One of the most important things you should understand before applying for any online loan is the interest rate and total repayment amount you’ll be paying back.
Many people rush into instant loan apps and later complain that the repayment looks higher than what they expected, this happens mostly because they don’t check how the interest is calculated.
We’ve written about interest rates for Branch, Umba, Alend and many others and in this article, we’ll break down the Frimoni interest rate system, how the loan calculator works, and how you can estimate what you’ll repay before even applying for the loan.
Understanding the Frimoni Interest Rate
Frimoni uses a monthly interest rate system that ranges from 3% to 4.5% per month, depending on your loan type, credit score, and repayment history.
That means if you borrow ₦10,000 for 3 months at 4% monthly interest, you’ll pay ₦10,000 + (₦10,000 × 0.04 × 3) = ₦11,200 total.
Your exact rate is automatically determined by their algorithm based on:
- Your repayment record (early payments = lower interest next time).
- Your loan amount (smaller loans may have slightly higher interest).
- Your credit score & BVN history.
- Your loan tenure (longer tenure = higher total interest).
Frimoni Loan Terms
- Loan Amount: ₦5,000 – ₦1,000,000
- Tenure: 91–365 days
- Interest Rate: 3% – 4.5% monthly (about 24% – 36% APR)
- Processing Fee: 0–2% (added automatically if applicable)
- Late Payment Fee: 1%–1.5% per day (after due date)
Frimoni’s interest is transparent—you’ll always see the total repayment before confirming any loan.
How the Frimoni Loan Calculator Works
Frimoni has a built-in loan calculator inside the app that helps you preview how much you’ll repay before borrowing.
Here’s how to use it:
- Open the Frimoni App.
- Tap “Loan Calculator” (on the home screen).
- Enter the loan amount you wish to borrow.
- Choose your repayment period (in days or months).
- The app will instantly display:
- Interest Rate
- Total Repayment
- Due Date
This helps you know exactly what to expect before confirming the loan.
Sample Loan Calculator Table (2025)
| Loan Amount | Duration | Monthly Interest | Total Repayment |
|---|---|---|---|
| ₦10,000 | 3 months | 4% | ₦11,200 |
| ₦20,000 | 4 months | 3.8% | ₦23,040 |
| ₦50,000 | 6 months | 3.5% | ₦60,500 |
| ₦100,000 | 9 months | 3.2% | ₦128,800 |
(Note: These are sample estimates; actual figures may vary slightly based on your credit rating.)
Frimoni rewards reliable users with better loan terms and lower interest after a few successful repayments.
Example of Frimoni Interest Calculation
Let’s assume you borrow ₦30,000 for 4 months at 4% monthly:
Interest = ₦30,000 × 0.04 × 4 = ₦4,800
Total Repayment = ₦30,000 + ₦4,800 = ₦34,800
If you repay early (for example, after 2 months), Frimoni recalculates and deducts only the used period interest, saving you money.
FAQs
Q1. How much interest does Frimoni charge?
Between 3% and 4.5% monthly, depending on your credit profile.
Q2. Is there a Frimoni loan calculator online?
Yes. You can use the in-app calculator or visit their website calculator page (for estimated values).
Q3. Does Frimoni reduce interest for repeat users?
Yes. Users with good repayment history often get lower rates and longer loan tenures.
Q4. Are there hidden fees in Frimoni loans?
No. The interest and total repayment are shown upfront before you confirm.
Q5. How can I calculate my repayment manually?
Use the formula:
Total Repayment = Loan Amount + (Loan Amount × Interest Rate × Months)
Conclusion
Frimoni’s loan system is built to be transparent—you know what you’re paying before you even apply. The interest rates are fair, the calculator helps you plan better, and you can easily compare repayment options before committing.
If you’re looking for a reliable, CBN-licensed loan app in 2025 that won’t confuse you with hidden charges, Frimoni is one of the safest choices.
