Paylater Loan Interest Rate And Requirements
Are you in dire need of money? Do you know it’s possible to get a loan from a genuine source within minutes? Paylater is a convenient online mobile app that allows users to get short-term loans. The lending platform was created in 2016.
It is true Nigerians have had a lot of bad experiences in the past so they are not quick to embrace online lending platforms. But the system has come to stay and they’re genuine. From several positive reviews, one can see that the system is becoming more popular by the day.
If you’re still skeptical, you can start with a little amount. Actually, while you’re verifying their credibility, they are also verifying your ability to pay back on time.
This will increase your credit score and the amount you will receive subsequently. All you is a smartphone; the application process is easy and straightforward.
Paylater Interest Rate
Today, we have a new version of the app that is called Paylater v2, and users can access loans of up to N500,000. The new version has a new design, there are loyalty badges levels and referral system. Maximum loan request amount is N100,000, and loan repayment period is 90 days. Paylater loan interest rate for a new version is 4-10%, the rates depend on your loyalty level.
- Loan amount N10 000: loan rate 10%, repayment period 15 – 30 days
- Loan amount N50 000: loan rate 5%, repayment period 1 – 3 months
- Loan amount N100 000: loan rate 4%, repayment period 1 – 3 months
It is possible to get the loan in 20 minutes.
Paylater loan requirements
Loans from 50,000 Naira require ID card. Paylater accepts such any of these documents:
- Voters card
- Drivers license
- Tax ID
- National Identity card (NIMC/NIN)
- Staff ID card
- International passport
- Your picture (to be accompanied by a supporting document).
- Employment letter
Paylater loan registration requires:
- Android phone, you cannot use iOS or Windows to work with the platform.
- Download the app, it is easy to do it from the Google Play store
- Install the app and after that, you are required to enter some information: BVN, home address, occupation e.t.c.
- Be ready to enter debit card details. The loans can be automatically deducted from the card on the end of the loan date
- When the registration is done, you can click “Apply for the loan” and get your loan
- When the loan is approved, a user receives money on the bank account, just wait 10-20 minutes
How To Repay Paylater Loan
There are several ways of repaying the loans:
- Automatic Repayment
You just need to have enough money at your card at the end of the loan term
- Repay by Quickteller
Quickteller is a partner of Paylater. Go to quickteller.com/onecredit and pay the loan.
- Repay with a card that is not listed in your Paylater account
It can be any debit card. Find the bottom “pay now,” and select the bar “Pay with the card.”
It is better to pay your loans on time because it increases your credibility level and you can get bigger sum of loans on more favorable terms.
Contact Paylater loan
If you have some additional questions, it is easy to contact the administrator via chat on the app, and there are other contacts:
Twitter: Twitter.com/paylaterng or @paylaterng
The app helps a lot of customers to get quick loans. If you pay in time, it is even possible to get a sum enough to start your own business. So, it is advisable to try this convenient service if there is such a need.