The loan fees in Nigeria vary by each individual lender. Every lender should be able to give you an estimate of its fees. You should ask what each fee includes and an explanation of any fee you do not understand.
Early repayment fees
- You can pay off your debt before the end of the loan term if you come into some cash. But watch out for early repayment fees. Many lenders levy a penalty for early repayment, which could wipe out any potential interest savings.
- Some lenders charge arrangement fees, which can bump up the cost of credit. You should also beware of any early redemption fees should you choose to clear the debt before the end of the loan term
- Most personal loan companies charge customers fees for late or missed payments.