Have you ever heard or come across Paylater? Just kidding, I’m sure you must have. Well, as we all know, Paylater is a startup in Nigeria that allows its customers secure trouble-free quick loans.
Good news is that just like good services get updated by adding more mouth-watering features, Pay Later has also upgraded. The updated feature about Paylater is that you can now obtain a loan of a whooping NGN500,000! This upgraded feature of Paylater is termed “Paylater Plus”.
“…why waste weeks applying for a traditional loan when you can be approved and receive funds in no time at all? With Paylater Plus, say goodbye to long and inefficient processes and get a loan of up to NGN500,000 with complete convenience,” stated by Paylater in a blog post.
Just like every other services that give out loans, some criteria have to be met. Although, the criteria for loans in this startup isn’t as demanding as these services. For customers to be able to apply for loans on this platform, he/she has to be a salary earner, no two-way about that. Requirements such as a photo, employment letter, valid ID card and 3 months bank statement have to be provided to qualify for this huge loan. Once these requirements have been reviewed and verified, recipients get the loan i.e up to 500,000naira and have a repayment period of 3-6 months with a very low 2% interest rate.
Now straight to how to get kick-start the process. You go on to your app store and download the Paylater app, sign up and providing the various requirements. Loan application takes maximum of 30mins (provided you’ve got good network though, chuckles). The approval (or disapproval) of the application is fully automated and takes a few minutes.
If you are concerned about what time is fit to apply for loans, I’m glad to tell you there’s no time constraint as the platform is open round the clock i.e 24 hours, 7 days.
Paylater was formerly a credit-based online platform before switching to the online lending platform. Having switched to the lending platform in 2015, it now has about 90,000 loan applications from about 100,000 users of the platform. This is indeed a remarkable progress for the platform.
For starters, Paylater is an online platform primed to provide simple short-termed loans to help cover urgent cash needs that might come unexpected. Paylater is operated by microfinance bank, One Finance.