With Paylater, you can now borrow up to ₦500,000 in 3days

With Paylater, you can now borrow up to ₦500,000 in 3days

Paylater is a simple online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs. You can apply for a Paylater loan 24 hours a day, 7 days a week with no hidden charges and the assurance that your personal details on the website are secure. Loan application is approved

Paylater is a simple online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs. You can apply for a Paylater loan 24 hours a day, 7 days a week with no hidden charges and the assurance that your personal details on the website are secure. Loan application is approved or declined in minutes and payed within 3 working days.

The version 2 of the Paylater app which was released this November comes with two fascinating features: Paylater Plus and an app re-design that allows for an increased loan request amount, reduced interest rates, increased repayment period and an online chat app support.

The Paylater Plus feature which is available only to salary earners allows them access loans of up to 500,000, as they would be required to provide supporting documents as proof of employment. In a nutshell, they get the rare opportunity of a regular short term loan.

Paylater

When Paylater first launched earlier this year, first-time users could only borrow up to N10,000 at an interest rate of 1% per day, and loan repayment period for all users lasted between 15 to 30 days. Recurring users were offered a 0.5% interest rate with maximum loan request amount at ₦30,000. But in the app re-design, the maximum loan request amount has been increased to ₦100,000 for recurring users, and loan repayment period on amounts over ₦20,000 have been increased to up to 90 days.  Interest rates have also being reduced interest to 4-10%, with the rates depending on your loyalty level.

The different levels of loyalty badges alongside a referral system that helps users earn points when they refer other users to the app are also new features of the app re-design.

The app is available only on the Google Playstore.

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