Reaches Targeted Milestone of 1000 Loans Per Day!

It seems that more and more Nigerians are feeling comfortable with the idea of ​​obtaining loans from an online source if the announcement by that it had achieved its goal of granting 1 000 loans is something to do.

According to a Publish by Startup on Medium, Paylater, at the start of the year, had the objective of granting 1,000 loans per day, against 200 per day at the time. The goal (which seemed far-fetched) was met, 60% given within 1 minute of the request. These loans range between 7,500 and 200,000 naira.

With the definition of a friend being someone who helps in times of need, Paylater can prove to be a friend indeed to Nigerians, as banks, with branches across the country, cannot brag about ‘grant 1000 loans per day since less than 10% of bank customers are required to collect bank loans.

If more Nigerians realize that an app can trust them, as opposed to other human beings who can see desperation written on their faces, a gradual shift in loyalty from other sources to the app could be in progress, since there are apps that also save money.

The report found that the startup is working hard to reduce the cost of borrowing, despite the small profit of around 10-20% it makes from its large number of borrowers. If it works as expected, then Nigerians may see no reason to keep trying banks that do not provide loans to low income people with the general mindset that they are not trustworthy; a belief tries to prove wrong with every low income person that she gives loans.

Paylater has, once again, set the start of next year as the time when we can judge their growth, with their presence being a milestone. But judging by the peer-to-peer credentials, it looks like he’ll win the bet.

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