Not long ago, Paylater introduced a new feature ‘Paylater Plus’ which allows you borrow up to NGN500,000. Now, Paylater has a better and more interesting feature, – quicker access to approved loans- which implies a customer doesn’t have to wait long for the credit alert. You know that anxious feeling you get anytime you’re waiting for a credit alert from a transaction that’s already been made to you; customers with approved loans (loans from Paylater) will have less of this anxiety from henceforth.
Paylater’s timeframe for disbursing of loans was between 6-24 hours as at 2015 (after its re-launch). The timeframe was this much because it was a manually operated process. After some months passed, it became a matter of 30mins for the disbursement of these loans.
Well, 30mins as it is a short time to get a loan but 30mins now seems like a long time because Paylater just announced approved loans will be given to customers in 5mins. If one is not an Oliver Twist, one’ll be super satisfied with this new timeframe.
“You read that correctly. Once anyone is approved for a Paylater loan and has setup a repayment instrument, funds will be credited to the provided bank account within minutes,” Paylater stated.
So, if you know you’re a salary earner and you have an Android device, and you are out of cash or you need to meet an urgent need, you can get a quick loan with Paylater. You just need to follow the simple steps of downloading the app, signing up, applying for the loan, getting to know your status (that is, approval or disapproval) and just like the twinkle of an eye, you’ve gotten the credit alert you so much needed.
The startup also added, “This means that whether you have a medical situation to handle at 3AM on a Sunday morning, or if your DSTV subscription cuts off right in the middle of the Champions League final — you don’t have to wait very long or beg your neighbours to let you watch from the window before you receive the funds you need.”