Loans
Daily, Weekly or Monthly: Loan Options That Fit Your Business
At African Paradise Multipurpose Company Limited Microfinance Bank, we provide financial services to low-income entrepreneurs, women and rural communities. A business owner who sells every morning does not earn like a farmer who harvests twice a year. That is why our loans come with three repayment options: Daily, Weekly and Monthly. You borrow the same way and choose the repayment rhythm that matches your income.
How your loan is calculated
Every facility uses the same simple steps, so you always know the full cost before you sign.
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1Cost of service 10% of the principal for each month of the loan.
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2Total repayable The principal plus the total cost of service.
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3Your installment The total divided by the number of days, weeks or months in your loan.
Worked example
A ₦500,000 loan over 6 months. The 10% monthly cost is ₦50,000, which over 6 months comes to ₦300,000.
Choose how you repay
The same ₦800,000 total, spread in the way that suits your income.
Daily Loan
Suits market traders, food vendors and shop owners who earn every day. Small daily payments are easier to manage than one large one, because they come out of the day's sales.
Weekly Loan
Suits artisans, tailors, small producers and group members whose income builds up across the week. You pay once a week.
Monthly Loan
Suits salary earners and farmers, and anyone whose income arrives once a month or once a season.
At a glance
| Repayment option | Number of installments | Installment | Total repayable |
|---|---|---|---|
| Daily | 182.5 days | ₦4,384 | ₦800,000 |
| Weekly | 26 weeks | ₦30,769 | ₦800,000 |
| Monthly | 6 months | ₦133,334 | ₦800,000 |
The total repayable is the same whichever option you choose. Only the rhythm of repayment changes, so pick the one that matches how your money comes in.
Ready to get started?
Visit any of our branches and speak with a loan officer. They will help you choose the facility that fits your business and walk you through every figure before you decide.
Talk to a Loan Officer