₦800,000 EaseMoni Loan Could Cost ₦504,000 in Interest Within Six Months

An EaseMoni loan offer of ₦800,000 for 180 days shows a monthly interest rate of 10.5%. The offer lists ₦504,000 as interest, bringing the total repayment to ₦1,304,000. That means the interest alone equals 63% of the amount borrowed over six months. On a simple annualised basis, the rate is about 126%, before any additional charges. The offer also states that late repayment may attract a 1% daily rollover fee. Anyone considering this type of loan should read the full terms, calculate the total repayment and compare it with lower-cost options such as salary advances, bank loans or microfinance loans.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.