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
If a Loans on Spaces limit has been offered to you in the Pryme app, you can pay salons, barbers and spas that are Spaces merchants on credit, after accepting an agreement showing the amount, cost and repayment date. It suits planned, occasional treatments you can repay from known income, not routine visits you cannot already afford.
What Loans on Spaces is
Loans on Spaces is credit lent by Solid Allianze Microfinance Bank Ltd, a microfinance bank licensed by the Central Bank of Nigeria, to Pryme customers. It can only be spent with merchants inside Spaces, Pryme's network of businesses. Spas and salons are one of the sectors Spaces supports, alongside groceries, eateries, pharmacies, transport, schools, hotels and serviced offices.
Three things make it different from a loan app. First, the money never lands in your account as cash; it is paid to the merchant. Second, a limit is offered based on how your Pryme account is run, with credit bureau checks, rather than through a separate loan application. Third, the full agreement is shown before anything is drawn, and nothing happens until you accept it. For a fuller comparison, see loan apps, BNPL and Spaces.
How to pay a salon or spa with it
- In the Pryme app, check whether you have a Loans on Spaces offer.
- Confirm the salon, barber or spa is listed as a Spaces merchant. If it is not, you cannot use the credit there.
- Agree the price of the service with the salon before you pay. Ask what is included: products, hair extensions, aftercare.
- Start the payment in the app. The agreement shows the amount, the cost of borrowing and the repayment date.
- Read it, accept if it suits you, and keep the receipt.
Which treatments make sense on credit
Beauty spending in Nigeria ranges from a weekly barbing to a full bridal package. It helps to sort it into three groups.
| Type of spending | Examples | Credit a good idea? |
|---|---|---|
| Routine | Barbing, washing and setting, regular nails | Rarely. These recur, so they belong in your monthly budget |
| Periodic | Braids or a new install every few weeks, a facial | Sometimes, if the timing is awkward and you can repay on payday |
| Occasional or event | Wedding or graduation looks, a spa day as a gift | Most likely, if planned and repaid on a known date |
The test is simple: would you be able to pay for this from your own money within the repayment period? If yes, credit is a timing convenience. If no, it is a cost you cannot afford, now with borrowing on top.
Worked example: braids before payday
Example only. Funmi books knotless braids for ₦45,000 at a salon in Surulere that is a Spaces merchant. She has an interview on the 22nd, and her salary arrives on the 28th.
- She confirms the price with the stylist, including extensions.
- She starts the payment in the app and sees the agreement: ₦45,000, the cost of borrowing, and a repayment date after the 28th.
- She checks her budget. After rent and transport, she will have ₦120,000 left from salary, so repaying ₦45,000 plus the cost is affordable.
- She accepts, has her hair done, and repays on the 28th.
If Funmi's leftover salary were ₦50,000, the same braids on credit would leave her short for food and transport. In that case a cheaper style, or waiting until payday, would be the sensible choice.
Practical tips with salons
- Ask for the full price up front. Some salons add charges for length, extra hair or take-down.
- Pay through the app before or at the appointment, as the salon prefers, and keep the receipt.
- If a service is not done as agreed, raise it with the salon first. Under the FCCPC's consumer rights, you are entitled to services of the quality and nature you were promised.
- Do not tip or pay extras from the credit unless the salon processes them as part of the Spaces payment; cash tips come from your own money.
If you change your mind before the appointment
If you have accepted the agreement and paid the salon, the loan exists even if you cancel the appointment. Ask the salon about its cancellation and refund policy before you pay, not after. If a refund is due, it follows the salon's process; keep your receipt and contact Pryme support if it does not appear. Repaying early, where your agreement allows, is the simplest way to close it if plans change.
Repaying and your credit record
Repayment is made in the app by the date in your agreement. Repaying on time builds a better record with the credit bureaus, which every licensed lender in Nigeria can check; missing payments can make borrowing harder elsewhere. Under the Credit Reporting Act 2017, you can ask a bureau for your report and challenge errors. Read how credit scores work in Nigeria and how limits grow.
Where Pryme fits
A Pryme Personal Account shows any Loans on Spaces offer, lets you pay Spaces salons and spas, and keeps the agreement and repayment in one place. Your Personal Assistant can remind you of the repayment date, and nothing moves without your approval. For planning a bigger beauty budget, see budgeting for bridal and event beauty, or read about Loans on Spaces.
Questions people ask
Can I do my hair now and pay later in Nigeria?
Yes, if the salon is a Spaces merchant and you accept a Loans on Spaces agreement in the Pryme app. The salon is paid now and you repay by the date shown.
Does Loans on Spaces work at any salon?
No. It only works with salons, barbers and spas that are Spaces merchants. Check the merchant list in the app.
How much does it cost to borrow for a spa visit?
The cost depends on your agreement and is shown in the app before you accept. Compare it with what you would pay if you waited until payday.
Can my salon join Spaces?
A salon or spa can open a Pryme Business Account and ask to join Spaces. The business should contact Pryme for details.
Sources
- FCCPC: Consumer rights and responsibilities · accessed Oct 2026
- CBN Consumer Protection Regulations 2019 · accessed Oct 2026
- Mondaq: A glimpse into the Credit Reporting Act 2017 · 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.