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The short answer
Before you accept a Loans on Spaces offer, the Pryme app shows the amount, the full cost in naira and the repayment date; nothing is drawn until you tap accept. Check that the total to repay fits next month's income, that you know what happens if you pay late, and that you are buying from a Spaces merchant you actually need.
What the agreement screen shows
A Loans on Spaces limit is only an offer. To use it, you choose an amount and the app shows you the agreement from Solid Allianze Microfinance Bank, the lender. Three things are always set out in full:
- Amount
- The credit you are drawing for this purchase.
- Cost
- What you pay on top of the amount, shown in naira.
- Repayment date
- When the total is due back.
Read the terms around those three numbers too. They explain how repayment is collected, what happens if a payment is late and how early repayment works. If anything is unclear, stop and ask Pryme through contact before accepting. Declining or waiting costs nothing.
Your rights before you sign
Solid Allianze MFB is regulated by the Central Bank of Nigeria, so the CBN's Consumer Protection Regulations apply to its credit. Among other things, those rules require a regulated institution to:
- Disclose all terms and conditions, including fees and risks, before a contract is made.
- Provide a Key Facts Statement that summarises the main loan information in a standard format.
- State the nature and amount of every interest, fee or charge, the annual percentage rate and the total cost of credit.
- Disclose the terms for repaying early.
The same regulations give consumers time to review a draft credit contract and a short cooling-off period after signing, unless the consumer waives these in writing. Ask Pryme how these provisions apply to your agreement. Separately, the FCCPC's 2025 digital lending regulations require clear, accessible loan terms and prohibit lending the consumer has not authorised.
A five-point checklist before you tap accept
- Do I need this purchase now? Credit makes sense for something you would buy anyway, such as the monthly shop or a prescription, not for an impulse.
- What is the total to repay? Add the amount and the cost. That single figure is what leaves your account.
- Will it be there on the date? Look at what comes into your account before the repayment date, and what else must go out first: rent, transport, school costs.
- What if I am late? Read the late-payment terms. Missing a date affects your record with the credit bureaus.
- Am I stacking debt? If you already owe loan apps or friends, adding more credit can make the next month harder.
A worked example (illustrative figures only)
Chidi earns ₦250,000 a month, paid on the 25th. On the 10th he needs ₦60,000 of groceries and toiletries from a supermarket in Spaces. The agreement screen shows, for illustration, a cost of ₦3,000 and a repayment date of the 28th.
| Item | Amount (example) |
|---|---|
| Credit drawn | ₦60,000 |
| Cost shown in the agreement | ₦3,000 |
| Total to repay on the 28th | ₦63,000 |
| Salary arriving on the 25th | ₦250,000 |
| Rent and fixed bills due before the 28th | ₦120,000 |
| Left after repayment and fixed bills | ₦67,000 |
Chidi can repay with room to spare, so the agreement fits. If his rent had been ₦200,000, the same agreement would have left him short, and drawing less or waiting would be wiser. These figures are an example, not Pryme's pricing. The real cost is shown in your app.
To compare a cost expressed as a flat naira figure with a cost expressed as a rate, our explainer APR vs flat fee walks through the arithmetic.
After you accept
Once accepted, the credit is used to pay the Spaces merchant. The repayment date and total stay visible in the app. Two habits help:
- Set a reminder a few days before the date. Personal Account customers can ask their Personal Assistant to prepare a reminder; nothing moves without your approval.
- Keep enough in the account on the day. Our guide how to repay a Loan on Spaces covers the details.
If your situation changes and you think you will struggle to repay, contact Pryme before the date, not after. Lenders can usually discuss options more easily when they hear early.
Common mistakes when accepting credit
- Drawing the whole limit because it is there. Draw what the purchase costs, not what the screen allows.
- Reading only the amount. The cost and the date matter as much as the amount.
- Assuming payday will arrive on time. If your salary is sometimes late, choose a repayment you could still meet a week later.
- Accepting on someone else's behalf. The agreement is in your name and your record. Never accept credit for another person's shopping unless you are prepared to repay it yourself.
- Screenshots as proof. Keep the agreement in the app; screenshots can be edited and are no substitute for the record the lender holds.
Where Pryme fits
Every Loans on Spaces agreement is shown in full in the Pryme app before anything is drawn, and the decision is yours. The Loans on Spaces page explains the product. Accept only what you have a plan to repay.
Questions people ask
Can I cancel a Loans on Spaces agreement after accepting?
CBN rules provide a cooling-off period for credit contracts from regulated institutions unless waived in writing. Contact Pryme promptly to ask how it applies to your agreement.
Where do I see the interest on Loans on Spaces?
The cost is shown in naira on the agreement screen in the Pryme app, together with the amount and repayment date, before you accept.
Do I sign anything for Loans on Spaces?
You accept the agreement in the Pryme app after reading it. There is no paper form, and nobody should ask you to accept on their behalf.
What if I accept by mistake?
Contact Pryme straight away through the app or the contact page and explain. Do not ignore it, as the repayment date will still apply unless the agreement is cancelled.
Sources
- CBN Consumer Protection Regulations 2019 · accessed Oct 2026
- FCCPC: Digital lending – FCCPC tackles abuses, issues landmark regulations · accessed Oct 2026
- CBN Consumer Protection Framework: Guidelines on Disclosure and Transparency (draft) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.