AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
To clear several loan apps, stop all new borrowing first, list every loan with its balance and its daily cost, and pay down the one whose interest and penalties cost you most per day while keeping the others from going further past due. Do not borrow from one app to repay another, because each rollover adds fresh charges. Agree a written plan with any lender you cannot pay in full.
Juggling several loan apps is common, and it gets worse fast because each app adds its own fees and calls. The way out is a fixed order and one rule: no new loans until the old ones are gone. This guide sets out the order and a worked example you can copy with your own figures.
Step 1: stop the inflow
- Do not accept new offers from any app, even small ones. Under the FCCPC's 2025 regulations credit must be opt-in (Regulation 19(h)), so a new loan only arrives if you accept it.
- Remove saved cards from apps where you can, so repayments happen when you choose and in the amount you choose.
- Tell yourself the rollover rule out loud: borrowing from app D to pay app A raises the total you owe by app D's charges.
Step 2: list every loan
For each app, get the exact current balance from the app or a statement. A digital lender should provide a statement within 24 hours of request (Regulation 21(b)). Then work out what each loan costs per day if left unpaid.
Worked example (illustrative figures, not any app's terms)
| App | Balance | Charge if unpaid | Cost per day |
|---|---|---|---|
| App A | ₦30,000 | Late fee 1% of balance per day | ₦300 |
| App B | ₦50,000 | Late fee 0.5% of balance per day | ₦250 |
| App D | ₦40,000 | Interest 15% per month | About ₦200 (₦6,000 ÷ 30) |
| App C | ₦20,000 | One-off late fee ₦2,000, then nothing | ₦0 after the one-off fee |
| Total | ₦140,000 | About ₦750 a day |
Rank by cost per day: A, then B, then D, then C. App C's fee has already been charged, so paying it first saves nothing more, even though its balance is smallest.
Step 3: attack in order
- Pay the minimum or agreed amount on every loan you can, to stop new penalties where possible.
- Put every extra naira on App A until it is cleared.
- Move to App B, then App D, then App C.
- As each loan closes, save the nil-balance statement and ask for a clearance letter, then delete the app.
Suppose you can find ₦35,000 a month. Clearing A first stops ₦300 a day, or about ₦9,000 a month, which is more than clearing any other loan would save. This is the avalanche method; snowball versus avalanche compares it with paying the smallest first.
Finding the extra money
The order of attack only works if there is money to put to it. In the first month, look for amounts you can redirect, even briefly:
- Pause subscriptions such as cable TV or streaming until the costliest loan is cleared.
- Sell an item you no longer use and put the full amount on the top-ranked loan.
- Cut data and airtime to a plan you need, not the largest bundle.
- Ask whether your employer offers a salary advance, which usually costs less than a loan app; check the terms in writing.
Every naira saved this way goes to the loan at the top of the list, not spread across all of them. Once that loan is closed, the money it was costing you each day is added to the next payment.
Checking the lender's balance
Loan app balances are sometimes wrong, especially after part payments. Before paying a loan off, compare the app balance with your own record of what was borrowed, the charges you were shown before accepting, and what you have paid. Under Regulation 17(a) of the FCCPC's 2025 regulations, interest, repayment and fees must be disclosed before the loan is completed, and under Regulation 18(a)(i) charges can change only if the contract expressly allows it. Query any charge you were not told about.
Step 4: write to the lenders you cannot pay
For loans you cannot clear yet, send a short written proposal: the loan reference, what you can pay and when, and a request to stop further charges while you keep to it. Lenders often prefer a plan to a long chase. Our repayment proposal template has the wording. If a lender harasses you instead, keep the evidence and complain; the FCCPC resumed implementing its 2025 lending regulations on 20 July 2026.
Rules that keep you clear
- No rollovers, extensions or new apps until every loan is closed.
- Pay through the app or the lender's official account only, and keep each receipt.
- Check each lender is on the FCCPC approved list; if one is not, still pay what you owe through official channels, but report misconduct.
- Keep a small cash buffer once clear, so the next emergency does not send you back to an app.
Where Pryme fits
A Personal Assistant on a Pryme account can set reminders for each due date and help you set aside money for repayments; it prepares, and nothing moves without your approval. See the Personal Assistant. A Flexible Savings Box can hold your buffer once the loans are gone.
Questions people ask
Which loan app should I pay first?
The one that costs you most per day if left unpaid, counting interest and late fees. Paying the smallest first feels good but can cost more.
Is it wise to borrow from one loan app to pay another?
Usually not. Each new loan adds its own charges, so the total you owe rises.
What if I cannot pay any of my loan apps?
Write to each lender with a realistic plan, pay what you can through official channels, keep records, and stop all new borrowing.
Will paying off loan apps improve my credit score?
Clearing loans and keeping later ones current usually improves your record over time, as lenders report to the credit bureaus.
Sources
- FCCPC: Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025 (made 21 July 2025) · accessed Oct 2026
- FCCPC: FCCPC Resumes Digital Lending Regulation (20 July 2026) · accessed Oct 2026
- FCCPC: Approvals of digital money lenders register (page updated 3 March 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.