Nigerian fintech startup, Paylater has announced a reduction in the time it takes to disburse loans to customers after approval, making it a lot easier for them to get cash quickly in order to meet their urgent needs.
When the startup re-launched in 2015, loans were disbursed between 6 – 24 hours after approval largely because the whole process was manual. Few months after, automation was done and loans were disbursed in 30 minutes, a first in the country.
The company has now announced a further reduction in the time it takes to disburse loans. From henceforth, approved loans will get to customers in 5 minutes.
“You read that correctly. Once anyone is approved for a Paylater loan and has setup a repayment instrument, funds will be credited to the provided bank account within minutes,” the startup stated.
It added, “This means that whether you have a medical situation to handle at 3AM on a Sunday morning, or if your DSTV subscription cuts off right in the middle of the Champions League final — you don’t have to wait very long or beg your neighbours to let you watch from the window before you receive the funds you need.”
Need I say more? If you’re in need of loans and in 5 minutes or less, simply download the Paylater Android app and apply at your convenience. The application process is quick and you’ll know your fate (or status) within minutes.
Powered by licensed and regulated finance company, One Finance & Investments Ltd, Paylater is available in all 36 states of Nigeria. It has over a hundred thousand users and ₦500,000 is the biggest loan one can get.