How to Apply Paylater Loan, Requirement and interest rate


How to Apply Paylater Loan, Requirement and interest rate

Paylater loan

How to Apply Paylater Loan, Requirement and interest rate will be discussed here. Also what Paylater is, how paylater loan works, how to apply, how to payback the loan and many more.

What is Paylater loan

For those who are new to our website, Paylater is an online platform that provides Nigerians with an opportunity to get a short-term loan within minutes.

One Finance & Investments Limited is the company behind the Paylater.

Furthermore, you can get your loan without ever submitting a collateral, without a guarantor, and you also need to pay no application fee.

As a matter of fact, if you are reading this right now and you need a loan, you can try the Paylater loan system right now.


Types of Paylater Loan package.

Paylater offers 2 types of loans.

1. Paylater Ladder (Yes, they offer loans to students and the unemployed).

This is a loan system for everyone. This enables you to get a bigger loan as you climb the ladder.

It also means that if you are new and unemployed, Paylater will not approve a huge loan for you. This makes sense because they need to know that you will be able to pay back before giving you a huge loan.

You would therefore need to build trust first.

This can be accomplished by asking for a small loan, then pay back the little loan you got at first. Then go back for a slightly bigger loan and Pay back within the duration of time you chose, and so on and so forth.

The more you ask for loan and payback on time, the higher the ladder you would be (compared to others). It also means, the more likely you would get a bigger loan the next time you apply.

From my research, there is a limit of N10,000 for the first time user of the app.

However, the more you payback, the more likely this limit will be extended. This also means, the bigger loan you can get the next time you apply.

They also have a referral system that helps further push you up the ladder. Paylater also has an In-app chat system where you can ask questions.

2. Paylater Plus (this is only for the employed population of Nigeria)

This system is built for consistent salary earners. To qualify, you need to be employed and consistently have an income for about a year.

Paylater can offer you an instant loan of up to N500,000.

Paylater loan requirements.

Here are the requirements needed in other to apply for Paylater loan in Nigeria.

  • If you are applying for a loan of N50,000 or more, Paylater will probably require that you submit an ID (For example, a voter’s card, international passport, driver’s license and soon on)
  • Employment letter(if applying for Paylater plus)
  • A smart phone to download the Paylater app.

How to apply for Paylater loan

There is no online application for paylater loan, there is also no paylater application form, everything is done using your smart phone.

Therefore, here is how you can apply for your paylater loan

Paylater loan
  • Next, add your personal information (For example, your age, account number, monthly income, e.t.c)
  • Tell Paylater the amount you want to borrow.
  • Also, state how long you would like this loan for.
  • Don’t forget to add the Paylater card setup.
  • Then, submit your application to get a loan decision within few minutes.
  • If you are approved, Paylater will credit your account in less than 24 hour.

Note: Paylater might ask you for an additional document in other to verify the information you presented in your application. If this is the case, you can send the requested document(s) to

Paylater may also ask for your BVN.

If they do, don’t be alarmed because they only want to confirm that the person asking for the loan is the same person who owns the account details that you provided.

Paylater‌ loan interest rate

Paylater interest rates varies for every individual. Interest rate depends on how many points you have accumulated, the duration and also monthly payment installment that you choose.

Although, I hear that Paylater charge a daily 1% interest rate. This means that if you ask for N1,000, you would pay back N1,300 in 30days. If you ask for N100,000, you would pay back N130,000 in 30days.

The more loan you collect and payback, the lower your interest rate will become.

Paylater loan Repayment

Here is how the paylater loan repayment works.

A) On the agreed due date, Paylater will automatically take the amount agreed from your account. 

Now, you see why during your application, they asked you for your income, how many children you have and so on.

This is because, if you have more children and earn a little income, it automatically becomes clear to them that you will not be able to pay for a big loan.

Therefore, they will most likely deny your application if you apply for something big.

This does not mean that I am encouraging you to lie (as it also has a very big consequences).

I am only trying to make you understand how the system works, and also pin-point one reason why your loan can be rejected.

Of course, there are more reasons, the above is just one of them.

B) You can also payback BEFORE your due date. You can do this by using your debit card.

What happens if you do not pay back your Paylater loan

Some Nigerians are so smart, they will try to leave no money on their account on the agreed due date.

This is a very bad idea because not only will you risk your Paylater account been suspended, Paylater will reported you to other credit bureaus.

Therefore, you will not be able to receive money from other companies.

Furthermore, Paylater will probably pursue a legal case against you. Is this trouble worth it?

Paylater‌ loan customer care service number

If you experience any technical difficulty while using the Paylater app, kindly contact the Paylater customer care service at 01-460-9945 and/or 01-631-1215.


Other information about Paylater loan in Nigeria

You will not be able to ask for a loan on Paylater if you already have a current loan that you are yet to pay off.

This means that, you would need to pay off your current Paylater loan before you ask for another one.


In conclusion

Paylater offers all Nigerians an opportunity to get instant cash, it doesn’t matter if you have a job or not.

If you’ve borrowed money from Paylater.




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