Paylater is an app by one finance, a company in Nigeria. This mobile app allows users to borrow money and pay back later with interest.
For now, the app only works for Nigerians. The company may want to go global in the future.
The paylater website can be accessed at paylater.ng. Though there is a website but activities like borrowing money cannot be done on the website. Customers have to download the PayLater app to access the full features and borrow money.
When PayLater began operations, you had to reach a particular level before you can borrow more than 10,000.
At the launch of PayLater version 3, anybody can borrow to the tune of 1 million Naira.
In the later versions, you had to get to a certain level to borrow up to 50,000 Naira. In the version 3, a new user may qualify for huge amount of loans. Right now, Paylater did not mention how it qualifies its customers for certain amounts.
How to Borrow Money on Paylater
- Download the Paylater app from play store.
- Sign up. Use this referral code to sign up CHRIP5CZ
- Fill in all your details. Your BVN and bank details will be required.
- Apply for your loan.
When you enter the amount of loan you need, PayLater calculates the amount you qualify for. You can go ahead and accept the offer if you want.
I have borrowed to up to 100,000 Naira from PayLater at a go.
Pay Later by OneFinance is real. You can see images of happy customers testifying on twitter.
If you successfully get a loan from PayLater, you can invite your friends by sharing your referral link with them. On the previous versions, you get 50 points when you refer friends to PayLater.
Although the point system has been removed to enable new customers to have a fair advantage, the referral program is still in place. However, when you refer friends on to use the PayLater app, you get discounts on your next repayment. Cool huh?
How to Repay a Loan on PayLater
Of course, when you borrow money, you need to pay back. This increases your trust rank and enables you to borrow higher amounts in the future.
There are various options to repay a loan on the PayLater app.
You can connect your debit card to on the app. When the repayment date is due, PayLater deducts the amount from your bank account. Don’t worry, the company is a reputable one, they won’t take more than how much you owe them.
You can also repay your loans via Quickteller. Visit this Quickteller page, enter your client ID, email address, phone number and the amount you want to pay.
Please note that Quickteller is another service entirely and they will charge you 100 Naira extra as service charge.
If repayment is done within the app, you won’t be charged extra.
When I borrow money from Pay-Later, I check the repayment date and create a schedule on my Any.do android app; That way I don’t forget to repay my loans.
What happens if I don’t pay my loan within the stipulated time?
- One Finance will give you a bad credit rating in which you may not be able to borrow huge amounts of money in the future from Paylater or any other financial institution.
- Paylater will use the services of external collectors to get the outstanding loan back from you.
- The company will sue you to court and you will be responsible for all legal costs incurred by paylater.
I have used Paylater to borrow money in Nigeria countless times without issues and the loans were disbursed to my bank account almost immediately. If you have any issues, you can contact the paylater team on twitter @paylaterNG