Do you need quick funds for personal or business reasons? Try out the Paylater loan Nigeria Platform. With Pay Later, you can access cash whenever you need them. All you need to do is to follow the guide below.
Here is a quick review of the Paylater platform.
What is Pay Later Loan?
Paylater is an automated loan business that aims to improve access to credit for people who are underserved or excluded from it financially in Africa. The platform is one of the most used lending services in Africa.
On Paylater, you can get loans for personal, family, or business expenses.
Also, Pay Later is available in Nigeria and Malaysia.
Is Paylater Loan Legit?
One Financial and Investment Limited, which owns and operates Paylater, has been granted a full license by the CBN to conduct business in Nigeria as a finance firm. Paylater is certified by CBN.
How Does Paylater Work?
On Paylater loans, you need a smartphone to perform every transaction. to borrow money, you need to create an account on the platform. During the account creation, they will ask you to put an account number.
When you apply for loans, your approval goes under review. When approved, you will receive the money in the bank account you provided.
Fortunately, you do not need collateral or a guarantor to get approved for loans.
How Much Can I Borrow on Paylater Loan?
On Paylater, you can borrow money starting from ₦10,000 to ₦500,000. Also, when you pay back the money on time, your loan limit will increase.
When Paylater approves your loan, you will receive the loan advance in your bank account.
Pay Later Interest Rates
Paylater loans charges an interest rate of 28% to 31%.
If you borrow a loan of ₦100,000 for a 6-month period, your total payback will be ₦138,000.
What are the Requirements for Paylater Loans?
- Mobile number
- A smartphone
- A valid bank account
Note: you do need to provide collateral or a guarantor for loans on Paylater.
How Can I Get Loans on Paylater?
Follow this guide below to get loans on the Paylater platform.
- Go to the Paylater official website.
- Create an account. Provide your details while creating the account.
- Choose the loan amount you need and the duration.
- If approved, you will receive the loan within minutes.
Apply for Loans with PayLater Loan USSD Code
Paylater loan USSD code allows users to borrow money with ease if they don’t use the loan portal or app. To apply:
- Dial *1303# on your mobile phone.
- Follow the prompts to complete your application.
How Long Does it Take to Get Approved?
After you submit your application, you will receive a decision within minutes. The decision will determine whether you qualify for the loan or not. When approved, you will receive the loan advance within five minutes.
Paylater Loan App Download
For easy loan applications, use the Paylater loan app. With the loan app, you can apply for loans and get approved within minutes.