AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
The cost of a Loan on Spaces depends on the agreement offered to you, so Pryme does not publish a single rate or fee. The full cost in naira, the amount and the repayment date are shown in the app before you accept, and nothing is drawn until you agree. Compare the total to repay, not just the headline cost, against what other credit would cost for the same period.
Why there is no single published price
Credit is priced to the borrower and the agreement. The lender, Solid Allianze Microfinance Bank, sets the terms for each offer, so the cost you see may differ from what a friend sees. Rather than a headline rate that may not apply to you, Pryme shows your actual cost in naira in the app before you accept.
That approach follows the CBN's Consumer Protection Regulations, which require regulated institutions to state the nature and amount of each interest, fee or charge, the annual percentage rate and the total cost of credit, and to provide a Key Facts Statement before a credit contract.
How to read the cost on screen
Focus on three figures and one calculation.
- Amount drawn
- What the merchant receives for your purchase.
- Cost
- Everything you pay on top of the amount.
- Repayment date
- When the total is due.
- Total to repay
- Amount plus cost. This is the figure that leaves your account.
If the agreement also shows an annual rate, use it to compare with other credit over the same period. Our explainer APR vs flat fee shows why a small flat fee on a short loan can be a high annual rate, and why both views are useful.
A worked example: comparing credit for one purchase
Suppose Bisi wants a ₦50,000 shop from a supermarket in Spaces two weeks before payday. All figures below are invented for illustration. They are not Pryme's prices or any named lender's.
| Option | Cost for 2 weeks (example) | Total to repay | Notes |
|---|---|---|---|
| Loan on Spaces | ₦1,500 | ₦51,500 | Only spendable at Spaces merchants |
| Cash loan app | ₦5,000 | ₦55,000 | Cash; check FCCPC registration |
| Bank overdraft | ₦1,200 plus any set-up fee | ₦51,200 plus fee | Needs an agreed facility |
| Borrow from family | ₦0 | ₦50,000 | May strain relationships |
On these example figures, the cheapest option is family, then the overdraft, then Loans on Spaces, with the loan app most expensive. Your real numbers will differ. The point is to line up the total to repay for the same period before you choose. For how overdrafts and loan apps compare more generally, see overdraft vs loan app.
Small costs that add up
A short-term credit cost can look small on its own. The risk comes from repetition. If you use credit for the same monthly shop every month because the money never quite stretches to payday, the cost becomes a permanent extra bill.
Example: one month versus a year (illustrative figures only)
Say a ₦50,000 monthly shop on credit costs ₦1,500 each time. Once, it is a modest price for convenience. Every month for a year, it is ₦18,000, money that could have gone into savings instead. The same sum saved in a Flexible Box over a few months would let you buy the shop outright and break the cycle.
- Use credit for genuine timing gaps, not as a monthly top-up to income.
- If you notice you borrow every month, set a small amount aside each payday until you have one month's shop in reserve.
- Track what you have paid in credit costs over the last three months. Seeing the total helps you decide.
None of this is particular to Loans on Spaces. It applies to every form of short-term credit in Nigeria, from loan apps to overdrafts and salary advances.
Costs to watch for, with any lender
- Late-payment charges. Read what applies if you miss the date. Missing a payment also affects your credit record.
- Rolling over. Repaying one loan with another multiplies costs. Avoid it.
- Early repayment terms. The CBN regulations require early liquidation terms to be disclosed, and bar early liquidation fees on consumer loans with a variable rate. See repaying early.
- Costs hidden in the price. Compare the merchant's price with what you would pay elsewhere. Credit is not a reason to overpay for goods.
Questions to ask yourself before accepting
- Is the total to repay smaller than what I can spare from next month's income?
- Would waiting until payday cost me more, for example a missed prescription, or less?
- Is there a cheaper option I am ignoring, such as savings set aside in a Box?
- Am I using credit for a need or a want?
For larger or recurring costs, saving ahead in a Savings Box is often cheaper than borrowing. Credit is most useful for timing gaps: a need that arrives before payday.
Where Pryme fits
Loans on Spaces costs are shown in full in the app before you accept; there is no fee table to search for because your own figure is on screen. Read more on the Loans on Spaces page, and see what to check before you accept.
Questions people ask
What is the interest rate on Loans on Spaces?
Pryme does not publish a single rate. The cost depends on your agreement and is shown in naira in the app, with the amount and repayment date, before you accept.
Are there hidden charges on Loans on Spaces?
The cost is shown before you accept. If you see a charge that was not in your agreement, contact Pryme and, if unresolved, use the CBN complaints route.
Is Loans on Spaces cheaper than loan apps?
It depends on the agreement each lender offers you. Compare the total to repay for the same period. Pryme does not claim it is always cheaper.
Do I pay anything if I do not use my limit?
An offered limit is not a loan. If you do not accept an agreement and spend, there is nothing to repay.
Sources
- CBN Consumer Protection Regulations 2019 · accessed Oct 2026
- CBN Consumer Protection Framework: Guidelines on Disclosure and Transparency (draft) · accessed Oct 2026
- FCCPC: Digital lending – FCCPC tackles abuses, issues landmark regulations · 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.