Payday loans are usually short term borrowings for about 2weeks to a month or until payday. The provider charges a fee for the loan which will usually be a flat rate. e.g N250 for every N1,000 borrowed.

Typically people who use these kind of loans do not have access to bank credit and may not or cannot approach family and friends.

will this work in Nigeria? if not, why not?

Bump

the rate you quoted above is way too high.

the business is currently in full swing in NIgeria and it can work.

some factors to consider are:
the segment market
the repayment period
the security offered
what to do in case of default.

many thanks