Compare loans
How to compare loans fairly
Comparing lenders on the headline number alone is a mistake. This page gives you a simple framework and a comparison table you fill in yourself — with your own numbers, from each lender’s offer. We deliberately show no invented lender figures.
Independent information, not financial advice. microloans.ng is not a lender and does not collect loan applications. Verify any lender’s licensing with the Central Bank of Nigeria (CBN) before you borrow.
The five things that matter
| What to compare | Why it matters |
|---|---|
| 1. Total cost | The full amount you must repay in naira — the single most honest comparison of all. See interest rates explained. |
| 2. Tenure | Length of the loan and size of each instalment. Longer tenure means smaller instalments but often more total interest. See how loan tenure works. |
| 3. Fees | Processing, insurance, late and any other charges on top of interest. |
| 4. Licensed status | Is the lender on the CBN’s lists of approved lenders? Use our directory and verify. |
| 5. Complaint channel | How and where you can raise a problem if something goes wrong. This signals how seriously the lender treats consumers. |
Your comparison table
Copy this table for each lender you are looking at, and fill in the numbers from their written offer. Whatever you cannot find, ask the lender for in writing before you sign. Do not accept an offer you cannot complete this table for.
| Question | Lender A | Lender B |
|---|---|---|
| Name / type (MFB or digital lender) | ||
| Licensed? Which CBN list? | ||
| Amount I receive (₦) | ||
| Total I must repay (₦) | ||
| Total cost in naira (repay − receive) | ||
| Interest method (flat / reducing balance) | ||
| Tenure and instalment size | ||
| All fees (processing, insurance, late, etc.) | ||
| What happens if I miss a payment? | ||
| Complaint / customer channel |
How to read the results
- Total cost beats headline rate. A lender quoting flat interest can cost more than one quoting reducing balance even at the same percentage. The naira total settles it.
- Weigh cost against fit. The cheapest loan is worthless if the instalment does not fit your income. Pick the one that is both affordable and lowest-total-cost.
- Licensed and approachable wins. All else close, prefer the licensed lender that gives you a clear complaint channel.
- Pressuring you to skip this is a red flag. A lender that will not give you the numbers is behaving like a loan shark. See how to spot loan sharks.
Final check: before you sign, run the first-loan checklist. And remember you can often avoid a loan entirely by saving through a cooperative or Ajo — the cheapest loan is the one you never take.
Related
Interest rates explained · How loan tenure works · Licensed lenders directory