A loan advertised at "3% monthly" and a loan advertised at "36% annually" are the same loan. A loan advertised at "3% monthly, no hidden fees" and one at "2.5% monthly plus a 5% management fee" are not, and the cheaper one is not the one you would guess.
Ask for one number
The question is: if I take ₦500,000 today and repay over six months, what is the total I will have paid back? Any lender who cannot answer that in naira on the spot is a lender to walk away from.
| Offer A | Offer B | |
|---|---|---|
| Headline rate | 3% monthly | 2.5% monthly |
| Interest | ₦90,000 | ₦75,000 |
| Management fee | ₦5,000 | ₦25,000 |
| Insurance | ₦2,500 | ₦7,500 |
| Total repaid | ₦597,500 | ₦607,500 |
Offer B has the lower rate and costs ₦10,000 more. This is not an unusual case; it is the normal case.
What we do
Every loan on this site shows the total repayable in naira on the screen where you accept it, before you accept it. That is a commitment, not a feature, and it is written down on the about page.