With this new service, Paylater – a Nigerian fintech startup, will offer as much as 500,000 naira collateral-free and trouble-free loans to recipients. This is offered in Paylater Plus that is desisgned specifically for customers who earn a salary.
The requirement, to access this, being the ability to provide documentation on employment, bank statements dating back 3 months, valid identification cards and photograph. Upon provision, documents are reviewed, verified and then (if accepted) a loan up to 500,000 naira at a 2% rate repayable in 3-6 months is provided.
In a blog post, Paylater stated thus : “why waste weeks applying for a traditional loan when you can be approved and receive funds in no time at all? With Paylater Plus, say goodbye to long and inefficient processes and get a loan of up to NGN500,000 with complete convenience”.
Download the app to get started. It is important to know that the entire process from application to approval or rejection takes about 30 minutes.
Paylater is an online lending platform for short-term loans to aid in the recovery of unexpected expenses or a urgent cash needs. With applications for loans received on a daily basis and having reached over 100,000 users with over 90,000 loan applications last year, Paylater Plus may just have solved a long-standing problem.