Paylater is an app by one finance, a company in Nigeria. This mobile app allows users to borrow money and pay back in 30 days or two months 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. A user has to download the app to be able to access the full features and borrow money.
There are different levels on Paylater. The amount of money a user can borrow depends on the level the user is. The higher the level, the higher the amount you can borrow.
Levels and Amount you can borrow
- Bronze = Loan up to 20,000 Naira.
- Silver = Loan up to 40,000 Naira.
- Gold = Loan up to 60,000 Naira.
- Platinum = Loan up to 90,000 Naira.
- Diamond = Loan up to 100,000 Naira.
The minimum amount a user can borrow 10,000 Naira and the maximum any user can borrow is 500,000 naira (for salary earners only).
How to Borrow Money on Paylater
- Download the Paylater app from playstore.
- 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.
As a starter, you are only allowed to borrow 10,000 Naira and you pay back in either 15 days or 30 days. As you earn more points, the amount of money you can borrow increases.
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 cost incurred by paylater.
How to Earn more points and increase levels
As stated earlier, the higher your level on the app, the higher the amount you can borrow. Below is how you can increase your levels on the app.
- Earn 50 points for every friend you refer to paylater.
- You earn 100 points on your first loan application.
- Earn 200 points if you pay your loan back on time.
- You will earn 100 points when you set up your debit/Atm card.
- 300 points from your already accumulated points if you repay your loans late.
When you successfully apply for loans, the loan will be sent to your bank account within 24 hours. Sometimes it may even take less than 30 minutes.
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