Paymyrent Review: What You Should Know About The House Rent Savings Platform

PayMyRent is a revolutionary solution in the realm of house rent financing, introduced in February 2017. Developed by PayMyRent Nigeria, a startup founded by Damilare Ogunyemi in 2016, this innovative app addresses the challenges of renting apartments in Lagos, Nigeria. Renting a residence in somewhere like Lagos is a formidable task due to multiple factors, including apartment scarcity, soaring rental costs, and exorbitant agency fees, agreement charges, and other tenancy expenses. These financial constraints necessitate meticulous preparation, achievable through prudent saving before the rent becomes due.

Is PayMyRent Legit Or Scam?

Before delving into the mechanics of using PayMyRent, it’s vital to underline its reliability and security. PayMyRent operates under the umbrella of Confidence Microfinance Bank, regulated by the Central Bank of Nigeria. The depositor’s funds are further fortified by the Nigeria Deposit Insurance Corporation (NDIC). NDIC ensures the security of bank deposits for both individuals and corporate entities within Nigeria, regardless of their origin.

s1gSS2yILYLnBQVLlU8w6rTZk6r46WTbtZYMGTk DdAd1X2lSBrrVXo88CnzqtE n yBx16C5ttbefaRG

The Concept of Saving Frequency

PayMyRent advocates the concept of predetermined saving frequencies. This strategy facilitates obtaining loans, especially when the rental payment deadline precedes the availability of a lump sum. As of now, PayMyRent caters exclusively to residents of Lagos.

Accessing PayMyRent Services

To access the array of services, users must create an account with the startup. This can be done either through the web application or the mobile app. The app is available for both Android and iOS devices, downloadable from their respective app stores.

For first-time users, the initial menu offers two immediate options: selecting a savings plan and adding a bank card. PayMyRent presents two distinct savings plans. The first is a periodic plan, allowing users to save a fixed amount over a predetermined period, not less than four months.

Minimum Saving Amounts on PayMyRent

The minimum saving amount is contingent on the chosen saving frequency. For daily savings, the minimum is N200, for weekly savings, it’s N1,500, and for monthly savings, it’s N5,000.

Flexible Fixed Plan

PayMyRent’s fixed plan offers users the flexibility of setting a target amount within a specific timeframe. This approach is bolstered by varying interest rates, which correspond to the saved amount and timeline.

vQFoFM2sUO h8dtxlyywcf5Is36iVa5bQkqJ IgVbiZHV58azxbpg7K0EUL8yGFtHQ5W66sUbvE9TXdkUCY299nyJnKoMk8t71 wrvtwdGOLSsHyUmRkraW bNbg4h6I atjGCG8iQHOWsACtseS75k

Bridging Rental Gaps: Accessing Loans On PayMyRent

For users saving towards rent, PayMyRent provides an innovative solution. In situations where the saved funds fall short of the required payment, the app extends the option to borrow money without demanding collateral. To avail this loan, the property needs to be sourced from PayMyRent’s platform and processed through their agents. Securing a loan on PayMyRent is remarkably straightforward, requiring only a few simple steps. This streamlined procedure is particularly convenient for those seeking financial assistance. To embark on this journey, follow the outlined steps below:

  • Find Partnered Properties: Begin by identifying properties that are in collaboration with PayMyRent. These include land or lease holdings that have established agreements with PayMyRent within the confines of Lagos.
  • Visit PayMyRent Website: Visit the official PayMyRent website to explore your options and make a selection.
  • Property Inspection: After selecting a property, arrange an inspection with a certified land agent. This step ensures a comprehensive understanding of the chosen property.
  • Submit Loan Application: Proceed by completing a loan application form and submitting the necessary documents on the PayMyRent website. Once these documents are verified and approved, you can move forward.
  • 50% Initial Payment (Tenant-First Approach): Upon approval, initiate the process by paying 50% of the total rental cost.
  • Full Payment by PayMyRent: PayMyRent will facilitate the complete payment of the total rental cost to the property owner.
  • Monthly Installments: Following this, your obligation shifts to making monthly payments to PayMyRent until the entire rental cost is settled.

This approach mirrors the concept of purchasing an item on an installment basis, where you pay gradually without the burden of lump-sum payments. It offers a hassle-free solution to attain possession without the stress.

WN68wFHC6nI7ETmyWh4073RcysahaZPxBUXxStAKnP8K0jk2yTlpON5tsY5r7YRSll0Nv0WhQkn T3N5V 2gtKzWr7XzwRaog6z2RbHL iJT1E1 kEd9wN5j2rk2WfsO0lLgJaE Lovmt pA0Xgm2U

Renewing a Lease? PayMyRent Can Assist

PayMyRent’s simplicity extends to lease renewals as well. Leasing entails granting temporary possession of a property or land for an agreed-upon duration and amount. When renewing a lease, adhere to the following process:

  • Online Documentation: Begin by completing the necessary renewal documents available on the website.
  • Processing Fee: A nominal processing fee of seven thousand five hundred naira ONLY is required.
  • Loan Crediting: Subsequently, PayMyRent will credit the approved loan amount to your account.

Monthly payments will be expected, culminating in the complete repayment of the borrowed amount. This seamless procedure underscores the user-friendly nature of PayMyRent.

R9HIbytJn1sismUAaSpIHfWEMzxCXwndfVZit JirNQiaxKF7

Earning Interest and Borrowing Criteria

  • Interest Earnings: It’s important to note that PayMyRent offers interest on specific savings plans. With a fixed savings plan, you can enjoy a 20% interest rate. Alternatively, a periodic plan provides a 7% interest on each deposit.
  • Borrowing Eligibility: To access borrowing options on PayMyRent, individuals need to meet certain criteria. This includes a minimum monthly earning of seventy thousand naira and a tenure of at least six months with the current employer. Additionally, having a guarantor with higher earnings and both parties residing in Lagos is mandatory.

PayMyRent’s commitment to simplicity, accessibility, and user-friendly processes sets it apart as a convenient and reliable financial partner.

Geographical Scope

It’s noteworthy that the loan service is exclusively accessible to individuals employed within Lagos state. This geographic limitation is understandable, considering Lagos’ colossal population and the staggering housing deficit of 3 million units. Given these circumstances, the demand for housing and subsequent rental rates in Lagos state surpasses that of other states. PayMyRent offers a transformative approach to house rent financing, simplifying the process and offering flexibility to renters in the dynamic landscape of Lagos.

How To Sell Cryptocurrency For Fiat on Astro Africa

BZ16pe0RV7fgyamHP8IIvaz6o84MD 67V3f Q1g0BLG7DqC9qfkNR9iIzX kTmpocSmzSfl2O176afr mrLbwFsIvZO77YWnz08iAOLJVZvT3ud0aB9cnZwvTel9kwqfwKDbh8UN3GXZvmQp7vS6FM

Users have found it more beneficial to store their fiat in the form of cryptocurrencies in order to accumulate profit so they can then convert it back to fiat when the need arises for things like paying rent. Using platforms like Astro Africa streamlines this process of converting cryptocurrencies back to fiat at higher exchange rates, more easily. Astro Africa stands as the premier platform for selling Bitcoin (BTC) and receiving Naira payments in Nigeria. Besides Bitcoin (BTC), Astro Africa supports the trading of various other cryptocurrencies including Ethereum, Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Dogecoin, Litecoin, and DAI. This means that users can sell any of these cryptocurrencies with the same reliability as Bitcoin on Astro Africa. Noteworthy benefits of Astro Africa encompass top-tier security through robust measures like two-factor authentication, an intuitive user interface catering to all levels of expertise, a handy rate calculator to explore favorable rates, support for a diverse array of cryptocurrencies, full transparency in operations, zero selling fees, swift transaction processing, and dependable customer support. The convenience extends to their mobile app, allowing users to sell cryptocurrencies on the go via their mobile devices, anytime and anywhere. Astro Africa is a leading platform where you can confidently sell Bitcoin and various other cryptocurrencies, enjoying not only efficient transactions but also a secure, user-friendly, and transparent experience.

Please enter CoinGecko Free Api Key to get this plugin works.