Paylater, a lending platform operated by a micro-finance bank started out of a desire to help people borrow money quickly, safely and conveniently, all with the use of technology and without the need for any collateral, heavy documentation or face-to-face interaction.
Paylater can be accessed via app and provides small micro loans. The maximum amount people can borrow via Paylater is ₦20,000, while the duration is either 15 days or 30 days. The Paylater App is fully automated, so you immediately see whether you are eligible for a quick loan.
You can see much you’ll have to pay back in real time. 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.
While logging in they ask you a couple of questions. These are questions on identification like your age, occupation, living habits and income level. They also ask for your account number and BVN.
This is because Paylater needs to verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account so as to automatically deduct their loan repayments on their due date. Questions asked are “how much do you earn?” and “do you have kids”. These questions help them understand if you can pay back your loans before lending out to you. This is to facilitate ease of repayments and eliminate delays with account updates due to the reconciliation issues that can come with cash payments.
Once you have successfully registered, Paylater intelligently determines if you are eligible for a loan and credits your account instantly. When it does you should receive a notification within 24 hours. The best part, is that there is no paperwork involved.
If you can’t repay after receiving money from Paylater, you risk suspension of your account, a bad rating among other credit bureaus and possible legal action. However if you do pay your loan on time, you become eligible to borrow more than the initial ₦10,000 limit any further requested loans.
Concerning matters of security, Paylater has invested heavily in building secure systems throughout their platform way before disbursing a single loan.