Getting Swift Loans With on the Go Just Got Better With Paylater V3

Avatar
Getting Swift Loans With on the Go Just Got Better With Paylater V3

The idea of a mini-heaven, to some people, is a place where they can get loans when they need it, without squabbles, and within minutes; that is what Paylater.ng is out to provide. The recently updated app which is called Paylater v3 is designed to make the journey to this version of heaven smoother and less cumbersome.

Paylater is all for making borrowers get the money they need as quickly as possible without stress. It makes small loans available round the clock with no need for paperwork, collateral, or guarantors and the loans can be approved within minutes. All the registration and details submission is done on the app, and when concluded, the money is wired straight to the account of the borrower.

The initial version of the Paylater app had a few rules which made it a little cumbersome for some amounts of money and for a class of earners. The Paylater v3 makes it easier by automatically classifying the borrowers, into the different levels of possible loans they can get, that way everyone gets something, and no paper work is needed no matter the amount available to the borrower. Paylater v3 customizes the loans for the individual which is easily accessible within minutes.

In previous versions of the app, points garnered by the borrowers for good behaviours like repaying loans on time, referring friends, etc., determined how fast the borrowers climbed up the ladder to get access to larger amounts of loans, longer tenure or lower rates. In v3 the point system will no longer affect the amount available to the borrower, but benefits will be made available for borrowers with good patterns in the app, something being worked on for v3.1.

The Paylater is also made easier to navigate with pop ups to help the user, and the support channels are all available at just the click of a button. The transitioning from one activity to another is made smoother and hence applications are completed easier and faster.

Paylater, like some other Nigerian fintechs companies, clearly has a potential to help the financial world of the continent as they envision, but they may have yet still some distance to travel as there are still negative areas which need to be handled, like the issue of rejections without clear reasons.

Or the fact that the app is only available for Android gadgets

https://twitter.com/annie25june/status/902139192343441410

But with the positive feedback gotten, we can say that Paylater has something good going.

Paylater gives loans up to N1 Million without paperwork, collateral, or guarantors, and some people think it will be a threat to traditional banks if it gets bigger.

We are keenly following the progress, and quite sure that Paylater v3 will enhance the Startup’s growth.


If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.



Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!