How loans work on Boldswitch

Boldswitch lets you borrow money directly in the app and repay over a set term.

The basics

A standard quick loan on Boldswitch works like this:

• Amount — borrow from ₦5,000 up to ₦100,000.
• Term — 60 days to repay.
• Interest rate — 10%, charged over the 60-day term.
• Maturity date — the day your loan should be fully repaid.

So if you borrow ₦50,000, you repay ₦55,000 (₦50,000 plus 10% interest) by the maturity date.

Your access to loans is based on a credit score, a points system that reflects how you use the app. The more responsibly you use Boldswitch, the more you can unlock.

Membership and loan limits

As your activity points grow, you move up through membership tiers that unlock larger limits, overdrafts, and direct loans:

Membership	Points	Free transfers/day	Overdraft up to	Direct loan up to
Starter	0–100	0	—	—
Elite	100–300	2	₦100,000	—
Gold	300–700	3	₦200,000	₦2,000,000
Diamond	700–1000	5	₦500,000	₦5,000,000

Gold and Diamond members can apply for larger direct loans, up to ₦2,000,000 and ₦5,000,000 respectively.

How to get started

1. Open the Loans tab in the app.
2. Browse the available loan products and their terms.
3. Apply for the one that fits your needs.
4. Once approved, the funds land in your Boldswitch wallet.

After that, you can track your active loans and repayment progress at any time from the Loans tab.

Tip: Borrow only what you can comfortably repay before the maturity date to keep your credit score healthy.

Learn more in Am I eligible for a loan? and How to apply for a loan.

Need help? Email support@boldswitch.ng.