HOW TO BORROW CASH WITHOUT COLLATERAL AND PAY LATER

PayLater is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs. You can apply for a PayLater loan 24 hours a day, 7 days a week with our quick application process that lets you know your status within minutes.

  Paylater help you when in need, but you should not take out a PayLater loan for long-term borrowing or if you are in serious financial difficulty.

ADDITIONAL INFORMATION

CREDIT SCORE IMPACT

Failure to pay off any loans taken trigger a notice to the consumer credit reporting agency which would negatively impact an individual’s credit score. Late payments can also affect ability to borrow in the future, so please ensure timely repayments of obligations.

FEES AND INTEREST

A Paylater loan attracts a 1% daily interest charge. It is intended to meet urgent, short-term cash needs. Because of this, we have limited the available amount to N10,000 (for first-time applicants) and loan duration to 15 or 30 days so you are not paying excessive interest rates.
Please do not take a Paylater loan if you intend to service long-term debts.

RENEWAL POLICY INFORMATION

You can re-apply for another loan immediately after your loan amount is fully paid off and may qualify for higher credit at a lower rate. There are no fees required to process a loan renewal.

APR

Keep in mind that depending on the duration of the Paylater loan, the annual percentage rate (APR) on a Paylater loan can vary from 346% to 380%.
Short-term loans are extremely helpful in emergency cases, but rather expensive if compared with other types of loans and should be used with care and not for a long term need. You can find more information in our Frequently Asked Questions (FAQs) section.

COLLECTION PRACTICES

If you find yourself in a situation that makes it difficult to make your scheduled repayment, please contact us immediately by writing to customer@paylater.ng.
We do our best to help our customers avoid these situations and the resulting consequences which can include:

• Suspension of your access to our lending service
• Reporting your account delinquency to multiple credit bureaus
• Involvement with external collection agencies
• Possible legal action

Remember, a positive outcome for you is a positive outcome for us, so let us assist you with work through and finding a solution to any issues you may face during the loan period.

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