Paylater offers 80% more than normal loans to salary earners

Being a salary earner in Nigeria could be quite a challenge given the current the state of the economy and businesses forced to tighten their purse to survive. For companies that pay well and on time, their staff might find it easy meeting monthly obligation plan but for those that delay it could be challenge for their workers.

Paylater, an online lending platform, said it has the solution with the unveiling of a new service tailored exclusively to salary earners in Nigeria. In a blog post, the company which recently updated its mobile application said it has partnered with over 250 employers of labour across Nigeria, that are willing to offer one and three months payroll loans to their employees using the Paylater app.

The company said it is targeting people who have never previously received Paylater loan and those who for some reason have been unsuccessful with their Paylater applications to date or never applied.

Enrolled employers cut across companies in sectors like financial services, manufacturing, tourism, tech ecosystem, education, aviation, government departments and oil and gas.

Employees whose organisations are listed among the over 250 enrolled employers, are eligible for up to 80 percent more than their normal loan on Paylater, as far as their information can be successfully validated.

Applicants with employers listed will need to update their Paylater app, apply and agree to have their repayments deducted automatically from their salary account on the due date.

The loan repayments are made directly as deduction from company salary account on the agreed payment date. The loan amount depends on the current salary of the applicant. BD.

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