08/02/2018

Dear Nigerians, This is Everything You Need to Know About Paylater Online Loan



Lots of people have been asking if this option is available online instead of passing through the normal micro-finance banks with neck breaking requirements. The good news is that it is available online and you can get in less than 24hours.


There are times that you are just pinned to the wall and you need a narrow escape out of it but your bank account is reading “red”, in such a situation, getting a loan might be your only option.

Paylater® is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.  No collateral, guarantors or application fees required. Just a few clicks of a button.

Paylater is a service provided by One Finance & Investments Limited (RC No: 1044655), a licensed Finance company.

Interest is charged at a daily rate of 1% which means that if you borrow ₦10,000 you’ll have to pay back ₦11,500, in 15 days, or ₦13,000 in 30 days.

How does this work? 
For first timers, the maximum range is N10,000 after which Paylater expects a total of N11,500 in 15 days or N13,000 in 30 days. There are really no hassles involved in this as they simply debit the said amount from your bank account on the due date. 

For the application process, Paylater has made it easy for applicants as they all have to go through their Facebook accounts (which already has details of each person) to login.


They currently offer two loan packages:
PAYLATER (loans available to all) & PAYLATER PLUS (loans for salary earners).

Requirements
>>Android Phone
>>Real Facebook Account
>>BVN

Why BVN?
The BVN provides all the verification details the company needs before they can give out loans. It “verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account.”

How Do I Payback my Loan?
On the due date, Paylater.ng automatically debits your account by the amount you owe, if you are not comfortable with that, you can pay manually.

Once you log into your dashboard, you will see the current loan you have applied for and you will also see the PAY NOW button. Click on it and the page below would come up.

Enter your credit card details appropriately and click OK once you are done.


How Can I Apply For a Loan?
It’s simple! Just follow the steps below to apply for a Paylater loan:
2. Register your personal details
3. Choose your desired loan amount and duration
4. Submit your application. You will get a loan decision in seconds.
5. If approved, your account is credited within 30 minutes.

You can chat them up on twitter here

I know a lot of people who have benefited from this platform and I’m sure many will still benefit from it too.
Have you borrowed money using Paylater? Please share your experience in the comments section below.

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45 comments :

  1. Isn't this opposite of MMM?,and they say MMM can't pay 1% but a micro finance can take 1% daily as interest on loan.Okay o

    ReplyDelete
  2. Isn't this opposite of MMM?,and they say MMM can't pay 1% but a micro finance can take 1% daily as interest on loan.Okay o

    ReplyDelete
  3. ha oga yomi...even in freetown nothing is free this this is compound interest not simple interest if u did maths very well u go know sey micro finance loan and did one na identical twins

    ReplyDelete
  4. Have been trying to get loan from them but am finding it difficult to summit my loan form because of location. There trying to get my location but keep on failing maybe is the phone am using I don't no. Am using Techno Y4.

    ReplyDelete
    Replies
    1. Did you enabled location from ur settings? You need to allow it. Try it again and make sure your internet connection is stable.

      Delete
  5. Lol.. I ave died.. Every way Na way Money must be made.. see new ponzi scheme. i beg

    ReplyDelete
    Replies
    1. Pay later isnt a ponzi scheme v know them for a long time

      Delete
  6. Nigerians will still abuse it

    ReplyDelete
  7. To borrow 10k ?
    May God almighty save this country

    ReplyDelete
  8. Sori for digressin. Pls, i need solution on Bluetooth switching on automatically overnight on my new gionee phone . Though am suspecting it could be as a result of turning on d location . Cos, location at times can access Bluetooth . Just confused. Any help, prof yomi

    ReplyDelete
  9. Currently using their service.

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  10. I have been using it for long now, They are real and awesome

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  11. PaYlater is a life saver.nice app

    ReplyDelete
  12. Been using this since last year, helps out when u need urgent small cash. Why do Nigerian have the spirit of negativity when something new comes out. This is no ponzi scheme, if u have not tried out something and knkw it's drawbacks first hand don't condemn​ it pls . The service works try it if u need it.

    ReplyDelete
  13. The service works perfectly cos I have used it several times when I need urgent cash....as for the doubting Thomases pls don't be so quick to tag every financial platform as a ponzi scheme......theu give loans to make money do you expect them to collect back the exact money they loaned out? You know that ain't possible

    ReplyDelete
  14. Been using this since last year, helps out when u need urgent small cash. Why do Nigerian have the spirit of negativity when something new comes out. This is no ponzi scheme, if u have not tried out something and knkw it's drawbacks first hand don't condemn​ it pls . The service works try it if u need it.

    ReplyDelete
  15. Hope they will not be removing my money now that they have access to my Bvn

    ReplyDelete
  16. I`m confusing because of the BVN required

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  17. I've collected the loan before. They won't deduct your money until the due date and that's if money is in your money in your account. Note :you need have 100 in your bank account to protect your card online.

    ReplyDelete
  18. In addition,you will have to pay the money back

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  19. Be careful of the people u are referring. Someone who I referred couldn't payback because of some problem, and it also effected me. They stopped giving me loans, and it took me long time to understand the real reason. Thank God the guy has finally paid.

    ReplyDelete
    Replies
    1. What if you refuse to pay back, what will happen?

      Delete
    2. Oga Yomi tell us na we are all ears

      Delete
    3. Acording to the guy, they called him. They also told him that he can't travel outside country till he paid. They system will automatically deduct the money whenever any money entered ur account. But if u want to borrow upto 50k they will ask for ur picture and ID card number. I don't know what will happen if u refuse to pay whe6u borrow upto 50k and above . Maybe they will trace u with the ID card.

      Delete
  20. Yeah, for real, what if you can't pay back under 30 days?

    ReplyDelete
    Replies
    1. They will call u. And they will deduct it whenever any money entered ur account. And according to them, u can't travel outside country.

      Delete
  21. Nigerians go like this one ehen

    ReplyDelete
  22. I know someone whose loan is 2 months overdue and all they have been doing is sending him messages, recently they threatened to involve the police.

    ReplyDelete
    Replies
    1. Nigerians nawa. If people continue like that then they will kill their system. To get loans from normal banks is not a day job.

      Delete
    2. Threatening with police???
      U must be joking

      Delete
  23. I feel loans and slavery are synonymous. The difference is that the latter shouldn't even exist as a word.

    ReplyDelete
  24. The interest rate though. Local bams are still the best bet with low interest rate.

    ReplyDelete
    Replies
    1. Exactly. Which bam you dey for Mkd? I wan join one too.

      Delete
  25. Not interested in this.
    Not for me.
    But good for those interested

    ReplyDelete
  26. I haven't tried d service of Paylater but it's a good idea from the inventor

    ReplyDelete
  27. I dnt just like dis paylater for anything....dem dey chop people head like mad...

    ReplyDelete
  28. I have used them TWICE, they are okay.

    ReplyDelete
  29. I have been using online loan platforms for a while now. paylater is good but have a very hostile customer service when u don't pay on time. I also use Quickcheck dey are reliable too and friendly customer service.

    ReplyDelete
  30. They removed the money my friend owe them from his account

    ReplyDelete
  31. This article might need an update - there's a lot of things that are no longer correct about the service.
    - all first-timers no longer start at 10k by default. The app calculates a loan offer and presents varying offers to different individuals based on their financial status. Interest rates are also not 1% daily for everyone.
    - a Facebook account is no longer required to register. Just phone number and email.
    - there's no longer a 'Paylater Plus' package - all loans go through the offer calculation process mentioned above.

    ReplyDelete
  32. Tried using their service last year but the app keeps messing up. Maybe I'll reconsider them.

    ReplyDelete
  33. This platform is very risky. Why would they have direct access to one's account for deduction and what if something goes wrong maybe mistakenly with their system just don't trust them enough.

    ReplyDelete

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