The PayLater loan, as a service proffered by “One Finance & Investments limited” offers short-term loans to individuals in order to help them cover unexpected expenses in Nigeria.
This short-term loan covers everything from emergency expenses to business opportunities that require immediate attention. This loan is so convenient that you can apply for it at any time of the day.
PayLater loan requirements.
Before you can access the PayLater loan, there are some minimum requirements to meet. First of all, PayLater does not require the submission of any legal documents such as driver’s license or Utility bill, making it so much worthwhile. You will only require the following:
- An Android device with a data connection
- Your BVN and BVN-linked account number
- A valid Facebook Account for confirmation of identity
please note: your BVN does not provide any link to your account details and therefore you cannot be scammed by it. Paylater only requires this information to ascertain who will pay the loan amount in return.
How PayLater works.
PayLater is an online platform that offers you loan products without the added stress of paperwork or bureaucratic proceedings which will be required by other financial institutions.
With PayLater, you can get your loan in just 30 minutes after your application. All you will need to access this loan service is your Android device and within this, your application can be carried out smoothly.
To use PayLater:
- Simply download the app from Playstore
- Next, complete the online application and submit
- Subsequently, your loan application will be reviewed and you will receive the decision in just seconds
- Once approved, You will be sent your client ID number (as a new customer) as well as your requested fund will be made available to you via your bank account and yes all of this will be done in a very short period.
Funds made Accessible by PayLater
PayLater offers you two loan packages: the PayLater and the PayLater plus.
The PayLater is a fund for everyone and you can get as a new customer up to N10,000 for the period of 15 to 30 days which will cost 10%interest.
For returning customers, you can only borrow about N50,00O at a lower interest rate of 5% for the period of 1 to 3 months. As you progress up the ladder, you can get a loan of N100,000 to pay an interest of 4% within 1 to 3 months.
The Second loan package, the PayLater plus allows you to borrow up to N500,000 with an interest rate of 2% in a period of 3 to 6 months. But to access this service you will require some more information:
- You must be a Salary earner
- Employment letter
- Bank statement( 3 months)
- Valid ID card
- Personal picture
Ways to Contact PayLater customer care.
You can also visit the PayLater twitter account for the latest information on products and services.
PayLater offers you juicy options of having a loan at your fingertip, do well to accurately review this information before you make your application so you can make the best financial decision.