So just yesterday, I saw this AD on nairaland's HP. They claim to offer loans at an instant interest of #3000. Wow a loaning system in third world country like Nigeria can be this effective and straight forward? I said to myself. They claim it was a straight forward, instant and stress free means of gettD. It was far more stress less than going to banks and meeting a long queue just to get an approved loan they said . So I decided to give them a try. The process was instant as I was just allowed to fill a few online forms which was verified in n time. It got to a stage they asked for my account number and I had no qualms with that. Instantly they asked for my BVN too . I had a deep thought and after a while, I reluctantly filled this category on the form. Immediately I finished my application, I got an instant notification that my application was unsuccessful. . In fact I got this twice . They gave a few excuses but the one that really caught my eye was that they claimed I had insufficient balance in which was unfortunately true. What kept me puzzled was how they managed to know my account balance. Has anyone ever had similar experience with paylater.com. I hope these people aren't scammers.

cc: lalasticlala puskin naijacutee FOD dominique

That's the same thing I was told too.

It may be a coincidence you had insufficient balance but excuse me, if you have money why take a loan? If I have SUFFICIENT balance why do I need a loan? It's only a coincidence because you have not linked your ATM card so they cannot determine your account balance as your BVN doesn't provide them such info.

I'm yet to understand them. Their advert is really sugar coated

And why should I also be in a location where paylater is unavailable when its an online and Nigerian thingy ....

coolsix:
That's the same thing I was told too.

It may be a coincidence you had insufficient balance but excuse me, if you have money why take a loan? If I have SUFFICIENT balance why do I need a loan? It's only a coincidence because you have not linked your ATM card so they cannot determine your account balance as your BVN doesn't provide them such info.

I'm yet to understand them. Their advert is really sugar coated

Actually I bank with 4 banks .. 3 are very active and the last is very dormant. In fact I haven't deposited anything in it in months. More alarming is the fact that I truly don't have sufficient funds in that account but how did they get to know is my question. Did you get a similar mail?

Xbabangida:


Actually I bank with 4 banks .. 3 are very active and the last is very dormant. In fact I haven't deposited anything in it in months. More alarming is the fact that I truly don't have sufficient funds in that account but how did they get to know is my question. Did you get a similar mail?

Lol I got similar mail too. But I had money in my account. That's why I told you it's a coincidence. There is another reason why it was declined.

I'm sure they haven't perfected their method of operation yet that's why they are very picky and will deny most applications coming in at this early stage. I doubt if this website will go a long way.. Why? Because it's Nigerian. Nice website layout, beautiful ads, mouthwatering loan offer. But then.. The condition of this country isn't suitable to run this kind of business yet. The owner's are afraid of losing money. And truth be told, if they approve a lot of applications they will be raped so hard by the bad guys.

PayPalKing:
I'm sure they haven't perfected their method of operation yet that's why they are very picky and will deny most applications coming in at this early stage. I doubt if this website will go a long way.. Why? Because it's Nigerian. Nice website layout, beautiful ads, mouthwatering loan offer. But then.. The condition of this country isn't suitable to run this kind of business yet. The owner's are afraid of losing money. And truth be told, if they approve a lot of applications they will be raped so hard by the bad guys.

Nigeria generally has a long way to go. They surely must be cautious of fraud. Many Nigerians will decide not to pay them their money back . Its a nice business strategy tho but not suitable for a country like Nigeria. Have you ever gotten similar mail telling you u have insufficient balance in your account.

the sufficient balance thing is really puzzling.
is one supposed to contribute 20-30% equity or what?

Xbabangida:


Nigeria generally has a long way to go. They surely must be cautious of fraud. Many Nigerians will decide not to pay them their money back . Its a nice business strategy tho but not suitable for a country like Nigeria. Have you ever gotten similar mail telling you u have insufficient balance in your account.

I didn't complete the application process. I stopped halfway when I was asked for my BVN because I didn't have that handy.

They are real cos my loan was approved despite not having much in my acct...You have to be mindful of d form u feel...I think they may nt give student or unemployed loan because no means to repay them.They also do background checking before the approval.I'm a living witness.

The website is down

Xbabangida:
So just yesterday, I saw this AD on nairaland's HP. They claim to offer loans at an instant interest of #3000. Wow a loaning system in third world country like Nigeria can be this effective and straight forward? I said to myself. They claim it was a straight forward, instant and stress free means of gettD. It was far more stress less than going to banks and meeting a long queue just to get an approved loan they said . So I decided to give them a try. The process was instant as I was just allowed to fill a few online forms which was verified in n time. It got to a stage they asked for my account number and I had no qualms with that. Instantly they asked for my BVN too . I had a deep thought and after a while, I reluctantly filled this category on the form. Immediately I finished my application, I got an instant notification that my application was unsuccessful. . In fact I got this twice . They gave a few excuses but the one that really caught my eye was that they claimed I had insufficient balance in which was unfortunately true. What kept me puzzled was how they managed to know my account balance. Has anyone ever had similar experience with paylater.com. I hope these people aren't scammers.

cc: lalasticlala puskin naijacutee FOD dominique

Why do one needs to have funds in his Bank account before applying for such a little amount of money like #10k? if I have money in my account why borrowing again.

It is been long I saw their advert but I am afraid of divulging my BVN to third party. Honesty, it may be very risky!

Good morning
I am a paylater user and i got my own loan in space of some days 2days o think.
If all the info provide is correct with what is in your BVN, fb and the from, then you are good to go with the loan.
I am returning my own on Monday .

PAYLATER is real , all what they do is they will do background check on your account like statement if you run account verywell you would be approved and they wont give you the loan if you are unemployed or student.

Good am everyone
Paylater is not doing well again o. You have to fill all your ATM card details into the site before you can get the loan.
But to fill the loan repayment form na wahala oooooo.

Xbabangida:
And why should I also be in a location where paylater is unavailable when its an online and Nigerian thingy ....

I could see a misunderstanding of their simple English. They stated 4 possible causes of denial but you held on to one as the reason for your denial. That letter did not say your were unsuccessful because of insufficient funds but that it is one of the common causes. So if you know that you have sufficient fund, why not look at other reasons stated to see which of them is the issue? Although it is still arguable as you said, why must borrower have sufficient fund if he/she wants to borrow except they expect a certain minimum amount (equity) before you can borrow.

Moreover, the issue of being in an area of operation (though online) could be applicable to applicants who are residing outside Nigeria. If such applicant is registering on their website, it may be unsuccessful since such applicant would be expected to have Nigerian details (including BVN) to apply successfully. I will therefore suggest you call them to tell them your challenge if you believe they are a real and legitimate business outfit. By the way, don't they have location address and phone contact for you to visit physically if such is not far from your locality?

Paylater is real....if you are working in government or a recognise organisation it works perfectly...just got 10k...

I think if truly you are sure your application was unsuccessful due to insufficient funds, then I think it means you have less than 50naira in your account, cos if your loan application is approved, they're going to deduct 50naira from your account first (I think that's transaction charges) before they disburse the 10k

I think if truly you are sure your application was unsuccessful due to insufficient funds, then I think it means you have less than 50naira in your account, cos if your loan application is approved, they're going to deduct 50naira from your account first (I think that's transaction charges) before they disburse the 10k.

So just yesterday, I saw this AD on nairaland's HP. They claim to offer loans at an instant interest of #3000. Wow a loaning system in third world country like Nigeria can be this effective and straight forward? I said to myself. They claim it was a straight forward, instant and stress free means of gettD. It was far more stress less than going to banks and meeting a long queue just to get an approved loan they said . So I decided to give them a try. The process was instant as I was just allowed to fill a few online forms which was verified in n time. It got to a stage they asked for my account number and I had no qualms with that. Instantly they asked for my BVN too . I had a deep thought and after a while, I reluctantly filled this category on the form. Immediately I finished my application, I got an instant notification that my application was unsuccessful. . In fact I got this twice . They gave a few excuses but the one that really caught my eye was that they claimed I had insufficient balance in which was unfortunately true. What kept me puzzled was how they managed to know my account balance. Has anyone ever had similar experience with paylater.com. I hope these people aren't scammers.

cc: lalasticlala puskin naijacutee FOD dominique

t
Always be sure before u post rubbish, pay later has done what any financial institution have not done before in Nigeria, infact I advise banks and microfinance should emulate them cos Paylater practices is up to international standard, I used them regularly,

Paylater is real but if your Internet connection is poor the app won't be able to read your location, then your application would be declined

https://infobase.com.ng/2017/05/12/paylaterng-will-approve-online-loan-application-for-you-without-collateral/

opson2016:
Paylater is real but if your Internet connection is poor the app won't be able to read your location, then your application would be declined

https://infobase.com.ng/2017/05/12/paylaterng-will-approve-online-loan-application-for-you-without-collateral/

have u used them? What card type did you use?seems they are having issues with visa card