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 3 TO 24 MONTHS. LOAN AMOUNT GIVEN RANGES FROM ₦10,000 TO ₦6,000,000, AND THE LOAN OFFERED CAN BE LESS OR MORE THAN LOAN AMOUNT REQUESTED.