Nigeria’s PayMyRent is a marketplace for loans

Must Read

HOW TO GET FUNDS FOR YOUR SMALL BUSINESS

No doubt, startups can be very exciting, but the challenge of raising capital for it to get some footing...

Excitement as Ekiti Returns Christ’s School to Anglican Church

Ekiti State Government on Monday returned Christ School, Ado- Ekiti to its original owner- the Anglican Communion, in fulfilment...

Ekiti To Get $500 Million World Bank Project As Fayemi Allocates N18 Million To 19 Communities

Ekiti State Governor, Dr Kayode Fayemi, on Tuesday declared that the World Bank would shortly begin on some legacy projects...
- Advertisement -
Recently launched Nigerian startup PayMyRent is offering users access to a variety of loans from different providers in one online marketplace.
Founded one year ago and launched fully last month, PayMyRent offers a marketplace for instant loans for house rent payments.

- Advertisement -

“We understand that paying house rent can be difficult when finances are tight and this enabled us to create a solution that will allow Nigerians to pay their house rent monthly. We do this by paying for their total house rent which they back monthly,” founder Damilare Ogunyemi told Disrupt Africa.

With a number of banks, microfinance institutions and private lenders offering loans to Nigerians, applying can often be a lengthy and difficult process. PayMyRent brings all of these offerings together on one platform.

“Customers seeking loans have to do extensive research or visit each lender one after the other before they can decide on which one offers the best interest rate,” Ogunyemi said. “This task is stressful as well as time consuming. It means the client has to settle for one at some point due to the fact that he can’t visit all the lenders to know which one best suits him.”

Read:  Kudimoney Makes Global Top 50 Digital Banks

This is issue is avoided by using PayMyRent. Users apply for loan via the platform, with the application then sent to all lenders that meet the criteria. In less than one hour, the user receives offers from different lenders, stating the approvable amount, interest rate, monthly repayment and other charges. The user can then decide which lender to go with.

“You can call us the marketplace for house rent loan,” Ogunyemi said.

PayMyRent is self-funded thus far, but open to investors who can help it expand. It seems to have been doing well enough by itself, charging lenders a commission for every loan made via the platform.

Read:  Cowrywise and Lotus Capital Leverage Fintech to Provide Halal Investment for Nigerians

“The market welcomed us very well. It was like they were waiting. We understand the challenges people have with meeting their house rent and we have been very helpful in assisting them,” Ogunyemi said.

The startup has also created another product, the PayMyRent Ajo Scheme, which allows clients to make a monthly savings towards their house rent payment.

Read:  Fintech Organization KiaKia Distributed over N1.2 billion Credit to MSMEs

“With this, our clients don’t have to worry about their house rent anymore. We help then structure their finances and see how best they can make monthly savings,” he said.

“We have companies who use us to pay for their staff’s accommodation and then pay for the rent monthly. We have had clients who were at the point of getting evicted, and we were able to save the situation by paying their landlord while they pay back monthly. For us, it’s all about being able to make people live peacefully without worrying about house rent payment.”

PayMyRent is currently only operating in Lagos, but full operations will begin in Abuja, Port Harcourt and Ibadan next month.

“Profits have been very healthy. We have seen month-to-month growth and we are happy about this. It simply means we are solving more people’s housing problems daily,” Ogunyemi said.

 

(Bizcommunity.)
- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Datasonic Group Endorse JV Agreement To Explore Business Opportunities In Nigeria

Datasonic Group Bhd has teamed up with a Nigerian firm to study business opportunities in the West African nation...

New Insights From Nestlé Research On The Body’s Natural Ability To Resist Weight Gain

The worldwide overweight and obesity epidemic, and weight-related health complications such as diabetes and cardiovascular disease, have become critical healthcare issues in both developed...

16 Coaches From Africa Shortlisted As “Future Stars” By Arsenal And WorldRemit

Today, WorldRemit announces that 16 applicants from Africa have been shortlisted for its Future Stars programme. Of these 16 coaches, eight are women.WorldRemit and...

Design Fashion Africa Set To Prove That Nigerian Fashion Is Just As Viable As Her Music

2019 has been an amazing year for Nigerian artistes. It’s the year that afrobeat — a hugely popular African sound with its roots from Nigeria —...

More Articles Like This