Money Monday: Quick money loan through your smartphone

It used to be so hard to get a loan in Nigeria. This was something that made life difficult for unemployed persons, low-income earners and small businesses.

But the story seems to be changing today.

There are now new financial solutions that make it possible for people and businesses to borrow money quickly. One of such solutions changing how people and businesses get debt money in Nigeria, at the moment, is Paylater.

How it works

With Paylater you can loan money in minutes through your Android smartphone. No document, no collateral required. All you have to do is download the app, sign up on the app, apply for a loan and wait for a decision.

When you are applying for a loan Paylater will calculate a suitable loan value for you and send you a loan offer. You will need to accept the loan offer to complete your loan application.

Once your loan application is approved, you would be asked to register a debit/ATM card from which repayment will be made in future and take an instant selfie for identification. After completing all of these, your will receive the money in the account you provided during your loan application.

Paylater will offer a maximum loan value of ₦10,000 on your first loan. Your maximum loan value will increase on your next loan if you payback the first loan on time and gain a higher trust level.

The interest on the first loan is 15-30%, depending on the repayment period you request in your loan application. It is 15% for the 15-day repayment period and 30% for the 30-day alternative.

One more interesting thing is that you can earn money by referring friends to Paylater. Each time you refer a friend that applies for a loan and repays the loan on time, you earn points that you can use to repay your loan. Once you sign up on the app, you will get a unique referral code. You can share your referral code with friends instantly by clicking on the ‘SHARE YOUR REFERRAL CODE’ button in the ‘Refer A Friend’ interface.

You can try it out now too. Download the app and get started. Click here to download app.

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