Loan in Nigeria: Rate & Payoff

The offer says ₦50,000 at 0.5% a day for 30 days. Then only ₦45,000 lands in your account, because a fee was taken first, and you still owe ₦57,500 at the end of the month. Sounds like 0.5% a day. In real terms it is about 338% a year. This app shows you that number before you accept. HOW THE REAL RATE CHECK WORKS 1. Type the amount in the offer and the amount you actually receive. 2. Choose the term in days or months, and the rate per day, per month or per year. For monthly loans, pick interest on the balance or a flat rate on the full amount. 3. See the real rate per year, per month and per day, the amount to repay and the full cost of the loan. A flat 2% a month sounds like 24% a year. On a 12-month loan it works out to about 41.7%. The app shows this difference straight away. MORE TOOLS FOR YOUR MONEY • Loan cost: instalment, total interest and total repayment for any amount, tenor and rate • What you can carry: from your income and what you already pay, the instalment that still fits • Two offers side by side, compared on the total you pay back • Paying early: how many months and how much interest an extra amount each month saves • Debt load: the share of your income that already goes to repayments • Better buy: compare two pack sizes, say 1 litre against 5 litres of oil, by the price per litre CLEAR SEVERAL LOANS Add every loan you are repaying, with the balance, the rate and the monthly payment. You get the month you will owe nothing, the order to clear them (highest rate first or smallest balance first), and a warning if a payment does not even cover the interest. BEFORE YOU BORROW Digital lenders in Nigeria must be registered with the FCCPC. Check the lender on https://fccpc.gov.ng before you share your BVN or contacts. This app is a calculator only: it does not lend, does not collect applications and has no link to any lender or government agency. Figures are estimates from the numbers you enter, and everything stays on your phone.

New: Real interest rate. Enter the rate per day, per month or per year, a flat rate, or a fee taken before you get the money, and see what the loan really costs per year, per month and per day.