Have you been hit with an unexpected expense or need financial assistance before your next paycheck? This app offers short-term loans with a simple application process and quick disbursement of funds.
We'll cover everything you need to know about Naira Bus loans in this article, including their range, interest rates, eligibility criteria, and application process.
Interest rates and loan ranges for Naira Bus Loans
The Naira Bus loan app ranges from NGN 10,000 to NGN 100,000, with repayment terms ranging from 91 to 180 days. Interest rates for the loan range from 1% to 9%, with a maximum Annual Percentage Rate (APR) of 20% to 60%. Note that loan interest rates may vary based on the risk profile of the borrower.
Let's examine an example to see how Naira Bus calculates the loan amount and interest rate. A 10,000NGN personal loan with an interest rate of 0.05% per day would cost you the following:
- Interest = 10000 0.05% 90 = 450NGN
- Total amount to be repaid = 10,000 + 450 = 10,450NGN
Keep in mind that repayment terms or higher loan amounts will result in higher interest rates.
