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The short answer
Yes. Pryme and Solid Allianze Microfinance Bank are integrated with all licensed credit bureaus in Nigeria, so how you use and repay a Loan on Spaces can form part of your credit record. On-time repayment helps build a positive history that other lenders can see; missed payments can count against you. You can get a free report from each bureau once a year and have errors corrected.
How credit history works in Nigeria
A credit bureau collects information from lenders about the credit people hold and how they repay it, then provides reports to lenders who are allowed to see them. The Credit Reporting Act 2017 is the main law. It sets out who can share and access credit information, and the rights you have as the person the information is about.
Nigeria has several licensed bureaus, and a lender may check one or more of them. If you are new to the subject, start with our explainer credit scores in Nigeria: how the bureaus work.
Why should you care? Because the record follows you. A bank considering a car loan, a lender reviewing a business facility or a microfinance bank deciding on a limit will often look at the same bureau data. A record full of small loans repaid on time tells a calm, positive story. A record with unpaid balances, even small ones from years ago, can make lenders cautious or more expensive. Many Nigerians only discover what their record says when they are refused credit, which is the worst moment to find an error.
How a Loan on Spaces shows up
Solid Allianze, the lender, is integrated with all licensed credit bureaus in Nigeria. That works in two directions.
When an offer is considered
The lender may check your bureau record as part of deciding whether to offer a limit. The Credit Reporting Act requires either a data exchange agreement covering that use or your express consent for a credit check, and credit information may only be used for permitted purposes.
When you borrow and repay
Credit you accept and repay is part of the information lenders report. In general terms, a credit record shows:
- Credit facilities you hold or have held, and with whom.
- Amounts and repayment dates.
- Whether payments were made on time, late or missed.
- Whether a facility has been cleared.
Good and bad patterns
| Pattern | How lenders tend to read it |
|---|---|
| Small credit, repaid on time, several times | Reliable borrower; supports future credit |
| One loan repaid early | Positive; shows capacity |
| Many loans open at once with different lenders | Higher risk; may be stretched |
| Late payments, later cleared | Some concern; improves with time and good behaviour |
| Missed payments not cleared | Strong negative; limits access to credit |
Bureau records are shared across the market, so a missed loan app payment can affect what a bank or Solid Allianze offers you, and a well-handled Loan on Spaces can help when you apply elsewhere. Our guide how to grow your credit limit covers the habits that help.
Checking and correcting your record
According to commentary on the Credit Reporting Act 2017, you have these rights:
- A free report each year. You can obtain one credit report a year at no cost from a bureau.
- Correction. You have the right to have outdated, incorrect or incomplete information corrected.
- Dispute timelines. A complaint about accuracy goes first to the lender or bureau, which has 10 working days to resolve it and tell you the outcome. If it is not resolved, you can escalate to the CBN, which has a further 10 working days. After that, the matter can go to court.
A practical routine (illustrative)
Kemi checks her report from each bureau once a year in January. One year she spots a loan app debt of ₦25,000 she cleared months earlier, still shown as outstanding. She writes to the lender with proof of payment, gets it corrected within the timeline, and checks the report again. Before that fix, the old entry could have reduced the credit she was offered elsewhere. The amount is an example.
Keep proof of repayment. A Pryme statement or receipt helps, and you can generate a verifiable statement in partnership with VerifyDoc.ai, which the recipient can check is genuine and unaltered.
Using Loans on Spaces to build a record
If you have little or no credit history, small, planned use of credit that you repay on time is one of the ways a record is built. That does not mean borrowing to build a score. Borrow only for something you would buy anyway, from a Spaces merchant, with a repayment you can meet.
- Keep each amount comfortably within your income.
- Repay on or before the date every time.
- Avoid opening many credit lines at once.
- Check your report each year to make sure it reflects what you did.
For repayment habits, see how to repay a Loan on Spaces on time. If a payment has already been missed, read what to do next.
Where Pryme fits
Pryme and Solid Allianze report Loans on Spaces activity through the licensed credit bureaus, so good repayment counts in your favour across the market. The Loans on Spaces page explains how the product works.
Questions people ask
Does Loans on Spaces report to credit bureaus?
Yes. Pryme and Solid Allianze MFB are integrated with all licensed credit bureaus in Nigeria, so borrowing and repayment can form part of your credit record.
How do I check my credit report in Nigeria for free?
Under the Credit Reporting Act 2017 you can obtain one free credit report a year. Request it directly from each licensed bureau.
How do I remove a wrong entry from my credit report?
Complain to the lender or bureau with evidence. They have 10 working days to resolve it; if unresolved, escalate to the CBN.
Will a small loan improve my credit score in Nigeria?
Credit repaid on time can help build a positive record. Borrow only for real needs, and never take credit just to build a score.
Sources
- Mondaq: Boosting access to credit in Nigeria – the Credit Reporting Act 2017 · accessed Oct 2026
- CBN Consumer Protection Regulations 2019 · accessed Oct 2026
- CBN: Financial institutions · 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.