Today, many goods and services can be purchased without leaving home. To do this, it is enough to have a bank card and Internet access at hand. If there is no money available, you can issue a loan at least in the payment system, at least in a microfinance organization. If you do not want to get a loan, you can buy goods in installments online. Specially for this purpose, the PayLate service was developed. User reviews about this system, as well as the scheme of its functioning, we will consider further.
Briefly about the system
PayLate is a trust payment, online installment payment service. The client submits an application for the purchase / service, provides his contact details. After approval of the application, funds are credited to the sellerâs account. A loan is issued to a client on an installment plan with monthly repayments in equal amounts on the PayLate.ru website. User reviews indicate that it is very convenient. It is not required to spend additional time visiting the bank branches. The contract is executed and signed online. Funds are provided for use for up to one year. The maximum you can get 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) can apply for an installment plan on PayLate. The list of mandatory requirements includes a permanent residence in the Russian Federation. It will also be necessary to confirm a permanent source of income. To do this, the client needs to provide work numbers of landlines. Like any loan, installment is drawn up for specific needs. Merchants who have entered into an agreement with PayLate immediately provide a link to the service on their website. So that buyers have no problems 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 loans to everyone in the amount of 3 to 150 thousand rubles. A monthly fee of 3.5% is charged for using the funds. Where, then, by installments? You can use the loan for the first 15 days without interest. As much as possible you can get a loan for a period of 12 months on the PayLate website. User reviews confirm that the loan and interest calculation scheme is simple and straightforward.
It is worth noting that not all outlets are subject to the same conditions. The grace period can vary from 15 to 50 days. It depends on the conditions 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 full amount within the first 15 days, then interest will not be charged.
Application Form
PayLate service is convenient because partner companies directly on the site provide a link to the service site. When you pay, for example, a tour, you can simply click on the site âBiblio Globusâ PayLate. 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 operatorâs manager will contact the client to confirm the reservation and verify the correctness of the contact details. The phone number indicated in the application will receive an SMS alert soon. Just go to the systemâs website and enter the specified code. Due to 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 systemâs website through the PayU service. The client must first replenish the electronic wallet with a credit card, and then transfer funds to pay for the PayLate loan. User reviews confirm that it is very convenient, since debiting and repayment of debts is carried out automatically. Those who do not trust modern technology can contact the branch of CJSC âMKBâ. MCC Credit Line LLC has concluded a cooperation agreement with this financial institution. If the details of the organization have changed (for example, December 29, 2017), the funds will automatically be sent to the correct account number. In other cases, customers need to generate a receipt in each â Personal Account âon the systemâs website. It contains the correct details for the transfer of funds. You can pay off the debt at any financial institution.
registration
The most difficult part of the registration process is registration on the PayLate website. User reviews confirm this. In addition to inventing a username and password, you must fill out a form. It consists of 3 parts: personal, personal and financial data. You must 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, accounting companies. The completed application is first processed by the credit bureau. If previously the borrower had problems with repayment of funds, then it may be difficult to get 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. Re-registration and video conferencing is not required.
Documents
The final stage is downloading documents and video identification. A potential borrower should download a passport scan (2-3 pages and a spread with a stamp) and click on the âSubmitâ button.
During the video conference, it is necessary to shoot a short video on the camera, indicating the control code (sent via SMS) and showing the passport in a U-turn. The document should not cover the face of the owner, all passport data should be clearly visible. Video recording can be done immediately from the WEB-camera of a computer, smartphone or send a pre-prepared file. It remains only to send the video and wait a few minutes for a decision. It is sent as a message to the specified e-mail. If the application is approved, the message text will contain the following information:
- loan amount;
- grace period duration;
- interest rate;
- payment schedule.
At this point, 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 sellerâs manager that a PayLate installment plan has been issued.
Payment by installments: reviews
Providing an online loan is not a new service in the lending market. However, neither microfinance organizations, nor payment systems previously provided loans for 12 months. Judging by the reviews of PayLate, the ability to adjust the loan term is one of the advantages of the system. By default, the grace period during which interest is not charged is 15 days. By agreement with sellers, this period can be up to 50 days. Judging by the reviews about PayLate, having issued a loan for a small amount, you can repay it by installments without paying interest at all.
Since all applications are processed through a credit bureau, after successful repayment of a loan, the credit history of the client 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: transaction processing speed and collection calls.
Under the terms of the program, a decision to grant a loan is made in 20 minutes. Judging by reviews of PayLate, this time is significantly stretched. Downloaded video conferencing videos are almost never accepted the first time. Clients complain that they have to re-record several times: either the passport covers the face of the borrower, or the document data is not clearly visible. As a result, 20 minutes is spent only on creating a video.
PayLate installment return terms must not be violated. The feedback of borrowers who did not manage to pay off the debt on time confirms that in such a situation a call from MKK Credit Line LLC will arrive on the second day after the delay. Not only that, the contract provides for a commission and penalties, so the companyâs employees will to call all phones if the client violates the deadline for repayment of debt If you do not want all your colleagues and acquaintances to know about your credit history, you should pay off the debt clearly on time.