Paylater, a Nigerian Fintech startup offering collateral- and trouble-free loans to its growing customers, has announced the launch a new service which offers loans of up to ₦500,000 to recipients.
Known as Paylater Plus, it is specifically for customers who are salary earners. To be able to get that much loan, recipients are required to provide documents such as employment letter, 3 months bank statement, valid ID card and a photo.
Once these are provided, reviewed and verified, recipients get the loan (up to 500,000) at a rate of two percent and a repayment period of 3 – 6 months.
“…why waste weeks applying for a traditional loan when you can be approved and receive funds in no time at all? With Paylater Plus, say goodbye to long and inefficient processes and get a loan of up to NGN500,000 with complete convenience,” Paylater stated in a blog post.
To get started, download the Paylater app, sign up and get the ball rolling. The application for a loan takes no more than 30 minutes with approval (or disapproval, as the case may be) happening in minutes.
For the uninitiated, Paylater is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs. Applications for loan happens 24/7 on the platform.
Paylater didn’t start out as an online lending platform. It was initially a credit-based online shopping service before pivoting some time in 2015. It has made considerable progress since then, reaching over 100,000 users and receiving over 90,000 loan applications last year alone.