How to borrow money without collateral on

4 may be the answer to “how to borrow money without collateral” in Nigeria. Getting money to help individuals run a startup business, expand on an already existing business… is not an easy task. In fact it is becoming increasingly impossible to borrow money without a collateral as many young individuals don’t have the needed collateral to even begin with. Now, just imagine that you could, wouldn’t that be interesting? That is what this article intends to answer: How to borrow money without collateral on

No paperwork and you get the loan money instantly? Now that seems interesting. Now, there are about four steps to land you your desired loan. Let us go through them.

How To Make a Loan Request

A first time visitor of will not miss the simplicity of the landing page. The presentation is simple and direct. You can drag left or right to indicate how much you want to borrow and how long you want it for. You can see much you’ll have to pay back in real time. Interest is charged at a daily rate of 1% which means that if you borrow ₦10,000 you’ll have to pay back ₦11,500, in 15 days, or ₦13,000 in 30 days.

Say goodbye to unnecessary paperwork or wasting time in bank queues. Thanks to our 100% online service, you can be approved for a Paylater loan in minutes. / © Rubiztech


Once you make up you mind on how much you want to borrow, you can click on the “Apply for Loan” button. Fill out a brief application form with your information and i will be reviewed immediately. After forcing you to login via Facebook, they ask you a couple of questions. Regular stuff like your age, occupation, living habits and income level. There’s about 3 pages of questions, all of them brief and not necessarily annoying. Of course, they’ll also ask for your number and BVN 😀

Money in Your Account

Once approved, after managing to scale through the series of questions, you get to experience the fun part; Paylater intelligently determines if you are eligible for a loan, your bank account is quickly credited and you’re good to go! However, if your application is unsuccessful, you will be informed of the reason(s) as you may still be eligible for a loan.


Well, kinda instantly; you should receive an alert within 24 hours. I got mine in less than 12 hours. No human interaction whatsoever, and true the claims, no paperwork per se.

Repay Back Time

It is totally up to you to decide whether you wish to make an advance repayment of your loan or have it charged directly to your debit/credit card when due. But you must know that making on-time repayments grants you access to higher credit limits for your next loan.

Paying back loans works exactly like receiving loans. On the due date, deducts the money automatically from your account. You can probably see now why it was necessary to ask all those seemingly annoying questions like “how much do you earn?” and “do you have kids”. The algorithm is programmed to guess, to some high level of accuracy, that you have the means to pay back the loan when due.

Well, most people don’t like submitting their bank details online. For such category of people, you can choose to pay back manually with your card anytime before the due date. Just bare in mind that you don’t get any discount on the remaining days left for the loan.

You Want To Play a Fast One?

Most guys would want to see how they can escape their debt. Maybe like, what happens if Paylater doesn’t meet any money in your account or you can’t payback before the due date? Well you risk suspension of your account, a bad rating among other credit bureaus and ‘possible legal action’ (for just ₦10,000? Before nko!). The bright side is that if you pay your loan, you stand a chance to borrow beyond the initial ₦10,000 limit in subsequent loans

Maybe you even want to try and borrow more when you have not settled your debt. I tried it myself to see if I could get another loan while I already have one active. I hit a brick wall:


Now you see, PayLater is smarter than you.

But Why Ask For My BVN?

You’re probably wondering why anyone would require your BVN to grant you a loan. The FAQ page explains requesting your BVN enables them “verify that the individual applying for a Paylater loan is the same as the owner of the provided bank account.”

That makes a lot of sense. If they are going to be granting out automatic loans, they want to be sure that the details being entered on their site are the same as the account they are paying to. That’s pretty much all they can do with your BVN. If you ate still scared, know that your BVN details cannot be compromised without your biometric data.

The ball is your court. How to borrow money without collateral” in Nigeria is at your disposal. Have you borrowed using Paylater? Please share your experience in the comments section below.



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I am an Electrical Engineer and a blogger who loves to share about latest Tech news, Online money making ideas, Gadget reviews, Security, Computers, Android etc. You can capture him on: Facebook, Google+, Twitter, Pinterest, BBM, Telegram.


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