Compare Loans in Nigeria 2026

Rates vary based on trading history and product

Maximum N2 million — lower than many competitors

Requires ALAT/Wema Bank account

Requires salary domiciled with UBA

1% management fee

Employer must be on UBA's approved list

25.5-28.5% annual interest — higher than most bank loans

2.5% insurance + 1% management fee deducted upfront

1% penal fee on defaults

0.125% stamp duty on loans over 12 months

Interest rates range 2.5-30% — wide range based on risk profile

3-15% processing fee

Approval can take up to 24 hours for some profiles

High-risk borrowers face expensive rates

Monthly rates range 2.5-7.5% — APR can reach 90% for high-risk

Requires 4 months consistent salary history

Bank statement, valid ID and utility bill required

Primarily serves Lagos and Ibadan (expanding)

30-day variant: 5% flat interest collected upfront (max N1.5M, 50% of salary)

90-day variant: 3% flat/month (max N2M, 75% of salary)

1% management fee + 1% credit life insurance + 7.5% VAT on fees — all upfront

1% monthly penalty on overdue amounts

Salary must be domiciled with First Bank

3-4% monthly flat rate depending on variant

1% management fee + 7.5% VAT on fee deducted upfront

Requires Stanbic IBTC salary account

Must be permanently employed at approved company

Minimum age 21, max 60 at loan maturity

Monthly rates range 3-23% — APR up to 271% for high-risk borrowers

First-time loan amounts are very small

Accesses phone data for credit scoring

Best rates only for creditworthy repeat borrowers

Monthly rates range 4-30% — can be very expensive

Maximum loan amount relatively low (N300K)

Interest rate clarity issues reported by users

Nairametrics review flagged unclear rate disclosures

Interest rates range 3-37% — wide spread based on profile

Requires 6 months salary evidence

Primarily serves Lagos and Ibadan

Minimum loan N200,000 — not suitable for small amounts

Advertised minimum rate may differ from calculator rate

Monthly rates 3-15% — advertised APR 'under 36%' disputed by some reviewers

Discrepancies between advertised daily rates and actual APR reported

Real APR may be much higher than stated — use in-app calculator

User complaints about aggressive collection practices

Monthly rates 3-7.5% depending on business profile

Business documentation required

Longer processing time than personal loans

May require guarantor for larger amounts

Interest rates range 4-29% — can be expensive for higher-risk borrowers

First-time limits typically low

Monthly rates of 4-12% translate to high APR

Interest rates range 4.5-30% depending on risk profile — can be very expensive

Late payment fee of 0.03% per day on overdue balances

APR can reach 60.8% for high-risk borrowers

First-time loan limits are low

Interest rates range 5-15% depending on loan type

1% management fee + 0.3-1% credit life insurance deducted upfront

Late repayment penalty of 1% per month on overdue amount

Interest rates 5-25% per loan (14-30 day terms) — very high APR

Short repayment periods (14-90 days)

Maximum N500,000 — relatively low ceiling

Exact APR not clearly disclosed — confirm before accepting

Interest rates range 2.5-30% monthly — can be very expensive

First-time users typically limited to N15,000

Late repayment fees apply

Short repayment periods for initial loans (15-60 days)

Interest from 5-15% per loan — can double with rollover

Automatic rollover on missed payments doubles interest + 5% fee

Low maximum amount (N100,000)

CBN license status unclear — verify before borrowing

Limited customer support channels