Representative example: Loan amount of ₦2,000,000 borrowed for 12 months. Interest Rate /mo.: 4.2%. Total cost /mo. ₦215,584. Total amount payable: ₦2,587,016. The lending institutions are responsible for the interest rate offered with a 46,8% - 108% effective APR. The loan tenure ranges from 1 to 24 months. Loan amount given ranges from ₦10,000 to ₦5,000,000, and the loan offered can be less or more than loan amount requested.