Skip to content

Savings-Backed Loan

Borrow against your savings instead of breaking them.

Take up to 70% of what you have saved, in minutes, while the deposit carries on earning its full rate.

Check my limitSee all rates

3.5%a month, and your savings keep earning

3.5%
a month, flat
70%
of your balance
4 mins
to the money landing
No
guarantor, no paperwork

Work it out

See exactly what it will cost

Every charge included, and the total you repay is the big number — not the monthly one.

Hundred thousands

Three hundred thousand naira

Over how long?

Total repayable

₦363,000

over 6 months, at 3.5% a month

Amount you receive
₦297,000
Monthly repayment
₦60,500
Interest
₦63,000
Management fee, once
₦3,000
Total cost of borrowing
₦66,000

Flat monthly interest on the amount you borrow, plus a one-off 1% management fee taken at drawdown. Nothing else is added, and there is no charge for repaying early.

Apply for this loan

Borrowing ₦300,000 from Savings-Backed Loan over 6 months costs ₦66,000 in total, repaid at ₦60,500 a month, ₦363,000 repayable altogether.

How it works

How Savings-Backed Loan works

Four steps at the most, and none of them involves a branch.

  1. 1

    Your limit is already worked out

    It is 70% of what you hold in savings, and it is showing in the app before you apply for anything.

  2. 2

    Ask for what you need

    Pick the amount and the term. You see the monthly repayment and the total repayable before you agree to anything.

  3. 3

    The money lands in minutes

    Usually under four. There is no guarantor, no form and no branch visit, because your own savings are the security.

  4. 4

    Your savings keep earning throughout

    We place a hold on the amount securing the loan. It stays in the plan and stays earning its full rate.

In the app

This is Savings-Backed Loan, as you will actually see it

Not a screenshot. Everything in this phone is the same code the app is built from, drawn live in your browser.

Get the appCheck my limit

Savings-Backed Loan

Still to repay
₦218,400
Next repayment₦54,600
Due1 September
2 of 6 repayments made
You borrowed₦300,000
Interest, 6 months at 3.5%₦63,000
Management fee₦3,000
Total repayable₦363,000
Savings held as security₦428,571
Still earning22% a year

What you need

  • Savings with us of at least ₦30,000.
  • The savings must have been held for 30 days.
  • No loan currently in arrears.
  • That is the whole list — no guarantor, no payslip, no collateral beyond your own savings.

Every deposit with us is insured by the NDIC. You do not apply for that cover and you are not charged for it.

Check my limit

Rates and limits

3 and 6 month terms
Flat, on the amount borrowed
3.5% a month
9 month term
Flat, on the amount borrowed
3.8% a month
12 month term
Flat, on the amount borrowed
4.0% a month
Maximum you can borrow
70% of savings
Minimum loan
₦20,000

What it costs

Management fee
Of the amount, once, taken at drawdown
1%
Repaying early
And the remaining interest is cancelled
Free
Late repayment
On the overdue amount only, never on the whole loan
1% a month
Application
Free

Questions

The things people ask before they start

If yours is not here, call us on the number at the bottom of this page and a person will answer.

Because breaking a fixed deposit early drops its rate from 22% to 5%, and on a large deposit that costs far more than a few months of loan interest. The app compares the two for you before you decide — and when withdrawing is genuinely cheaper, it says so.

You pay no penalty and the interest for the remaining months is cancelled. Repay a 12-month loan in month four and you pay four months of interest, not twelve.

Talk to us before the due date and we will restructure it — that costs you nothing. If a loan does go into arrears, late interest is 1% a month on the overdue amount only, and after 90 days we recover from the savings held as security. Your other money is not touched.

Yes. We report to the licensed credit bureaux, as every Nigerian lender must. Repaying on time builds a record that makes your next loan cheaper — here or anywhere else.

People also look at

Flex Savings

Save today, withdraw tomorrow. No notice, no penalty.

12%a year, and you can still reach it

Learn more about Flex Savings

Fixed Savings

Lock an amount for a term you choose and earn the most we pay.

Up to 22%a year, on a 365-day term

Learn more about Fixed Savings

Salary Advance

Draw part of your salary before payday if your employer is with us.

2.5%a month, repaid on payday

Learn more about Salary Advance

Licensed by the CBN · Deposits insured by NDIC

Find out what you can borrow in four minutes.

Your BVN, a photo of your ID and a selfie. No branch, no forms, no minimum deposit.

Check my limitTalk to someone first