Our terms are very straightforward and clear about the loan details. You can always estimate the cost of a new loan by using our online loan calculator.
Your sensitive data is important to us so we protect it and you can rest assured we’ll treat your information with respect and care.
We are available seven days a week. And if you change your mind about borrowing, you can withdraw your loan within 48 hours at no cost.
Importantly, as a responsible lender, we will only offer you loan we think you can afford
Simply, SHOWAL charges a fixed monthly interest rate of 6% on the loan amount: Loan amount of ₦500,000 over 6 months will be repaid monthly at ₦113,333
If you don't repay on time there will be extra costs:
Missed payment charge: ₦10000 penalty charge will apply on the second date after your repayment date
Late payment interest: 0.55% per day interest on the outstanding amount will continually be charged up to a maximum of 30 days from your repayment date
Short-term loans should only be used for short-term financial needs and are not appropriate for long-term borrowing, or if you are in financial difficulty.
If you have a regular income, reside in the Lagos State and Oyo State, have a Nigerian bank account, then you are welcome to apply for our loan. However, your approval will be dependent on whether we think you can afford to repay on time.
Depending on your information, we could give instant decision. And, once you are approved after all the necessary checks, and the contract is signed, the money could be in your account within 5 mins.
Using our loan slider, you can set how much you want to borrow, when you want to pay back, check that you can afford the monthly repayment over the terms of the loan. Example If you borrow ₦500000 over 6 months, Total interest repayment is ₦180000 Total monthly repayment is ₦113333 You will need to check that you can afford it before applying If you are happy, proceed to the application page.
Complete the application form. You will be asked for your income, expenses, employment details, residential information etc. You should get an automated decision after completing this form
Depending on the outcome of the application, you will be asked to provide your proof of address, income and identity
Depending on the information you gave us, we will either approve and decline your application within 10mins. If your loan is approved, we will send you the agreement which you will need to read carefully and be happy with terms. If you are happy to proceed, sign the agreement
Once your agreement has been signed, the money will be transfered to your account within five mins– subject to how fast your bank can process it
We will take the payment either by direct debit, standing order, direct transfer from you or from the debit card you register with us. We will agree this with you: