Are you looking for a loan company that grants loans for housing rent? Then Paymyrent is your best option in Lagos and other states in Nigeria.
Payment is an internet-based savings platform that allows users to save and save to pay their rent. In this article, you’ll learn how to use Paymyrent and obtain a loan, invest with Paymyrent, and more.
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What exactly is Paymyrent, as well as how exactly does it function?
Payment is a home rent loan platform that was created in the year 2016 by Damilare Ogunyemi. It’s also a platform for savings that allows you to save money and invest in your rent.
You can save each day, either weekly or monthly, and then use the savings to pay for your following rent after your savings mature. Apartments and houses to rent are incredibly costly in Lagos. It’s easy to observe because housing is exceptionally scarce.
Paymyrent assists users in planning for their expenses while making money through the process. In essence, you can perform three different tasks on Paymyrent.
- Get a loan if the rent on your house is due.
- Save and save to pay for the upcoming rent on your home.
- Locate and find an apartment available to lease
Is Paymyrent secure?
Yes, It is. Payment is a product of Confidence Microfinance Bank. Confidence MFB is licensed and regulated through the Central Bank of Nigeria (CBN).
Your savings and investments through Paymyrent are protected through the NDIC. Remember that any money you earn through Paymyrent can be invested in other platforms and companies.
This is to ensure every user earns a high return from their investments.
Where to get a loan for house rent in Lagos?
With Paymyrent, you can quickly get a loan for house rent in Lagos and any other state in Nigeria. Try the Paymyrent platform and witness a fast payment structure.
How do I use Paymyrent? Downloading the mobile app
You can use Paymyrent using your web browser and download the mobile application.
If you have an Android device and are an Android user, visit the Google Play Store to download and install the Paymyrent mobile application.
If you have an iPhone device, You can also install and download Paymyrent on your phone. It’s possible to do it via the iOS App Store.
How do you save money and invest in the Paymyrent platform?
Savings plan for periodic periods
Two savings options are available on Paymyrent. Payment platform. The first is called the Periodic savings plan, which allows users to save money for a period not shorter than four months.
The periodic savings plan provides an investment return of 77% for each deposit.
What is the minimum amount you can save when you join the Paymyrent Plan for savings periodically?
The amount you can save through Paymyrent depends on your savings plan. If you decide to keep:
- Every day, the minimum amount you can afford to save is N200.
- The minimum amount you can save is N1,500.
- Monthly, the minimum amount you could save is N5,000.
Fixed savings plan
The other is a fixed program that lets you customize your savings. You can input the amount you wish to save and set a deadline.
Contrary to the periodic savings plan, which is 7 percent, the Paymyrent Fixed plan offers an interest rate of 20 percent.
How can you start saving on Paymyrent?
- Log in to Your Paymyrent account.
- Then, you must ensure you have activated your account, making the first payment through the Payment platform.
- Then, you can set up your withdrawal account.
- Once you have that, you can select a savings plan and begin saving to pay for your following rent.
Rent loans through Paymyrent. What are they?
If you’re saving money for your rent but then realize that you do not have enough, you may qualify for a loan to pay rent.
Paymyrent lets its users get loans for housing without the need for collateral. The house needs to be picked from Paymyrent’s website and then processed by their agents before you can take out the loan.
You’ll pay 50 percent of your rent, and Paymyrent will spend 50 percent in your name. Following that, you’ll pay the remaining 50 percent to Paymyrent through monthly installments.
What are the requirements for obtaining an installment loan for rent on Paymyrent?
You must provide documents and satisfy certain conditions before getting an installment loan through Paymyrent.
It would be best to meet these conditions before applying for an advance on your rent through Paymyrent.
- The applicant must reside or be employed in Lagos State.
- You should have a stable source of income each month.
- Your monthly salary is due to be deposited in a savings account or a current account with the report of a Nigerian bank.
- The user must earn at least N70,000 before applying for a rent loan through Paymyrent.
- There’s no need for collateral; you’ll have to provide a guarantor with a salary more than you earn monthly.
- In addition to working in Lagos, You must have been a registered firm’s part-time employee for at least six months.
Here are the necessary documents:
- A copy of your contract or confirmation letter
- A utility bill from the last three months. You can make use of your PHCN bill
- The tax ID for your pension account (if applicable)
How to obtain a loan to rent on Paymyrent
- In your Paymyrent account, go to your dashboard and click “Properties.”
- Look for a house and choose the property you want to purchase
- Request an inspection through an agent of Paymyrent
- Check your work
- It would be best if you approved the apartment you’d like to purchase
- Return to the Paymyrent platform and make an application for a loan to rent
The documents and requirements you provide are thoroughly scrutinized. If all is well, the loan is approved. You’ll have to pay 50 percent of the rent in this case.
Payment will settle the remaining half for you, and you can repay it monthly.
Paymyrent’s head office
Paymyrent has an office in Lagos that handles their financial and housing services.
If you’re located in Lagos, and you’re in Lagos, you can visit the Lagos office to submit complaints or inquire about them.
Paymyrent headquarters are at 37 Akin Osiyemi Road, Allen Avenue, Ikeja, Lagos State, Nigeria.