It was difficult to ignore. Almost 9 out of every 10 times I logged into Facebook, there it was staring me in the face. This incredibly persistent Facebook ad by Paylater:

paylater-adNo paperwork and I get the loan money instantly? Now that seems interesting. I figured I’d give it a shot so I pointed my smartphone browser to Paylater.ng.

Requesting a loan

The presentation on the landing page is simple and direct. You can drag left or right to indicate how much you want to borrow and how long you want it for. You can see much you’ll have to pay back in real time. Interest is charged at a daily rate of 1% which means that if you borrow ₦10,000 you’ll have to pay back ₦11,500, in 15 days, or ₦13,000 in 30 days.

paylater-loan-range

Once you make up your mind on how much you want to borrow, you can click on the “Apply for Loan” button. After forcing you to login via Facebook, they ask you a couple of questions. Regular stuff like your age, occupation, living habits and income level. There’s about 3 pages of questions, all of them brief and not necessarily annoying. They also ask for your account number and BVN

Almost magical

If you could just manage to scale through the series of questions, you get to experience the fun part; Paylater intelligently determines if you are eligible for a loan and credits your account instantly.

paylater-loan-amount

Well, kinda instantly; you should receive an alert within 24 hours. I got mine in less than 12 hours. No human interaction whatsoever, and true the claims, no paperwork per se.

But why BVN?

You’re probably wondering why anyone would require your BVN to grant you a loan. The Paylater.ng FAQ page explains that it enables them “verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account.”

That makes a lot of sense. If they are going to be granting out automatic loans, they want to be sure that the details being entered on their site are the same as the account they are paying to. That’s pretty much all they can do with your BVN — verify your details. Your BVN details cannot be compromised without your biometric data.

Paying back loans

Paying back loans works exactly like receiving loans. On the due date, Paylater.ng automatically debits your account by the amount you owe. You can probably see now why it was necessary to ask all those seemingly annoying questions like “how much do you earn?” and “do you have kids”. Apparently, Paylater has an algorithm programmed to guess, to some high level of accuracy, whether or not you have the means to pay back the loan when due. It’s a risk they are willing to take.

paylater-loan-days

If you are not comfortable with computers poking into your account, you can choose to pay back manually with your debit card anytime before the due date. Bear in mind however that you don’t get any discount on the remaining days left for the loan.

But what happens if Paylater doesn’t meet any money in your account or you can’t payback before the due date? Well you risk suspension of your account, a bad rating among other credit bureaus and ‘possible legal action’ (for just ₦10,000? Yikes!). The bright side is that if you pay your loan on time, you become eligible to borrow more than the initial ₦10,000 limit for subsequent loans.

The Verdict

So far for me, the Paylater experience is not half bad. I love the fact that all you need to borrow money is an internet-enabled phone, a Facebook and a bank account. I have only about 5 days before my loan is due. I’m waiting to see how effectively Paylater will be able to poke into my account to deduct the ₦11,500 I owe. Oh, and I tried to see if I could get another loan while I already have one active. I hit a brick wall:

Nicely played Paylater.

Have you borrowed money using Paylater? Please share your experience in the comments section below.


Muyiwa Matuluko

This is really interesting.... My fears
1. If they can access my account to withdrew their money at my loan expiration, what will happen to my money on a bright day their site gets compromised by a smart Niqqur ?

2. What if pay later is a scam laying low, targeting some high profile peeps or even anybody with huge lumps entering their account on a particular date, they will have access to this details.

3. Why my BVN, phone number, account number, work details, social details and family details, my financial strength. Oh my God this is too big to give out on a faceless platform .

4. Where is their HQ located and how many branches do they have across the states ?

kllinxman:
This is really interesting.... My fears
1. If they can access my account to withdrew their money at my loan expiration, what will happen to my money on a bright day their site gets compromised by a smart Niqqur ?

2. What if pay later is a scam laying low, targeting some high profile peeps or even anybody with huge lumps entering their account on a particular date, they will have access to this details.

3. Why my BVN, phone number, account number, work details, social details and family details, my financial strength. Oh my God this is too big to give out on a faceless platform .

4. Where is their HQ located and how many branches do they have across the states ?

Nice Observation Sir... But no big fish will borrow 10k right?

It may be a scam, Yes... And they may be waiting for a day a huge amount enters ur account... and, voila! all gone with the wind.

But how could dey access ur account without your password and signature?

That baffles me

lilachiever:



Nice Observation Sir... But no big fish will borrow 10k right?

It may be a scam, Yes... And they may be waiting for a day a huge amount enters ur account... and, voila! all gone with the wind.

But how could dey access ur account without your password and signature?

That baffles me

Just like asking...How does PayPal enter your account to remove your money and also return same after verification.

Abeg ....help me tell pple say i no visit this site today o......i will when the op don answer all the question above satisfactorily ........

kllinxman:
This is really interesting.... My fears
1. If they can access my account to withdrew their money at my loan expiration, what will happen to my money on a bright day their site gets compromised by a smart Niqqur ?

2. What if pay later is a scam laying low, targeting some high profile peeps or even anybody with huge lumps entering their account on a particular date, they will have access to this details.

3. Why my BVN, phone number, account number, work details, social details and family details, my financial strength. Oh my God this is too big to give out on a faceless platform .

4. Where is their HQ located and how many branches do they have across the states ?

I used to shop online tru myus.com and they have access to my account 24/7 only to remove dis dues and nothing more.

Paylater does same to only collect dia dues and nothing more.

or are u a scaredy cat?

Mr fear fear


Paylater rocks cos u receive funds within less an hour of loan request.
am not dia agent mind u

if u are too afraid then use acct dat u keep only few cash in.

Hmmm

kllinxman:
This is really interesting.... My fears
1. If they can access my account to withdrew their money at my loan expiration, what will happen to my money on a bright day their site gets compromised by a smart Niqqur ?

2. What if pay later is a scam laying low, targeting some high profile peeps or even anybody with huge lumps entering their account on a particular date, they will have access to this details.

3. Why my BVN, phone number, account number, work details, social details and family details, my financial strength. Oh my God this is too big to give out on a faceless platform .

4. Where is their HQ located and how many branches do they have across the states ?

visit their website at paylater.ng .. on their FAQ page, most of this questions have been answered

basadenet:


Just like asking...How does PayPal enter your account to remove your money and also return same after verification.

paylater.ng/FAQ... will answer this question

lilachiever:



Nice Observation Sir... But no big fish will borrow 10k right?

It may be a scam, Yes... And they may be waiting for a day a huge amount enters ur account... and, voila! all gone with the wind.

But how could dey access ur account without your password and signature?

That baffles me

paylater has been exiting for close to 2 years now.. and they have an address... they are not faceless (read about FINTECH and you understand better)

lilachiever:



Nice Observation Sir... But no big fish will borrow 10k right?

It may be a scam, Yes... And they may be waiting for a day a huge amount enters ur account... and, voila! all gone with the wind.

But how could dey access ur account without your password and signature?

That baffles me

paylater has been exiting for close to 2 years now.. and they have an address... they are not faceless (read about FINTECH and you understand better).

kllinxman:
This is really interesting.... My fears
1. If they can access my account to withdrew their money at my loan expiration, what will happen to my money on a bright day their site gets compromised by a smart Niqqur ?

2. What if pay later is a scam laying low, targeting some high profile peeps or even anybody with huge lumps entering their account on a particular date, they will have access to this details.

3. Why my BVN, phone number, account number, work details, social details and family details, my financial strength. Oh my God this is too big to give out on a faceless platform .

4. Where is their HQ located and how many branches do they have across the states ?

first remember it not compulsory to patronise their service, secondly paylater is a product of a company called One Finance.. (onefi.co) they are not faceless.. send them emails or better still chat them up !

I can't help but laugh, 1% daily interest......Gosh Nigerians must be really desperate!

abbey621:
I can't help but laugh, 1% daily interest......Gosh Nigerians must be really desperate!

remember it a choice !.... they are just helping people who might be cash strapped !

The interest rate is alarmingly high. We are talking about 30% monthly at 1% daily.
Damn too high. Na MMM reverse

stpat1:
The interest rate is alarmingly high. We are talking about 30% monthly at 1% daily.
Damn too high. Na MMM reverse

are you aware you can choose between 15 or 30 days ? meaning 15% for 15 days or 30% for 30 day....?

GUYS I TRIED THIS AND IT WORKED. GOT MY FIRST 10K 3O MINUTES AFTER I APPLIED BY 10PM. THEY ARE A 24 HOUR SERVICE. I CHOSE THE 15DAY REPAYMENT PLAN AND I PAID 11500 IN 3 DAYS AS SUPPOSED TO THE 15 DAY DEADLINE. PLEASE KINDLY MESSAGE ME FOR QUESTIONS AND FOR NEW PEOPLE SIGNING UP PLS USE MY CODE AS REF JOHNTGNM[font=Lucida Sans Unicode][/font][color=#990000][/color]