Free tool · Loan True Cost

What is that loan really costing you?

Lenders often quote a low "flat" monthly rate and take fees upfront. Put in the offer to see your real repayment, the total cost and the true yearly rate, so you can compare lenders properly.

Your numbers

Example figures. Change them to yours
The loan offer
₦
months
%
%

"Flat" means interest is charged on the full amount every month. "Reducing balance" charges interest only on what you still owe. Ask the lender which one they use.

Your result

How to use this

  • Always ask: flat or reducing? The same quoted number can mean very different costs.
  • Count the fees. Fees taken before you get the money raise the true rate, especially on short loans.
  • Compare on the true yearly rate (APR). It puts every offer on the same scale.

General information, not financial advice. Your numbers stay on your device and are never sent or stored.

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