Getting an instant collateral-free loan online in Nigeria is possible using paylater, one of the foremost and reliable instant online loan application processors in the country.
In this guide, we will tell you paylater loan application requirements, and what to avoid for your loan to be granted.
We experimented this by downloading paylater app from Google store, and sign up, applied for #10,000 loan, which got response less than an hour.
So we’ll be writing this review based on our experience with the online loan processing firm.
What is paylater official website?
Its official url is https://www.paylater.ng
Please take note of the “S” in https.
What is Paylater?
Paylater is an instant online loan platform that grants short term loans to Nigerians who might want to cover unexpected expenses.
What makes paylater different from a conventional bank?
There is no bank in Nigeria that gives loan without a sufficient collateral. Other loan lending community bank won’t grant your loan applications without collateral as well.
What makes paylater unique from others is : It grants online loans in without collateral, and its loan is quick to access.
It is not only in Nigeria, paylater quick cash loan online has taken its services to Ghana, another West African country.
How To Apply For Paylater Online Loan in Nigeria
You may want to apply for the loan right away, but make sure to fulfill the following REQUIREMENTS for your application to get approval :
1) You must be in a place where there’s strong internet connectivity, because your local is needed if you’re using the loan app
- Your Bank Verification Number, BVN, and other bank details
- Your financial status. You must disclose them in the course of application.
- The details you provide must be accurate, if not your application may be rejected.
Paylater online loan application guide
Follow these easy to follow steps to get instant loan approval from paylater
- Download Paylater Loan App on Google Play store https://goo.gl/Tdw95X
- Open the app and click on Sign Up to set up an account
- Fill your first name, preferably surname
- Click on next to fill your Last name
- Click on next fill your Date of Birth. Make sure the date of birth you’re providing corresponds with the ones in your bank account
- Click next to fill your phone number.
- Click next to fill Referral Code. Use QUADX1PNas your referral code. Note that the code is optional, but it’d be an added points for the writer of guide if you use it.
- Click next to receive your verification code of 6-digit
Congratulations, your account is set up.
- Inside the app, click on MENU to view the following: Your loans, Your Points, Refer a Friend, Your profile, Notifications, Manage cards, Log out.
- Click on YOUR PROFILE to update your account: education and employment status and your bank details
- After filling the above, go back to the menu
- Click on YOUR LOAN. Click on Apply for loan. If you’re a first-timer, the maximum you can apply for is #10,000.
You can only apply for a higher loan if a full-time employer of a reputable company or civil servant. This will require documents.
Fill all the necessary details and click on apply.
Wait for the team to approve your loan. It may be approved or rejected. If it’s rejected, you’d be told the reasons.
Why Your Paylater Online Loan in Nigeria May Be Rejected
Your online loan may be rejected because of the following reasons:
There are a number of reasons why paylater.ng may not approve your application for online loan.
According to the firm:
“You may not currently meet Paylater’s criteria. As a responsible lender, we take steps to ensure we only extend credit to the right profile of applicant, so that our clients won’t become too indebted. It is possible that at this time, you simply don’t match the profile of individual we normally lend money to. Whatever the situation, we recommend coming back in 1 or 2 months to re-apply, since the criteria of these decisions are constantly refined.”
4 major reasons why your online loan may be denied are:
- If you supplied incorrect/invalid details on your application, your Paylater loan application may be rejected.
Kindly review provided details such as your Bank Account details, BVN, Date of Birth and Phone Number to ensure all information supplied is accurate.
- If you have a negative credit report. Paylater assesses each applicant’s performance on previous loan obligations (this includes Paylater loans) prior to approving your application.
If you have ever taken a loan and failed to pay on time, your new application will not be approved.
Please go offset your previous loan and apply later.
- If you’re not in a location where Paylater is available. Paylater is currently only available within the 36 states of Nigeria, and the FCT.It has gotten to Ghana at the time of writing this guide.
Be in one of the locations where paylater is and apply again.
4.Poor internet connection.
The major reason of loan denial by paylater is when you are applying from a location with poor internet connectivity, you may need to connect to a stronger network as your Google location is needed for your application to be approved.
I met the criteria but I experienced poor internet connection in my location, even though I enabled Google location on my device.
Apply for paylater loan in a location with fabulous internet connection and re apply.
The Paylater Team
Benefits of Paylater Quick Loan Over Others
- In-App Chat / Customer Support
- Paylater Plus
- Earn Points
- Loyalty Badges
- Higher Amounts
- Reduced Interest Rates
- Longer Repayment Periods
You can earn points in the app for telling anyone about their service.
In-App Chat / Customer Support
The support is superb on all his contact us channels.
Actions on Paylater will attract points within the app — positive actions such as on-time repayments increase your points, while negative actions (for example, a late repayment) cause decreases.
When you have earned enough points at each level, you’re moved a step up — this is indicated by the badge assigned to you. Your loyalty badge determines how much you can access, your interest rates, and even your loan repayment period.
Maximum available amount for Paylater loans to N100,000. This can be reached by consistent on-time repayment of loans, and also by earning enough points to reach the badge level required to unlock it.
Reduced Interest Rates
Depending on your points level, you can now access Paylater loans at reduced interests rates of 4 - 30%
Longer Repayment Periods
To help you more conveniently service repayments, paylater increased loan repayment tenures on amounts over N20,000 to as long as 90 days, so you can take your time and easily settle your loans.
For 10k you have between 15-30 days to repay
Quick loans for salary earners. If you are currently in paid employment, you may be eligible for a Paylater Plus loan of up to N500,000. Supporting documents required.
Downside Of Paylater Loan App
You won’t be able to apply for loan where there is poor internet service. It depends so much on Internet connection for it to determine your location before your loan is approved.
Internet connection is still very poor in some parts of Nigeria, even when you’re within the vicinity where there is mast of your data service provider
It’s designed for those with high tech device. It uses Google map to determine your location.
The online loan application firm has both online and physical presence>
Twitter: @paylaterNG, and on Instagram.
Physical Address: Plot 1224, Bishop Oluwole street, Victoria Island, Lagos.
Technology has indeed made the application for the online loan easier. There are other platforms whee you can access loan online in Nigeria, but we put this paylater review together base on our own experience.