Origination Fee: Range from ₦1,229 – ₦6,000 for one-time charge For example, 91-day loan payment terms have a processing fee of 41% and interest of 9.1%. For the loan processed with principal amount of ₦3,000; the processing fee would be ₦1,229; the interest would be ₦273; the total amount due would be ₦4,502.
The total amount due in the second month would be ₦1,495; the processing fee would be ₦405; the interest would be ₦90.
The total amount due in the third month would be ₦1,495; the processing fee would be ₦405; the interest would be ₦90.
The total amount due in the first month would be ₦1,512; the processing fee would be ₦419; the interest would be ₦93.
At the end of the annual savings date, the amount of return you will get is: ₦50,000 x 15 / 100 = ₦7,500, that means you will get ₦57,500 back at the end of your saving tenure.