Loan calculator
See every repayment before you sign.
Work out an example monthly repayment, total interest and a month by month schedule. Compare flat rate with reducing balance so you know exactly what a loan costs.
- Flat and reducing balance
- Full schedule
- Example rates
Your loan
Example rates for this demo, not an offer.
| Month | Repayment | Interest | Principal | Balance |
|---|
Flat or reducing?
Two ways to charge interest.
Flat rate charges interest on the full amount you borrowed for every month of the loan. It is easy to understand: the repayment is the same every month and you know the total on day one.
Reducing balance charges interest only on what you still owe. As you repay, the interest falls. At the same monthly rate, reducing balance is cheaper, which is why we show you both.
Example: ₦500,000 over 6 months at 3.5%
- Flat rate total interest
- ₦105,000
- Reducing balance total interest
- ₦63,035
- Difference
- ₦41,965
Example figures for this demo.
Before you borrow
Three questions to ask yourself.
- 1
Can my sales carry it?
Repayments should be no more than about a third of your profit each month.
- 2
What will the money earn?
Stock that sells in six weeks can pay back a three month loan. A slow mover cannot.
- 3
What if trade slows?
Keep some savings aside. Talk to us early if you think you will miss a payment.
Questions
Questions people ask
No. It is an example using example rates. Your offer letter will show the exact rate, fees and schedule for your loan.
Most loans carry a one off management fee and credit life insurance, shown separately in the offer letter. The calculator shows interest only.
Yes. Weekly repayments are roughly the monthly figure divided by four and a third.