AI agents for business finance: what they can and can't do
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The short answer
You repay a Loan on Spaces by the date set out in the agreement you accepted, from your Pryme account, and the total due is shown in the app. The simplest way to stay on time is to keep the full amount in your account before the due date and set a reminder a few days ahead. If you think you will struggle, contact Pryme before the date.
What you owe and when
When you accepted your Loan on Spaces, the agreement showed three things: the amount, the cost and the repayment date. The total to repay is the amount plus the cost. That total and the date stay visible in the Pryme app until the loan is cleared.
How repayment is collected is set out in your agreement. Read that section so you know whether you need to take an action or simply keep enough money in the account. If anything is unclear, ask Pryme through contact rather than guessing.
It also helps to know what the agreement says about timing. A repayment date is a deadline, not a suggestion, and the record the lender keeps shows whether the money arrived by that date. If your income arrives on an uneven schedule, as it does for many traders, artisans and freelancers in Nigeria, work backwards from the due date: what money will you certainly have by then, and what money only might arrive? Plan to repay from the certain money. Treat anything else as a bonus.
A simple repayment plan
- Write down the date and total as soon as you accept.
- Match it to your income. If salary or takings land before the date, plan to set the repayment aside the day the money arrives.
- Ring-fence it. Moving the repayment into a Flexible Savings Box when income arrives keeps it from being spent. Move it back before the due date.
- Set a reminder three to five days before the date.
- Check the balance the day before.
A worked example (illustrative figures only)
Ngozi runs a small tailoring business and is paid by customers through the month. She uses ₦30,000 at a pharmacy in Spaces. The agreement shows, for illustration, a total to repay of ₦31,500 in three weeks.
| Week | What Ngozi does | Set aside so far |
|---|---|---|
| Week 1 | Puts ₦10,500 from takings into a Flexible Box | ₦10,500 |
| Week 2 | Adds ₦10,500 | ₦21,000 |
| Week 3 | Adds ₦10,500 and moves ₦31,500 back to her account | ₦31,500 |
| Due date | Repayment is made | Cleared |
Spreading the set-aside across the weeks means no single week carries the full burden. It also means that if one week is slow, Ngozi knows early and can contact Pryme with time to spare. The figures are examples only; your own amounts are in the app.
If money is tight before the due date
Things go wrong: a late salary, a family emergency. What you do in the days before the due date matters more than what you do after.
- Contact Pryme early. Explain what has happened and when you expect money. It is easier to discuss options before a payment is missed.
- Do not borrow from a loan app to repay. Stacking a costly cash loan on top creates a bigger problem next month.
- Pay what you can if your agreement allows it. Ask Pryme whether a part payment is possible.
- Cut the next purchase. Do not draw more credit while one repayment is at risk.
Our guide what happens if you miss a repayment covers the consequences and your rights.
Common repayment mistakes
- Leaving it to the last hour. Transfers into your account can take time on busy days. Fund it a day early.
- Spending the set-aside money. Keep it in a separate Box until the day before.
- Assuming a reminder will save you. A reminder only helps if the money is there.
- Ignoring a missed payment. Contact Pryme the same day if a payment fails. The sooner it is sorted, the smaller the effect.
- Paying a stranger. Pryme never asks you to repay into a personal account or to send money to an agent. Repayment happens in your app.
If anyone contacts you claiming to collect a Loans on Spaces repayment outside the app, do not pay. Check in the app and report it to Pryme.
Why paying on time matters beyond this loan
Solid Allianze, the lender, is integrated with all licensed credit bureaus in Nigeria. Repayments are part of the credit record other lenders see when you apply for credit elsewhere, from a car loan to a mortgage. On-time repayment helps that record; missed payments harm it. See how Loans on Spaces affects your credit history, and for the bureaus themselves, how credit scores work in Nigeria.
On-time repayment also tends to support future offers with the same lender, because how you handled the last loan is among the best evidence of how you will handle the next.
Where Pryme fits
The Pryme app shows what you owe and when, and Savings Boxes let you set the money aside in advance. The Loans on Spaces page explains how the product works. Repaying on time keeps borrowing cheap and your record clean.
Questions people ask
How do I pay back Loans on Spaces?
Repayment is made from your Pryme account by the date in your agreement. How it is collected is set out in the agreement; check that section in the app.
Can I pay my Loan on Spaces in instalments?
Follow the repayment schedule shown in your agreement. If you need to pay in parts, ask Pryme before the due date whether that is possible.
What time is my Loans on Spaces repayment due?
The due date is shown in the app. To be safe, have the full amount in your account the day before.
Can someone else repay my Loan on Spaces?
Someone can send money into your Pryme account so the balance is there on the due date. The loan stays in your name.
Sources
- CBN Consumer Protection Regulations 2019 · accessed Oct 2026
- Mondaq: Boosting access to credit in Nigeria – the Credit Reporting Act 2017 · accessed Oct 2026
- FCCPC: Digital lending – FCCPC tackles abuses, issues landmark regulations · 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.