Introducing Paylater v2.0
We started Paylater out of a desire to help people borrow money quickly, safely and conveniently, all with the use of technology and without the need for any collateral, heavy documentation or face-to-face interaction.
The Android mobile app was launched in May 2016, and in the time since, while a lot of great things have happened, we’ve also made our fair share of mistakes, learned from them, and constantly tweaked the product along the way to try and deliver the best lending service in Nigeria.
Today, we have some exciting news to share.
Our team has been working hard on this update for the last few months, and it’s extremely exciting to finally let our users start testing out some of the great new features we have added on to the service.
By very popular demand, we have introduced a referral system! Now users can earn points in the app for telling anyone about our service.
In-app Chat /Customer Support
Now you can talk to us regarding any issues, complaints or even praise — anytime and anywhere you feel like, all from the comfort of your app.
Actions on Paylater will attract points within the app — positive actions such as on-time repayments increase your points, while negative actions (for example, a late repayment) cause decreases.
Badges for new achievements
When you have earned enough points at each level, you’re moved a step up — this is indicated by the badge assigned to you. Your badge level determines how much you can access, your interest rates, and even your loan repayment period.
Hurray! We have further increased the maximum available amount for Paylater loans to N100,000. This can be reached by consistent on-time repayment of loans, and also by earning enough points to reach the badge level required to unlock it.
Reduced Interest Rates
Depending on your points level, you can now access Paylater loans at reduced interests rates of 4 — 10%.*
*additional fees may apply until you reach Gold level.
Longer repayment periods
To help our users more conveniently service repayments, we’ve increased available repayment tenures on amounts over N20,000 to as long as 90 days, so you can take your time and easily settle your loans.
Introducing Paylater Plus
Quick loans for salary earners. If you are currently in paid employment, you may be eligible for a Paylater Plus loan of up to N500,000. Supporting documents required.
These updates come with a cleaner, completely redesigned app
that’s even easier to use and navigate through — this ensures that our users have more information available at their fingertips, are able to apply for a loan much quicker, and it all just looks better too.
The journey so far has been rewarding and we appreciate everyone that has been part of our story — looking forward to discovering new ways to improve our service and reshaping the lending landscape in the months and years to come!
The Paylater Team