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.