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.
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.
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.
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.
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.
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