Hello Nl

Saw the paylater app download advertised on front page,thought i should click to know what its all about.

Good they give loans without collateral but at interest rate of 1% per day.

Interest rate of one percent per day?And people are rushing to have it,even commending them.

I think its a reap off.Nigerians don't consider certain things before taking a leap.If paylater gives loan for 1% per day and you get a good credit rating with them,it means you can get higher loan.

Getting loan at high interest rate is like digging a grave in readiness of your death instead of having the needed life.30% interest in a month amounts to 360 percent in a year,you are surely working for paylater if you take this kind of loan.

@OP, I think with more exposure on how things are done outside this country, it will become clearer why what those Paylater guys are doing is such a great innovation. A loan available 24/7, with no collateral, and crediting of funds done almost instantly?

Any short term loan is meant for urgent/emergency needs and the rates of any loan service reflect the risk involved - and the risk in doing that kind of service is HIGH! If they were providing a 1-year loan at 360%, maybe I would even understand your point of view. But 10k to repay 11,500 or 13k? Na wa o

I think you should try doing more research before posting incorrect info about a service that has helped me and so many others I know. Just my thoughts sha

huku88:
@OP, I think with more exposure on how things are done outside this country, it will become clearer why what those Paylater guys are doing is such a great innovation. A loan available 24/7, with no collateral, and crediting of funds done almost instantly?

Any short term loan is meant for urgent/emergency needs and the rates of any loan service reflect the risk involved - and the risk in doing that kind of service is HIGH! If they were providing a 1-year loan at 360%, maybe I would even understand your point of view. But 10k to repay 11,500 or 13k? Na wa o

I think you should try doing more research before posting incorrect info about a service that has helped me and so many others I know. Just my thoughts sha

Sorry what is incorrect about the info?the 1% per day or what? The fact that it has helped you does not render the information incorrect.

From my own little understanding of the platform, there are 2 packages - Paylater & Paylater Plus. The Paylater package is for small loans and starts at N10,000 for your first loan. As I repaid more loans on time, my interest rate reduced. I am currently at 10% for 1 month, but I have friends that have gotten as low as 4%.

The Paylater Plus package for higher loan amounts (N100,000 to N500,000) starts from 5% a month. So you see it's not as simple as just saying 1% per month flat when rates differ by the package selected, the service clearly operates on a trust basis, and rewards for paying loans on time.

That is why I recommended more research, so one isn't confidently speaking from a place of ignorance or condemning others for their patronage of a good platform.

realmey:


Sorry what is incorrect about the info?the 1% per day or what? The fact that it has helped you does not render the information incorrect.

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