As the world continues to move towards a cashless society, the use of credit has become an essential financial tool. However, getting loans from traditional banks can be a daunting task. This has led to the rise of loan apps, which allow you to access credit easily and conveniently. One such platform is PayLater, which provides quick access to loans through a USSD code.
In this article, we will explore PayLater’s USSD code, interest rates, terms of repayment, and other essential information you need to know before applying for a loan.
What is PayLater?
PayLater is a product of One Finance and Investment Limited. It is a digital loan platform that provides quick loans without collateral through a seamless and straightforward process via the PayLater USSD code. PayLater offers loans from N2,500 to N1,000,000 to its customers within a few minutes.
PayLater USSD Code
To access PayLater’s loans, customers need to dial *523*11# on their mobile phones, and select options that follow. PayLater’s USSD code is easy to use, and it doesn’t require internet connectivity.
Once you have dialed the USSD code, you will be instructed on how to apply for a loan. You will be required to provide some personal information, specify the amount of the loan you want, and choose a repayment plan that suits you. After providing the required information, your loan application will be reviewed, and you will be notified within a few minutes if it has been approved or not.
Interest Rate and Repayment Plan
PayLater interest rates are competitive and based on a risk-scoring model that assesses each customer’s creditworthiness. This means that the interest rates vary depending on the customer’s profile.
Generally, PayLater’s interest rate ranges between 5% to 30%. The interest rate will be displayed on the screen once you input the loan amount you need and select the loan duration. Customers can choose the loan duration that suits them best, ranging from 15 days to 6 months.
PayLater offers a convenient repayment method to its customers. Customers can repay their loans via the following channels:
1. Bank Transfer: You can repay your loan by making a transfer to PayLater’s account number, which will be provided to you once your loan is approved.
2. Card Payment: Customers can also repay their loans with their debit cards with just a few clicks on the PayLater app.
3. PayLater Wallet: PayLater is integrated with some Nigerian banks, allowing customers to pay back their loans from their bank accounts.
4. Direct Debit: PayLater can automatically debit the amount due from the customer’s bank account on the due date.
Terms and Conditions
Before applying for a loan on PayLater, customers must read and understand the platform’s terms and conditions. Some of these conditions include:
1. The borrower must be a Nigerian citizen with a Bank Verification Number (BVN).
2. The borrower must be between the age of 20 to 60.
3. The borrower must have a valid phone number, email address, and a functional bank account.
4. The borrower must have a source of income and be able to provide proof of income.
5. The borrower must provide authentic personal information.
In conclusion, the PayLater USSD code provides an efficient and straightforward way of accessing quick loans without any collateral. However, it is crucial to understand the terms and conditions, as well as PayLater’s interest rates and repayment plan before applying for a loan.
The platform has a secure and convenient repayment process, which allows customers to pay back their loans with ease. With the PayLater USSD code, you can access the funds you need for emergencies, business, or personal needs.