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Should I Take A Loan For Black Friday and Cyber Monday Sales? 

The year is 2022 and someone somewhere is contemplating: should I take a loan for Black Friday and Cyber Monday sales? If you are that person, there is information you need to arm yourself with before making a decision.  

On the surface, it is not advisable to borrow money to go on a shopping spree. But a sale of this magnitude is a different thing.  

What is Black Friday?  

The term ‘Black Friday’ was first used in Philadelphia in the United States. Early in the 1960s, the Philadelphia police were overwhelmed by the congested streets, clogged with motorists and pedestrians heading to the Army-Navy football game and looking for post-Thanksgiving deals.  

They called the situation ‘Black Friday’, a term which stuck despite big retail stores trying t rebrand it.  

Typically, Black Friday is the Friday after Thanksgiving, a  national holiday celebrated on various dates in the United States, Canada, Grenada, Saint Lucia, and Liberia. 

It has come to be known as the unofficial start to a bustling holiday shopping season.  

This year, Black Friday falls on November 25.  

When did Cyber Monday come to be? 

Unlike Black Friday, Cyber Monday didn’t become a thing until the year 2005. The name was coined by the U.S. National Retail Federation (NRF) in a 2005 press release titled “‘Cyber Monday’ Quickly Becoming One of the Biggest Online Shopping Days of the Year.”  

Cyber Monday is an e-commerce term referring to the Monday following the U.S. Thanksgiving weekend. It is the second-biggest shopping day and the biggest day for online sales. 

The term was created to encourage consumers to shop online.  

History Of Black Friday in Nigeria 

The first recorded version of the Nigeria Black Friday sales was started online in 2013 by leading e-commerce sites, Jumia and Konga 

The idea was to recreate the excitement of rush retail sales which was already popular in the United States and other parts of the world.  

The first Nigerian edition became a successful experiment when both websites crashed temporarily, every online sales record was broken and the e-commerce platforms recorded the highest traffic in Nigeria’s online retail history.  

Since then, Black Friday has become the most popular event on Nigeria’s shopping calendar with physical stores offering their customers good deals. 

When Is The Best Time To Take A Loan For Black Friday Offers? 

One of the best ways to take advantage of the special Black Friday and Cyber Monday offers is to have the money for it beforehand. Also, most retail stores have an online presence so you can visit them to know what is on sale, what exactly you are shopping for, and what it would cost.  

With that information on hand, you can then apply for the loan a few days before the Black Friday sale commences.  

This will give you the opportunity to make a rational decision about how much money you want to borrow, calculate how much money you can afford to borrow, and make sure you choose a loan you can pay out. 

Having decided, you can use them to compare available offers. Comparing loan offers will get you all warmed up for finding the best offers on Black Friday! 

There are many payday lenders on the market and they all have different loan offers. With nairaCompare you can compare the different loan offers to know what is best suited for your holiday shopping.  

Advantages Of Taking A Black Friday, Cyber Monday Loan 

There are more advantages to getting a loan a few days before Black Friday and Cyber Monday sales. Having cash on the big day allows you to be the first one in line, thereby getting the best offers that would usually be sold out within an hour of the store’s opening.  

This can make your savings on Black Friday even bigger! 

  1. Lenders typically disburse funds directly to your bank account so you can start using that money as soon as possible. In fact, some lenders will even get you funded early.
  2. Because it’s a sale, you may never get the opportunity to get the item at that price. So why not take advantage of it if you can/want to?
  3. The loans also come with lower interest rates and are a more affordable alternative.
  4. Taking a loan for Black Friday and Cyber Monday sales could potentially increase your credit score provided you honour the loan term and pay back as and when due.  


  1. Depending on your credit score, shopping loans may attract higher interest rates. When applying for any form of debt, including personal loans, your creditworthiness is always taken into account. Lenders tend to look at your credit score to determine what kinds of terms they can offer you, including the interest rate you’ll have to pay on the loan.
  2. Some lenders may also charge origination fees for first-time borrowers and late payment fees.
  3. As a borrower, if you are not careful, you stand the risk of running into a recurring loan, so be sure to have your repayment plan well laid out.  

Things To Consider Before Taking A Black Friday Loan 

In making up your mind about whether to take a loan in order not to miss out on enticing Black Friday deals, there are important considerations you should have at the back of your mind.  

If you intend to secure a Black Friday or Cyber Monday loan, the following factors will help you weigh the offers from different lenders and get the most suitable product. 

Interest Rate 

You need to understand that the higher the interest rate, the more the loan will cost you. It plays a major role in ascertaining your monthly payment. 


When borrowing a loan in Nigeria, the cost is not determined by the interest rate alone. The overall cost is presented as an Annual Percentage Rate (APR), which shows any additional fees you have to settle.  

Some of the common fees include an origination fee and a late payment fee. 

Repayment term 

This is the period of time within which the loan is paid back once you make your scheduled minimum payments.  

Also, the longer it takes to pay off the loan, the more the interest accrued, regardless of the interest rate. Shorter-term loans, on the other hand, come with higher monthly payments. 

Start early 

Don’t wait till the last minute before you begin looking for a loan. Doing so might lead you to make a hasty decision due to the time pressure. 

Quick Tips For Getting The Best Black Friday Loans 

  • Borrow only what you can afford 
  • The period following the holiday is usually characterised by a cash crunch. Make sure to opt for a loan you can conveniently repay. 
  • Beware of predatory lenders around the holiday season 

What Loan Would Be Best For Black Friday, Cyber Monday Shopping? 

A 2021 study placed Nigeria among the top 14 countries with the biggest holiday spenders, with Nigerians spending an average of 16 percent of yearly income during the period. 

Specifically, the study, conducted by global payments company, WorldRemit found that Nigerians spend 196 percent monthly income at Christmas and nearly one-fifth or 16 percent of their annual income on holiday expenses. 

The implication of this is that Nigerians take more loans during the holiday period, which is known to kick off with Black Friday sales.  

So what loan would be best suited for Black Friday shoppers? 

Holiday Loans 

Although not popular in Nigeria, holiday loans are personal loans that borrowers can use to cover any holiday-related expenses. These loans can bridge the gap between your holiday plans and your bank account. 

Holiday loans are issued by financial institutions like banks, credit unions, and online lenders and come with fixed monthly payments over a set period of time. 

Personal Loans 

In the absence of holiday loans, personal loans are your surest bet for having that Black Friday or Cyber Monday shopping.  

Personal loans in Nigeria are used to cover almost expenses, from home improvements to large purchases. 

 With friendly interest rates, personal loans can come in handy when you run into that Black Friday deal and you are low on cash. 

Payday Loans 

Typically, payday loans are best suited for this kind of situation. It’s a good idea to choose a payday loan and take advantage of the low-interest rates due to the quick loan payout that’s required. 

Also, it comes with an ease of payment because the loan repayment is tied to your next pay cheque. Be sure to take only a loan you can afford. 

The bottom line 

Black Friday loans are readily available and easy to apply for, but that doesn’t mean they’re a smart option.  Take the time to figure out if there is another way to cover holiday gifts that won’t involve taking on new debt. If you do have to borrow, have the plan to repay your loan in a reasonable amount of time. 

If you fail to take those steps, you could wind up paying off Black Friday or Cyber Monday deals for years to come.  

 You can always get what you want by taking loans for Black Friday but make sure the savings are worth it!  

Take a moment and compare online loan offers on nairaCompare.ng before you press the “Apply now” button to ensure finding the best loan for your Black Friday shopping spree. 



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