Do you need a quick loan to settle some issues? Are you a student looking for a loan to finance your final project? Paylater can loan you money without visiting any office or fill any paper form, the loans get to you within 24 hours.
Paylater is a company by OneFinance. The company was founded in Nigeria in 2006. Initially, you are allowed to borrow only ₦10,000. As time goes on and you borrow more and payback, your borrowing limit will be increased.
I have used this app to borrow money countless times and they worked perfectly fine. I have also referred it to friends and they can testify to this.
When you borrow money from paylater, you are expected to pay back with interest within a specific time. Failure to pay back attracts some problems you will find at the end of this post.
Amount of Money you can borrow on PayLater
The amount of money you can borrow depends on the level you have acquired on the platform. We will talk about the level and how to scale up on the levels later on.
Below are the amount you can borrow on PayLater and the level you need to borrow this loan;
- Bronze = ₦10,000 or ₦20,000.
- Silver = ₦40,000.
- Gold = ₦50,000.
- Platinum = ₦90,000.
- Diamond = ₦100,000.
- PayLater Plus = ₦500,000.
The Pay Later Plus is only available to salary earners. It requires more information than the normal plan.
To borrow from the platform, you need to register an account. The registration process is quite easy. You have to fill in all your information correctly. Your BVN code will be required; you can retrieve your BVN code from here.
Download the PayLater app and click the sign-up button to register. The app is only available for Android right now. Support for other platforms may be added.
After the registration is complete, you can apply for your first loan of ₦10,000. If the loan was not granted, you can try again after a while. Sometimes it takes up to a month before the loan can be granted. Initially, it wasn’t like this; it became like this as more users came into the system.
How to Increase your Levels
Like we said earlier, to increase the amount of loan you can borrow, you need to increase your levels on the platform. In addition, check the points needed for each level on PayLater;
- Bronze = 0-1,399 points.
- Silver = 1,400 points.
- Gold = 3,400 points.
- Platinum = 6,600 points.
- Diamond = 9,000 points.
Now let’s check out how to increase levels on Paylater.
- Earn 50 points for each friend you refer.
- The first loan application earns you 100 points.
- You get 200 points each time you repay your loan on time.
- Setting up your debit or credit card earns you 100 points.
In addition, Paylater deducts 300 points when customers pay loans after the due date. A breakdown of the total points accumulated can be seen on the “Your Points” tab.
NB: You can re-apply for another loan immediately you have repaid the previous one.
What Happens if I Fail to Repay my Loan?
In a situation whereby customers do not pay back the loan, PayLater will send a report to the consumer credit reporting agency. This would affect your credibility and may prevent you from getting a loan in the future; either from PayLater or any other company.
If you find yourself in a situation whereby you cannot pay back the loan within the stipulated time, it is advised that you send a mail to email@example.com.
However, customers who fail to repay loan on time are prone to the following consequences;
- Suspension of access to PayLater’s lending services.
- Reporting account deliquency to various credit bureaus.
- Legal action may be taken on the customer.
- Involvement of external collection agencies.
PayLater Frequently Asked Questions
₦10,000 is too small, can I get a higher amount?
The maximum amount for first timers is ₦10,000. Timely repayment of loans builds your trust rating. Hence, your loanable amount is increased.
Eligible salary earners can apply for a PayLater plus loan. The plus loan is up to the tune of ₦1,000,000. Customers have to provide all necessary documents before the plus loan can be granted.
I don’t have an android phone. Can I apply through a computer or other operating system?
No, you cannot apply through a computer system. The only available OS to apply with is the Android. However, support for other platform is coming.
Can I access PayLater from any state in Nigeria?
Yes, you can. PayLater is available in all the states in Nigeria.
I don’t remember my BVN. What do I do?
That is not a problem in any way. Kindly check our post on how to retrieve BVN code.
How do I apply for a Paylater Plus loan?
Simply click on the “PayLater Plus” option to get started. Confirm if you have all the requirements before proceeding.
What are the required documents for a plus loan?
The following documents are required to obtain a PP* loan;
- A Valid Staff ID card.
- An employment, and/or confirmation letter.
- Three months statement of salary account.
- A valid identification document.
- A full picture of yourself.
What is the Repayment Period for a PP* loan?
PayLater Plus loans can be paid over a period of 3 or 6 months. The time frame depends on the amount borrowed and the loan duration the customer chose. Please note that the loans are due in monthly installments.
Who has Access to the data I submitted to Paylater?
Your data is safe. PayLater does not share your data with third parties unless it is for dedicated business purposes, such as reporting defaulters to credit bureau authorities.
I have already opened a PayLater account. Can I open for a Friend with my Phone?
Customers are only allowed to operate one account on a single Android device. If you want to use two PayLater accounts on an Android device, download Parallel space.
Can I have more than One PayLater Account?
No, you cannot. Your Bank Verification Number will give you away. Only one account per customer is allowed on the platform.
How do I contact PayLater?
Below are the companies contact details;
Have you used this platform to borrow money before? How was your experience? We would love to hear from you.