow time as well for all pending transactions to finalize post-closure.

Overall, with some planning and strong communication with the lending provider, the process of closing your Naira Loan account can typically be straightforward. Reach out to them with additional questions or to get started on closure procedures.

After reading this article now you know How to Close, Delete or Deactivate your Naira Loan Account Easily.