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How to Borrow Money Online with PayLater in 5 minutes – All You Need to Know about Loans

How to Borrow Money Online with PayLater in 5 minutes – All You Need to Know about Loans

Do you need an extra cash for that project or a loan for your business, especially those times your bank account is now reading “red” we like to introduce you to something good and fast for your cash needs. Lots of people have difficulty through the normal micro-finance banks with their various neck breaking requirements, for a small loan and at the end your application will be denied.

The good news today, is that same loan services offered by those micro-finance banks is available online and you can get yours in less than 24hours.
Paylater has come up to bridge the gap and get the cash you need, is a simple, an 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.Dear Nigerians, This is Everything You Need to Know About Paylater Online Loan
Paylater is a service provided by One Finance & Investments Limited (RC No: 1044655), a licensed Finance company. The  cool stuff while using paylater is the 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 Paylater work?

According to them, the maximum amount you can borrow for first timers 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 to get the Loan

  • Android Phone
  • Real Facebook Account
  • BVN

Why BVN?

The BVN is important for the loan, as it provides all the verification details needed before you are granted a loan. 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?

Once you get your loan successfully, paylater will automatically debits your account on the due date, the exact amount you owe, if you are not comfortable with that, you can select the manual option.

  • Once you log into your dashboard, the current loan amount you applied will be shown to  you,
  • Simply click The PAY NOW button.
  • 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:

  • Download the Paylater app here
  •  Simply Register your personal details correctly, as any fake information will disqualify you
  •  Choose your desired loan amount and duration to pay back
  •  Submit your application. You will get a loan decision in seconds.
  •  If approved for the loan, your account is credited within 30 minutes.

Have you borrowed money using Paylater?  Please share your experience in the comments section below.

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