Guides

All guides to borrowing in Nigeria

Practical, honest, plain-language guides about microloans in Nigeria. We stick to verifiable facts, explain general ranges, and never invent rates or lender details.

Independent information, not financial advice. microloans.ng is not a lender and does not collect loan applications. Verify any lender’s licensing with the Central Bank of Nigeria before you borrow.

Start here

How to get a microloan in Nigeria The complete beginner’s route: choose a licensed lender, prepare documents, and understand the agreement.
First-loan checklist A go-before-you-sign checklist covering cost, contract, and repayment planning.
Improve your chances of approval Honest tips on credit history, stable income records, and realistic borrowing amounts.

Cost & contract

Interest rates explained: flat vs reducing balance How interest is calculated, what APR means, and how to work out the true cost.
How loan tenure works Short vs long tenures, repayment instalments, and how tenure changes the cost.
Loan requirements: BVN and NIN What licensed lenders may ask for, how identity checks work, and what you should never share.
How to compare loans A simple framework and a fill-in table for comparing lenders honestly.

Protecting yourself

How to spot loan sharks Unlicensed apps, harassment and pressure tactics, and the red flags to avoid.
Loan apps, permissions and your privacy Why apps ask to read contacts, and your privacy rights under the NDPC.
Your rights as a borrower CBN consumer protection rules and how to complain to the regulator.
Avoid the multiple-loan-apps debt trap How stacking loans spirals, and a plan to get out.
What happens if you default Credit records, guarantors, harassment and legal risk, and what to do.

Real-life borrowing

Business microloans for traders Small loans for market traders and small businesses, and how to use them well.
Cooperatives and Ajo savings vs loans How co-ops and Ajo work, and how they compare with formal microloans.
Loan apps vs microfinance banks The trade-offs between digital lenders and licensed MFBs.

In Nigerian Pidgin

How to collect loan for Nigeria (Pidgin) How to borrow safely, explained natural Pidgin.
Avoid loan shark (Pidgin) E be say many loan apps no get licence — wey you go know di bad ones.
Wetin happen if you no pay (Pidgin) Di consequences when you no par di loan back, for simple Pidgin.
Loan app and your phone (Pidgin) Why loan apps dey read your contacts, and wetin be your right.

Licensed lenders directory · Compare loans · For lenders: borrower readiness programs