Description

Paymyrent

Paymyrent is a lender focusing on the rental market in Lagos, Nigeria. They provide non-collateral loans to working professionals who need loan facility between N100,000 to N2,500,000 million. Payment tenor for this loan is between 3 to 12 months. Their loan approval takes less than 24 hours after submission of required documents.

Rent advance loans are normally available for both employed and unemployed tenants whether you have a good or bad credit score. In practice the difference is usually in the amount of interest you will be charged and can vary greatly from person to person. An instant decision is usually possible with these type of advances with an online application which can save you embarrassment and save on late rent payment charges by unscrupulous landlords and letting agents.

Pros

• No Collateral
• Fast approval
• Choice of repayment scheme

Cons

• Requires a guarantor
• Geographical restrictions to Lagos
• Must earn a minimum of N70k
• Employer approval required

ELIGIBILITY CRITERIA

• Be a confirmed staff of a registered company for more than 6 months
• Live or Work in Lagos
• Copy of employment letter or Confirmation letter
• Monthly salary paid to a savings account or current account with a bank in Nigeria
• Recent Utility Bill
• You have a pension account / Tax ID Number
• Earn N70,000 and above
• You have a guarantor who earns more than your monthly salary, has a current account and a corporate email address.