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Loan

Paylater Loan

It is my pleasure to bring you all you need to know about Paylater Loan in this post. You will learn all the requirements, how you can apply for it, the interest rate, the repayment method and other needed information. Do go down as we take them individually.

Before we continue, I will first take you through the different loans (loan packages) Paylater offer.

Paylater offer two types of loans:

  1. Paylater Ladder
  2. Paylater Plus

With Paylater Ladder, you can only borrow a maximum of N10, 000 as a first time borrower. Any person can borrow via the Paylater Ladder: students, unemployed, and so on.

Nonetheless, the more you borrow and repay in time, the higher you go on the limit you can borrow. You can also refer people and climb higher the loan ladder.

On the other hand, the Paylater Plus is only for people who are employed and have salary accounts. You can borrow N50, 000 and above under this package of Paylater Loan.

Paylater Loan

Requirements

With Paylater loan, you are able to lay hands on up to N50, 000 and above. But to get started, these are the requirements for the Paylater loan:

  1. 1. A valid form of identity if you are applying for N50, 000 and above. The form of ID could be Voters Card, National Identity Card, Driver’s License, International Passport and so on.
  2. You are required to provide your employment letter if you are applying for the Paylater Plus.
  3. Of course you will need a smartphone into which you download the Paylater mobile app.

How to apply

You can simply apply for Paylater loan through their mobile app. You can download the Paylater Mobile app to get started.

Believing you have downloaded the app, follow the rest of this simple procedures to get a loan from through Paylater app.

  1. From the app, add your personal information (your age, bank account details, your monthly income, the number of children you have [if you have] . Ensure they are valid information.
  2. Enter the amount you want to borrow.
  3. State also how long it would take you to repay the loan.
  4. Lastly, add the Paylater card setup and submit.

If your application is approved, Paylater will credit your account within 24 hours.

PLEASE NOTE: Paylater may request some documents which will prove that the account you inputted is truly yours. Your BVN may also be required. But do not loose heart; they are all requirements.

Interest Rate

The interest rate for Paylater is 1% daily. This interest rate could vary with risk analysis results and trust built overtime with the company.

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Repayment

The repayment of Paylater loan is done in two ways:

  • On the due date for repayment, Paylater will deduct the agreed amount from your account.
  • You can also repay maybe before the due date with your debit card.

Pros & Cons

ProsCons
  • Flexible repayment options
  • No collateral nor guarantor is required.
  • Their mobile app is easy to use. You can chat and ask the customer care questions.
  • If you have a good credit history, you can borrow up to N1 million.
  • You will be debtor when you borrow.
  • Their interest rate is relatively high.

Mobile App

Yes, Paylater has a mobile app through which you can borrow up to N500, 000 loan.

It is available on App play stores for android and iPhone. Unfortunately it is not available for Windows phones. Download it on Google Play Store here.

Customer Care

01-460-9945 and 01-631-1215.

Official WebsiteN/A
Contact Number01-460-9945 and 01-631-1215.

Branches & Head Office

1224, Bishop Oluwole’s street, Victoria Island, Eti Osa, Lagos, Nigeria.


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