In his time as a banker, Victor Jibro repeatedly saw customers who needed to borrow loans as little as ₦10,000 being told to fill forms “as bulky as textbooks” (to use his own words) and provide documents and collateral to prove their credibility. He saw that the loan application process could be quite stressful- and he didn’t think it was right. Certainly not for the small amounts that people required for emergencies which rear their heads without warning, and need to be tackled as quickly as possible.
Jibro’s dissatisfaction with the status-quo led him to set up PayConnect, an online lending platform which makes quick loans available to salary earners. Loans applied for can be gotten within 24 hours of request, and do not come with many of the strings that are attached to them when they’re obtained through the banks. PayConnect leverages on its team’s experience in banking and risk management- worth over 20 years –to deliver a much-needed service to Nigerian workers.
Persons who intend to utilize PayConnect’s loan service can do so by filling the application form on their website and submitting it along with a copy of their employee ID card, government-approved ID card, and six months statement of account for their salary account. Applications are reviewed by a credit-risk team and approved if they meet PayConnect’s credit criteria. Loans are paid to the applicant’s account after approval.
PayConnect grants loans of between ₦5,000 and ₦10,000. All loans are collateral-free; borrowers are only charged 1% of their loans as daily fee for the period in which the loan is not repaid.