Paylater is an online lending platform that grants access to loans for urgent responsibilities. It is a loan service that is accessible over the web and through their application. The service is powered by one finance.
For you to take advantage of the service, simply log on to the website www.paylater.com and fill the inform that will tell them about you. Once you fill in the details, it will take only minutes to know if you’re eligible for the loan or not but it will take up to 3 business days to receive your loan if you’re approved.
The minimum amount you can borrow is N1000 while your first loan can be up to N10,000 payable in 30days with interest of 1% per day. The faster you pay back your loan, the easier it is for you acquire more loans of bigger amounts. The service offers two types of loans which are the paylater loan and the paylater plus loan. The later is designed for salary earners who must be able to provide supporting documents to prove their employment status. They have access to borrow up to N500,000 and could spread their repayment plan over 3-12 months with a scheduled monthly repayment amount.
How To Download And Activate Your Paylater Account
Before you can take advantage of the paylater loan you are required to carry out the following steps;
- Download the paylater app. You can access it on the paylater website www.paylater.com. You can download the app via the your mobile app store. Simply search for paylater app, download and install it.
- Launch the app
- Register on the app and ensure you fill all the required information.
- Apply for loan and ensure you check the loan calculator to know how much you can be able to return within the stipulated period of time.
- You will be credited with the money at the maximum of 72hrs once your loan has been approved.
Loan Application Requirements
If you’re a first timer seeking to apply for the paylater loan, all you need to do is to fill appropriate and details of yourself including your BVN and Bank details. Ensure that no field is left unfilled.
If you’re seeking to apply for paylater plus, you need to be employed and provide supporting documents to show that. These include employment letter, confirmation letter, I.D card, statement of account etc. Once they are accurate your loan will be granted.
However, it’s important to note that if your loan application is declined, its either you didn’t fill all the required information or your profile doesn’t match that people they borrow money. If you fall in this case, you are advised to check back in 1-2 months.
Loan Fees And Repayment Charges
The application process is without charges. It is free to apply but once your loan is approved, you may be charged N100 deductible from your approved loan sum.
With this app based loan service, it means you can access loans at the comfort of your home without unnecessary ques at the bank and without running from pillar to post. A financial solution in time of need at your comfort.