A short loan can look cheap when its fee is shown as one small amount. The useful question is: how much cash reaches you, how much do you repay, and how soon? This guide uses an invented arithmetic example. It is not a lender quote, recommendation or APR calculation.
Start with the cash you receive
Imagine an agreement labelled as a ₦50,000 loan. If ₦2,500 is deducted before disbursement, only ₦47,500 reaches your account. If the agreement requires ₦55,000 after 30 days, the difference between cash received and total repaid is ₦7,500. That is about 15.8% of cash received for this example’s 30-day period. It is not an annual rate, and real agreements may calculate charges differently.
Check every line in the offer
- What amount is disbursed after all deductions?
- What are the interest charge, processing fee, service fee and any other mandatory cost?
- What exact date is payment due? Is there an automatic debit?
- What is the total repayment if you pay on time?
- What happens if you pay early, late or need more time?
The FCCPC consumer guidance says digital lenders should disclose rates, fees and schedules clearly. Ask for a complete written offer before accepting; a home-page range does not establish your personal cost.
Compare options with the same need
If another provider offers instalments, compare the total of every instalment and the dates against your expected income. A longer term may lower each payment but raise the total. Our general cost guide explains this, while the short-term category helps you decide whether the timing suits your budget.
If repayment becomes difficult
Contact the lender through its official support channel as soon as possible and keep copies of the agreement, messages and payment receipts. Do not rely on a verbal promise about an extension. Ask for any revised schedule and cost in writing. If a charge, privacy request or collection practice is disputed, use our complaint checklist.
Source checked 27 September 2026: FCCPC digital lending FAQs. All naira figures above are illustrative.