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
If you miss a Loans on Spaces repayment, the late-payment terms in your agreement apply and the missed payment can be reported to Nigeria's licensed credit bureaus, which affects future borrowing. Contact Pryme as soon as you can to explain and agree a way forward. CBN rules require debt recovery to be fair and free of harassment, intimidation or contact with your friends and family beyond narrow limits.
First, do not ignore it
Missing a repayment is stressful, but silence makes it worse. The most useful thing you can do is contact Pryme the same day, or as soon as you know a payment will not be made. Explain what happened and when you expect money. Lenders can often discuss options when a customer comes forward early that are harder to offer later.
Being honest about the timing is more useful than being optimistic. If salary is late by a week, say a week, not two days. A realistic date you keep does more for your relationship with the lender than an early date you miss, and it gives you a clear target to plan around. If the cause is something larger, such as losing a job or a medical emergency, say that too, so the conversation starts from the real position.
Use the app or the contact page. Do not respond to messages from unknown numbers claiming to be from Pryme or the lender and asking you to pay into a personal account.
What can happen after a missed payment
The specific consequences are set out in the agreement you accepted. In general terms, across consumer lending, they can include:
- Late-payment charges as stated in the agreement. Read that section in the app.
- A report to the credit bureaus. Solid Allianze, the lender, is integrated with all licensed credit bureaus in Nigeria. A missed or late payment can appear on your record and be seen by other lenders.
- Reduced or withdrawn offers. Future Loans on Spaces limits reflect how previous credit was repaid.
- Recovery contact. You will be told what is outstanding and asked to repay.
What a lender may not do
Solid Allianze Microfinance Bank is supervised by the Central Bank of Nigeria. The CBN's Consumer Protection Regulations set out how debt recovery must be carried out. Among other things:
| Rule | What it means for you |
|---|---|
| Recovery must be transparent and fair | No undue pressure, intimidation, harassment, humiliation or threats |
| Notice before collection | You must be told about the outstanding amount before debt collection begins |
| Limits on contacting others | Friends, employers, relatives or neighbours should not be contacted except for narrow purposes such as locating you |
| Quiet hours | No phone or in-person recovery contact between 9pm and 8am without your prior consent |
| Responsibility for agents | Institutions are liable for the conduct of the debt collection agents they use |
The FCCPC's Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, in force since July 2025, add a further layer for digital lending, including rules on ethical recovery and data privacy. The FCCPC has said no consumer should be harassed or defamed. If you are being harassed by any lender, our guide loan app harassment: your rights explains how to report it.
Steps to take now
- Check what you owe in the app: the original amount, cost and anything added.
- Contact Pryme and give a realistic date by which you can pay. Do not promise a date you cannot meet.
- Pay what you can if a part payment is possible under your agreement; ask first.
- Stop new borrowing, especially cash loans, until this is cleared.
- Keep records of every message and call.
A worked example (illustrative figures only)
Funmi's repayment of ₦36,000 is due on the 28th. On the 26th her employer tells staff salaries will be paid on the 3rd. She messages Pryme through the app on the 26th, explains, and asks what can be done. She moves the ₦15,000 she has into a Box so it is not spent, and avoids taking a loan app advance to cover the gap. When salary lands on the 3rd, she repays. Her early message gives her the best chance of a sensible outcome. The amounts are examples only.
If you think the lender has treated you unfairly
Complain to the institution first. Under the CBN regulations, a complaint should be acknowledged within 24 hours with a reference number, and loan-related complaints have set resolution timelines, with 14 working days for the first review. If you are not satisfied with the outcome, you can escalate to the CBN within 90 days of the institution's decision. Our guide how to complain about a bank or fintech walks through the process.
If a missed payment has been reported to a credit bureau in error, you can dispute it. See Loans on Spaces and your credit history.
Where Pryme fits
Pryme shows what you owe and when in the app, and you can reach the team through the app or the contact page. Loans on Spaces agreements set out late-payment terms before you accept. If you are struggling, say so early.
Questions people ask
What happens if I don't pay Loans on Spaces?
The late-payment terms in your agreement apply, and the missed payment can be reported to licensed credit bureaus, which other lenders will see. Contact Pryme as soon as possible.
Will Pryme call my family if I miss a payment?
CBN rules restrict lenders from contacting friends, relatives or employers about your debt beyond narrow purposes such as locating you, and bar harassment.
Can a missed loan payment stop me getting credit in Nigeria?
It can make it harder. Missed payments reported to credit bureaus are visible to other lenders and can lower future offers.
Who do I report loan harassment to in Nigeria?
Report to the lender first, then to the CBN for regulated institutions. The FCCPC also takes reports about digital lenders at lenderstaskforce@fccpc.gov.ng.
Sources
- CBN Consumer Protection Regulations 2019 · accessed Oct 2026
- FCCPC: Digital lending – FCCPC tackles abuses, issues landmark regulations · accessed Oct 2026
- Mondaq: Boosting access to credit in Nigeria – the Credit Reporting Act 2017 · 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.