Everything you need to know about BorrowBanana loan products, pricing, and eligibility.
How is interest calculated on BorrowBanana loans?
All active loan products use a flat 10% interest rate over a fixed 30-day tenor. For example, a ₦100,000
loan has ₦10,000 interest, for a total repayment of ₦110,000 — shown to you in full before you accept any
offer.
Are there any hidden fees?
No. BorrowBanana shows principal, interest, any fees, the total repayment, and the exact repayment date
before you accept an offer. Nothing changes after acceptance.
Am I guaranteed to be approved?
No lender can guarantee approval, and neither do we. Eligibility depends on verified identity, an active
Nigerian bank account, your income information, and an affordability check.
What do I need to be eligible?
You'll need a verifiable Nigerian identity, an active bank account, evidence of regular income, and to pass
a simple affordability check based on your income and existing obligations.
Do I need collateral?
Most BorrowBanana loan products don't require collateral, subject to your eligibility and affordability
assessment.
How long do I have to repay?
All loan products have a fixed 30-day repayment tenor. The exact repayment date is shown to you before you
accept any offer, so you can plan accordingly.
Can I repay early?
Yes. Early repayment options are shown in your dashboard. Since interest is flat (not reducing balance), the
total repayment amount stays the same regardless of when you repay within the 30-day period.
Is my information secure?
Yes. We protect your personal information using industry-standard security measures. We practice data
minimization — only asking for what's needed to assess eligibility — and never store more than necessary.
Still have questions?
Try our calculator to see exactly what your repayment would look like.