Paylater, an online mobile app that provides users with short-term loans, rolled out version 2 of its app this November.
Paylater Plus is the biggest addition to Paylater v2 and is available to salary earners. These group of people can now access Paylater Plus loans of up to N500,000. They would also be required to provide supporting documents to back up their claims of employment. So a regular short term loan, in essence.
The new version also comes with an app redesign, different levels of loyalty badges, a referral system that helps users earn points when they refer other users to the app. Users can now access larger loans with lower interest rates, increased repayment periods, and in-app support with online chat.
The maximum loan request amount has been increased to N100,000 for recurring users, and loan repayment period on amounts over N20,000 have been increased to up to 90 days. Interest rates have also being reduced interest to 4-10%, with the rates depending on your loyalty level.
When Paylater first launched earlier this year, first-time users could only borrow up to N10,000 at an interest rate of 1% per day, and loan repayment period for all users lasted between 15 to 30 days. Recurring users were offered a 0.5% interest rate with maximum loan request amount at N30,000.
Commercial banks are one of the many institutions that offer short term loans, but they would require the some paperwork, and will range from 3 months to a year in repayment time. The interest rates on this type of loans will vary with different banks.
The app is also still only available on the Google Playstore. Sorry, iOS.
