Fees and charges
Everything a loan can cost you, in naira. We show the same figures again before you accept any loan.
Salary Advance
- Interest
- 5% a month, flat, on the amount borrowed
- Processing fee
- 3% of the amount, added to your monthly repayments
- If you pay late
- If a payment is late, the first 2 days are free. From day 3, 10% of what is unpaid on that payment is added, and again each month it stays unpaid.
- Paying early
- Pay everything early at any time: what is left of the amount borrowed, this month's interest, 2% of what is left, and any unpaid fees. The interest for later months is cancelled.
- Guarantors
- Loans above ₦100,000 need 1 guarantor, who confirms with a code sent to their own phone.
Example: ₦50,000 for 3 months
- Each month you pay
- ₦19,667. The last payment is ₦19,666.
- Processing fee
- ₦1,500. The fee is added to your monthly repayments, so you receive the full amount.
- You receive
- ₦50,000
- Interest in all
- ₦7,500
- Total to repay
- ₦59,000
- What the loan costs you
- ₦9,000
| Month | Loan part | Interest | You pay | Loan left |
|---|---|---|---|---|
| 1 | ₦16,667 | ₦2,500 | ₦19,667 | ₦33,333 |
| 2 | ₦16,667 | ₦2,500 | ₦19,667 | ₦16,666 |
| 3 | ₦16,666 | ₦2,500 | ₦19,666 | Paid off |
| Total | ₦50,000 | ₦7,500 | ₦59,000 |
If one ₦19,667 payment is still unpaid 2 days after its due date, ₦1,967 is added. If it is still unpaid a month later, another ₦1,967 is added (₦3,934 in all).
Pay everything 10 days after you get the money: ₦50,000 + ₦2,500 interest + ₦1,000 charge = ₦53,500, instead of ₦59,000.
A question about a charge? Our support team will explain it.
