An unsecured personal loan from ₦5,000 to ₦10M over 3–24 months, no collateral or guarantor, disbursed in minutes via a salary-account debit mandate. Quoted as a flat monthly rate (e.g. 3.73%/month on a ₦10m/12-month offer) plus a 1% management fee (+7.5% VAT) — but the EFFECTIVE APR is far higher (~80% on that offer) because you repay monthly. Early-exit fee 2% of outstanding (+VAT); late fee 1%/month after 7 days.
| Interest (2%/mo flat) | ₦6,000 |
| Management fee (1% of principal) | ₦1,000 |
| Total upfront fees (deducted at disbursement) | ₦1,000 |
| Monthly payment | ₦35,333 |
| Total repayment (installments only) * | ₦106,000 |
| Total out-of-pocket cost (incl. upfront fees) | ₦107,000 |
Flat rate — you pay ₦35,333 every month for 3 months. Interest is charged on the full principal throughout, even as your balance decreases. This is why the effective APR is higher than the quoted rate × 12.
Salary earners with a funded Nigerian salary account; debit mandate + card required.
Renmoney Personal Loan — unsecured naira loan ₦5,000–₦10M, 3–24 months, no collateral/guarantor, ~5-min disbursement via salary debit mandate. Quoted flat ~2.12–3.73%/mo but EFFECTIVE APR ~45–80% (much higher than the flat rate implies); 1% mgmt fee +VAT, 2% early-exit, 1%/mo late. Fast but high-cost; GSI recovery from all accounts on default.