To repay means to give back the money you borrowed. Repayment usually happens over time, not all at once. You may repay weekly, monthly, or in one full payment, depending on the agreement.
Repaying is important because:
It shows responsibility
It keeps trust with the lender
It prevents extra fees or problems
Example:
Each month, you repay a small part of the $1,000 until the full amount is returned.