Sunday, June 11, 2017

All About Paylater: Nigeria's Online Cash Loan Platform

The Tech Citadel
Lots of people have been asking if this option is available online instead of passing through the normal micro-finance banks with neck breaking requirements. The good news is that it is available online and you can get in less than 24hours.


There are times that you are just pinned to the wall and you need a narrow escape out of it but your bank account is reading “red”, in such a situation, getting a loan might be your only option.

Paylater® is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs. No collateral, guarantors or application fees required. Just a few clicks of a button.


Paylater is a service provided by One Finance & Investments Limited (RC No: 1044655), a licensed Finance company.

Interest is charged at a daily rate of 1% which means that if you borrow ₦10,000 you’ll have to pay back ₦11,500, in 15 days, or ₦13,000 in 30 days.

How does this work? 

For first timers, the maximum range is N10,000 after which Paylater expects a total of N11,500 in 15 days or N13,000 in 30 days. There are really no hassles involved in this as they simply debit the said amount from your bank account on the due date.

For the application process, Paylater has made it easy for applicants as they all have to go through their Facebook accounts (which already has details of each person) to login.

They currently offer two loan packages:
  • Paylater (loans available to all) 
  • Paylater Plus (loans for salary earners).
  • Android smartphone
  • Legit Facebook Account
  • BVN

Why BVN?

The BVN provides all the verification details the company needs before they can give out loans. It “verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account.”

How Do I Payback my Loan?

On the due date, automatically debits your account by the amount you owe, if you are not comfortable with that, you can pay manually.

Once you log into your dashboard, you will see the current loan you have applied for and you will also see the PAY NOW button. Click on it and the page below would come up.


Enter your credit card details appropriately and click OK once you are done.

How Can I Apply For a Loan?

It’s simple! Just follow the steps below to apply for a Paylater loan:

1. Download Paylater app HERE
2. Register your personal details
3. Choose your desired loan amount and duration
4. Submit your application. You will get a loan decision in seconds.
5. If approved, your account is credited within 30 minutes.

You can chat them up on twitter here

I know a lot of people who have benefited from this platform and I’m sure many will still benefit from it too.

Have you borrowed money using Paylater? Please share your experience in the comments section below

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