If anyone here has used Paylater, I’d like us to compare interest rates on loan offers.
I decided to check them out today as I’m taking a general look at financial deepening and access to credit in Nigeria.
I entered a 300k loan request upon registration at a monthly income level > 160k
My own observation, given the offer (see screenshot) I was presented with, is that the rates may be too expensive (perhaps because of the lack of collateral) to encourage financial deepening and growth in the credit industry. Also, notice that the app totally ignores my 300k request.
Learning about your experiences may turn up a different view of things however.
Anyway, for now, I would prefer a focused/targeted solution, perhaps to the hundreds of thousands (unverified statistic) of young Nigerian professionals (Analysts, Lawyers, Consultants, etc) as it’ll invariably increase spending and lead to greater investment in the economy.
I think something like device financing should already be too easy for this group at this point but I’ve not come across any innovative/accessible/seamless plan yet.
Just thinking, maybe the BOI should look into this as part of their economic growth initiatives (demographic access to credit).