Understanding interest and your repayment schedule
How interest is charged and how your repayment is tracked.
Last updated June 18, 2026
Every loan has an interest rate and a maturity date that together shape your repayment.
How interest works
A standard quick loan is charged 10% interest over its 60-day term. The interest is based on the loan amount, so your total to repay is the amount you borrowed plus 10%.
For example, borrow ₦20,000 and you repay ₦22,000 by the maturity date. Borrow ₦100,000 (the maximum standard amount) and you repay ₦110,000.
Your repayment schedule
| Detail | What it means |
|---|---|
| Amount | The sum you borrowed (₦5,000 to ₦100,000 on a standard loan). |
| Interest rate | 10% over the loan term. |
| Term | 60 days. |
| Maturity date | The day the loan should be fully repaid. |
| Progress | How much you have repaid so far. |
You can view your repayment progress any time under Active loans in the Loans tab.
Tip: Repaying before the maturity date keeps you clear of overdue fees and protects your credit score.
See How to repay your loan and What happens if a loan is overdue.
Questions about your schedule? Email support@boldswitch.ng.