Dear Nigerians, you can now access quick loans from Paylater.ng using your BVN
A credit facility known as Paylater.ng has emerged at a time when easy loans have become almost an impossible thing to achieve. From a huge amount of paperwork to a rather lengthy process and collateral requirements (even for short term and quick loans), it only seemed to be getting even more difficult . In this regard, I had an experience a few months ago, an online credit facility kept advertising on several instagram pages, one day I applied for a N10,000 quick loan but was asked to bring a car as collateral before it would be made available to me. At the time, I concluded that if someone were in trouble and needed money as little as N10,000, s/he was doomed.
Quick loans have become the bane of the average Nigerian who is always on the lookout for quick means to squash little financial challenges that may arise on a day to day basis. For instance, some members of staff at various organizations may be finding it difficult to meet every day needs due to delays in salary earnings. Also, there are those in the unemployed class who do not have salaries or income to depend on, and may want to start up a small, mostly informal business venture, paylater.ng is making small loans available for those who fall under these categories.
Paylater.ng provides quick loans without the usual paperwork and substantial time requirement. All an applicant needs is his/her Bank Verification Number (BVN), an internet enabled smartphone and a Facebook account. It seems like almost a dream come true for many Nigerians, especially those who have gone to the company’s facebook account to give some positive reviews. Solomon Omole, who recently got his loan almost immediately after he applied, applauded the platform as the best online credit service provider so far.
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. Also, the BVN provides all the verification details the company needs before they can give out loans. At least for those who will use the paylater platform, all the frustration they encountered during the BVN registration exercise may finally be worth it.
But what about those who seek loans that extend way beyond N10,000? Well, if after you successfully pay back the first loan, you become qualified for a higher loan the next time.
However defaulting on payment comes at a high cost, if the platform does not receive your payback on the due date, you are likely to get your account suspended amongst other things. However, the good thing is, if you are cash strapped, you can easily make use of the platform without any challenges.This development may inspire more credit platforms like paylater, thereby giving Nigerians the opportunity to access loans without as many barriers.
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