Paylater: With a Facebook account, Bank Verification Number (BVN), an account number and a working debit ATM card, you are well on your way to qualify for a loan.
Paylater is a financial tech enabled app that is helping to solve difficulty of getting loans.
The service provided by One Finance, a CBN licensed finance company, is available on Android mobile smartphone app.
Paylater offers Nigerians loans without a collateral or paperwork needed.
You can obtain loans for business, payment of utility bills, emergency situations and so much more.
Requesting a loan is straightforward as the app shows you in real time how much you would have to pay back with interest charged at 1precent daily. It is gathered that for new applicants, you get started with applying for a N10, 000 loan, then as time goes on, as you gain favorable creditworthiness, you can get to borrow larger amounts up to 1million naira.
Registration is easy-peasy. Your Facebook account, Bank Verification Number (BVN), an account number and a working debit ATM card are about the other requirements you get asked for, and this in no way puts your privacy at risk just in case you start wondering.
The BVN is requested to enable them verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account.
On the due date, Paylater will automatically debit your account by the amount owed. The platform uses an algorithm programmed to determine accurately to a good extent whether or not the loanee will be able to pay back the loaned sum plus interest when due.
You also get provided the option to pay back manually using your debit card.
For those who unintentionally or intentionally might want to get away with defaulting paying the loans, they risk suspension of accounts, bad rating among credit bureaus and possible legal action.
Also, you can’t request for a new loan if you still have one pending that has not been paid back.
Paylater powered by One Finance Co recently hit a milestone of disbursing 1000 loans in a day.
If you have heard of and used Paylater already, share with us your experience. If not, get started at paylater.ng or go on straight to download from your Google Play store.