Nigerian lenders quote a flat monthly rate — but because you repay monthly while interest accrues on the full principal, the true annual cost (effective APR) is far higher. We compute it from the actual cash flows and rank lenders cheapest first. The quoted rate is shown alongside so you can see exactly where the gap comes from.
Not financial advice. Rates change — always confirm terms on the lender's app before signing. If you are struggling with debt, contact CBN consumer protection or a licensed financial counsellor. Under CBN guidelines you have a 72-hour cooling-off right after disbursement.
Comparison table
Representative scenario: ₦100k (NGN) over 6 months, each lender's minimum quoted rate. Sorted by effective APR. * Additional fees not quantified — actual APR may be higher.
Enter your amount and tenor. We rank every lender that can serve you by total borrowing cost (cheapest first) and show the effective APR for your specific scenario.
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₦10,000₦5,000,000
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2 lenders can lend you ₦100,000 for 6 months.Cheapest saves you ₦3,620 vs most expensive
Affiliate link · not financial advice · confirm all terms on the lender's app.
Uses each lender's minimum quoted rate and management fee. Additional fees (late payment, insurance, etc.) are not included — check the lender's app. Not financial advice.
What is effective APR and why does it differ from the monthly rate?
Most Nigerian digital lenders quote a flat monthly rate — interest on the full principal every month even as the balance falls. The effective APR is the IRR of the actual cash flows: net amount received at t=0, then the equal monthly payments. For a flat-rate loan it is substantially higher than monthly rate × 12.
Why does total cost differ from just principal + interest?
Management and origination fees are typically deducted upfront — you receive less than the approved amount but repay the full principal plus interest in monthly installments. We show the true out-of-pocket: monthly payments sum + upfront fees.
What does the Caution flag mean?
We flag lenders with reported concerns: aggressive debt recovery, undisclosed rollover fees, or verified borrower complaints. The lender is still listed — you deserve the full picture — but with that context prominently visible.
Are apply links paid?
Apply links are affiliate links — we may earn a commission if you open an account through them. This is disclosed on every card. Affiliate status never affects our rankings, which are sorted purely by computed cost.
Responsible borrowing. Only borrow what you can afford to repay. The effective APR shown here reflects the annualised cost from the actual cash flows — it is almost always higher than the lender's quoted monthly rate. Late payment fees, credit-bureau reporting, and rollover costs can increase the total cost further. If you are in financial difficulty, contact CBN consumer protection before taking a new loan.