PayLate payment system: reviews, features and interest

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Today, many goods and services can be purchased without leaving home. To do this, it is enough to have a bank card and access to the Internet at hand. If there is no money available, you can apply for a loan even in a payment system, even in a microfinance organization. If you do not want to apply for a loan, you can buy goods in installments online. The PayLate service has been developed specifically for this purpose. User reviews about this system, as well as the scheme of its functioning, we will consider further.

About the system

PayLate is a trust payment, an online payment service for goods in installments. The client submits an application for a purchase / service, provides his contact information. After the application is approved, the funds are credited to the seller's account. The client is issued a loan on installment terms with monthly repayment in equal amounts on the PayLate.ru website. User reviews indicate that it is very convenient. No extra spending requiredtime to visit bank branches. The contract is drawn up and signed online. Funds are provided for use for up to one year. The maximum you can get is 150 thousand rubles. under 3.5%.

Customer requirements

Only citizens of the Russian Federation who have reached the age of majority but have not yet retired (from 18 to 65 years old) can apply for an installment plan in PayLate. The list of mandatory requirements includes a permanent residence permit in the Russian Federation. You will also need to prove a permanent source of income. To do this, the client needs to provide working landline phone numbers. Like any loan, installments are issued for specific needs. Sellers who have entered into an agreement with PayLate immediately provide a link to the service on their website. So buyers do not have problems with confirming the intended use of funds. The decision to issue a loan is made within 20 minutes according to the data from the questionnaire.

Loan terms

The service provides everyone with loans in the amount of 3 to 150 thousand rubles. For the use of funds, a commission of 3.5% is charged monthly. Where is the delay then? You can use the loan for the first 15 days without interest. You can apply for a maximum loan for a period of 12 months on the PayLate website. User feedback confirms that the scheme for granting a loan and calculating interest is simple and understandable.

It is worth noting that not all outlets are subject to the same conditions. The grace period mayvary from 15 to 50 days. It depends on the terms of cooperation with a particular store.

Example

The client draws up a loan in the amount of 50 thousand rubles. for a period of 12 months. Monthly, to repay the loan, he needs to transfer:

• 50,000: 12=4166, 67 rubles;
• 4 166, 67 x 1, 035=4312.5 rubles

If he manages to return the entire amount within the first 15 days, then no interest will be charged.

Applying

The PayLate service is convenient because partner companies provide a link to the service website right on the website. When paying, for example, for a tour, you can simply click PayLate on the Biblio Globus website. User reviews confirm that there are no problems. In addition, it is very convenient, since there is no need to additionally contact the bank. After completing the application, the tour operator's manager will contact the client to confirm the booking and verify the correctness of the contact details. An SMS notification will be sent to the phone number indicated in the application shortly. It is enough to go to the system website and enter the specified code. At the expense of borrowed funds, you can pay both the full cost of the goods and a separate part.

Debt repayment

You can repay the loan directly on the system's website through the PayU service. The client must first replenish the electronic wallet with a bank card, and then transfer the funds to pay for the PayLate loan. User reviews confirm that this is very convenient, since funds are debited and debts are paid off automatically. Those who don't trustmodern technologies, can apply to the branch of CJSC “MKB”. MCC Credit Line LLC has entered into a cooperation agreement with this financial institution. If the details of the organization change (as, for example, on December 29, 2017), the funds will automatically be sent to the correct account number. In other cases, customers need to generate a receipt before each payment in “Personal account on the system website. It contains the correct details for transferring funds. You can repay the debt at any financial institution.

Register

The most difficult part of the registration procedure is registration on the PayLate website. User reviews confirm this. In addition to inventing a username and password, you must fill out a questionnaire. It consists of 3 parts: personal, personal and financial data. It is necessary to indicate your full name, passport details, address of residence, information about the employer. In advance, you should prepare the phone numbers of family members, acquaintances, and the accounting department of the enterprise. The completed application form is first processed at the credit bureau. If the borrower previously had problems with the return of funds, then it may be difficult to apply for a new loan.

Registration on the site is carried out once. After successful repayment of the loan, the client can apply for a new loan. No re-registration or video conference required.

Documents

The final stage is the loading of documents and video identification. The potential borrower shouldupload a scan of the passport (2-3 pages and a spread with a stamp) and click on the “Submit” button.

During the videoconference, you must shoot a short video on camera, indicating the control code (sent via SMS) and showing your passport in a spread. The document should not cover the face of the owner, all passport data should be clearly visible. A video recording can be made immediately from the WEB-camera of a computer, smartphone, or a pre-prepared file can be sent. It remains only to send the video and wait for a decision within a few minutes. It is sent as a message to the specified e-mail. If the application is approved, the text of the message will contain the following information:

• loan amount;
• length of the grace period;
• interest rate;
• payment schedule.

At this stage, you can confirm or cancel the order. To activate the application, you must enter the code from SMS. The final step is to inform the seller's manager that the PayLate installment has been issued.

Payment in installments: reviews

Giving loans online is not a new service in the lending market. However, neither microfinance organizations nor payment systems have previously provided loans for 12 months. Judging by the reviews about PayLate, the ability to adjust the loan term is one of the advantages of the system. By default, the grace period during which no interest is charged is 15 days. By agreement with the sellers, this period can be up to 50 days. Judging by the reviews about PayLate, having issued a loan fora small amount, you can pay it off in installments without paying interest at all.

Since all applications are processed through the credit bureau, after successful loan repayment, the client's credit history improves. This is another advantage of the system.

What are the disadvantages of the PayLate trust payment service? According to borrowers, there are two main drawbacks: the speed of processing the transaction and collection calls.

According to the terms of the program, the decision to grant a loan is made within 20 minutes. Judging by the reviews about PayLate, this time is significantly stretched. Uploaded video conference videos are almost never accepted the first time. Clients complain that they have to retake the record several times: either the passport covers the borrower's face, or the data of the document is not clearly visible. As a result, 20 minutes is spent only on creating a video.

You must not violate the PayLate installment return deadlines. Reviews of borrowers who did not have time to repay the debt in a timely manner confirm that in such a situation, a call from MCC Credit Line LLC will be received on the second day after the delay. call all phones if the client violates the deadline for repayment. If you do not want all colleagues and acquaintances to know about your credit history, you should repay the debt on time.