Finance Reviews

My Paylater App Review : I borrowed money without collateral

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The first time I used the Paylater loan app,  it was to go check it out. For subsequent times I have used the Paylater app, it’s been because I needed quick funds desperately and quickly. I know that a lot of loan apps are on the rise in Nigeria now but it looks to me like Paylater loan app and a few others are trailblazing the loan business.

So guys, well, I have been doing a lot of reviews lately, especially of products, services and places I really love. This is my first financial product review anyway. I hope that you find my paylater loan app review useful in making a decision.

Is Paylater genuine?

Well, I have used the Paylater loan app over and over again and I guess that qualifies for genuine, right. I remember how easy a friend made it sound to me. It was too good to be true so I just brushed it aside. I guess, I didn’t need money just yet so I was still raising shoulders. The other time I heard about Paylater, it was from a friend and she had shared it on one of our blogging groups.

Of course, she wouldn’t come to say what she didn’t know or wasn’t sure about. So, out of curiosity, I gave the Paylater loan thing a try. Yes, I was totally blown away.

How I downloaded the Paylater App

Well, it was pretty easy as all I had to do was just go to Google Play Store to search for the Paylater Loan App. In less than 3 minutes, it was downloaded and installed.  I started off on it, registered, imputed my details and set off to borrow a loan. This didn’t take me up to 10 minutes, I mean, the initial set up on the Paylater app.

Where I had issues was that my network connection wasn’t that strong. You have to have a fairly good network at least because it would need to know your location. I also didn’t like that I had to take my picture on the spot. How about allowing me upload one of my fine, model worthy pictures? If you see what’s on that app right now ehn, it’s one yeye picture with my hair standing like fish.

Why do I have to provide my BVN to Paylater?

So during the registration, this was where I hit my cross road o. O boy, you are asking me to provide my BVN. This is the password to my entire financial life. What if I became a billionaire tomorrow? That’s how one loan app will come and begin to scam me?

So guys, I put a full stop at this juncture to go search online. Of course, me and my Google. Apparently, I knew that one thing had to give, because, well,  these guys are not asking for any collateral, nothing nothing, there had to be a catch or a system in place for the good of both of us.

Turned out that they request BVN to verify that the person applying for the Paylater loan owns the account. It’s to avoid people using your details to request for a loan. Of course, you’d be in serious debt, especially if the person is the greedy one.

Giving your BVN to Paylater app is not giving access to your bank account. It doesn’t work that way, so I guess my mind was at ease.

I think another reason why they want you to provide your BVN is so that they can harass you if you decide to play a fast one. Paylater can harass you. When it’s a week to pay back your money, they’d bombard you with text messages, emails and you’d feel properly financially harrassed. I know it’s money we are talking about here but c’mon.

If you default so bad in your loans and paying back, this can spoil your credit record and since they have your BVN, they probably get banks to know of your debt status, I think.

How to request for a loan using the Paylater loan app

Open your Paylater app and login with your phone number and your 4 digit pin. Go straight to request loan. It’s so explanatory and easy to do on your own. You state the amount you want to borrow. Most likely, you have to start with 10,000 Naira. You also state your reason for borrowing and specify the time frame. You can pay back in two weeks or one month.

Paylater, based on the information that you have provided will determine your eligibility and come to a loan decision. I like that it’s so fast, damn. There is also no human interaction involved at all. It’s a tech/AI kind of system.

If after they make a loan decision, you are eligible, within 24 hours, they would send your money into your bank account. Now, 24 hours really, is to play safe and all.  The first time I used it, I got my money under an hour. The second time, I got my money in 5 minutes. It was that fast!

For 10,000 Naira in two weeks, you’d have to pay 11,500 Naira back. If you go on for a month, it would be 13,000 Naira. Well, that’s high, too high an interest rate. The interest rate of Paylater loan app depends on how much you are borrowing and for how long.

How to pay back your Paylater debt

Log in to the app as usual and just request to pay back. It is that easy. There will be an automatic connection to your bank’s 3rd party interface, or whatever technical grammar applies here and your money is automatically deducted from your account. That’s all.

Paylater contact phone number and address


PHONE: 01–460 9945 & 01–631 1215

My Final Thoughts on Paylater Loan App

I think Paylater is an excellent innovation, yes, I really like that I won’t have to face any human being to get some quick funds. I also like that one can borrow money without collateral. This one makes plenty sense.

I don’t like the harassment when it’s almost due to pay. I get it, this is money but mhen, is money I borrowed, I did not kill anybody. The other loan apps may also be operating on this system, I don’t know. I also don’t like the interest rate, it’s too high. I hope banks will borrow people money with better interest.

Overall, if you are short of funds and are very desperate and you would rather conceal your cash crunch to yourself than tell anyone, the Paylater Loan App is your best bet.

Has anyone used Paylater yet? What do you think about the loan app?

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