Today, as we release a new version of the app to the Play Store, we’re excited to share a major new feature that’s been implemented after listening to frequent feedback from our users: Loan Discount.
Since launching our referral and rewards program with Paylater v2 in November 2016, people have rushed in great numbers to tell friends about our service. Anytime someone registered on Paylater using a friend’s referral code, the referrer earned 50 points, which could then be applied towards larger loans and lower interest rates.
While this helps grow our service (referrals currently make up about 30% of all first-time loans we grant daily), it’s critical that when someone new is introduced to Paylater, they come in with a clear understanding that loans aren’t gifts: they’re meant to be paid back!
We all know people who we would not necessarily lend our own money to when in doubt about their financial habits. Such individuals may not be able to manage credit wisely and should be advised against taking on loans without appropriate financial education.
However, we’re usually also able to tell when someone can be trusted to be responsible with money. Our new feature is intended for when you introduce one of these types of people to Paylater.
For each referral introduced to our service, who is then approved for a Paylater loan and repays that first loan on time, we will offer a discount on the referrer’s next Paylater loan.
Hurray! Now, when you bring in a good borrower, you don’t just earn 50 points for the referral, but also pay less on your next Paylater loan.
In the app, we have created some tools to help track when a referral’s loan is coming due soon. There’s also the ability to humbly remind a friend to make a repayment when due (just in case your friend has a loose memory!)
We hope this feature accomplishes two main goals —making it easier to introduce friends to our service, but also reduces the financial impact of repaying loans by introducing a loan discount.
A few things to note:
- Only one discount can be applied to each new loan
- Initially, you can only earn a loan discount on up to 4 loans on a monthly basis.
- Referring a friend to a Paylater loan earns a N500 loan discount when an on-time repayment is made, while Paylater Plus earns 1% of the loan amount.
Paylater is a community. We grow, learn and achieve goals together. This can only happen when awesome borrowers (like ours) repay loans on time, then bring in other good people with a similar mindset, and anytime this happens — we will always look to reward accordingly. That way, we all win.
Try out the updated Paylater app, with the brand new Loan Discounts feature, amongst other new features.