If you’re looking for an individual lender for a loan, proceed carefully. In Nigeria, private lending can be legitimate, but it is also an area where many scams occur.
Before borrowing from any individual lender:
Ask for a written loan agreement.
Ensure the interest rate, repayment schedule, penalties, and collateral requirements are clearly stated.
Avoid lenders who demand large upfront “processing fees” before disbursing the loan.
Verify the lender’s identity and reputation.
Keep records of all payments and communications.
For a loan of about ₦800,000 over 2 years, you may also want to compare offers from regulated alternatives such as:
fairmoney.io
getcarbon.co
renmoney.com
aellaapp.com
branch.com.ng
These platforms may charge higher rates than some private lenders, but they are generally more transparent and regulated.
If your preference is specifically for an individual lender, it may help to share:
The loan amount required.
The repayment period (tenor).
Whether you can provide collateral or a guarantor.
Your monthly income range.
With those details, I can suggest safer ways to find private lenders and help you assess whether the proposed interest rate is reasonable.