Paymyrent is an online savings platform that helps users to save and invest ahead for their house rent. In this post, you will learn how to use Paymyrent, how to get a loan, how to invest on Paymyrent, and lots more.
What is Paymyrent, and how does it work?
Paymyrent is a house rent loan platform that was founded in 2016 by Damilare Ogunyemi. It’s also a savings platform that lets you save and invest for your rent.
You can save daily, weekly or monthly and use it to pay your next rent once your savings are mature. Renting houses and apartments is very expensive in Lagos. This is not so hard to see, as housing is very scarce.
Paymyrent helps users prepare ahead for these expenses while also earning an interest in the process. In short, you can do 3 different things on Paymyrent.
- Obtain a loan if your house rent is already due
- Save and invest ahead for your upcoming house rent
- Find and locate an apartment that’s available for rent
Is it safe to use Paymyrent?
Yes, it is. Paymyrent is a product of Confidence Microfinance Bank. Confidence MFB is licensed and regulated by the Central Bank of Nigeria (CBN).
All your savings and investment on Paymyrent are insured by the NDIC. Note that any money you save on Paymyrent will be further invested in other platforms and businesses.
This is to ensure that all users get high returns on their investment.
How to use Paymyrent: Mobile app download
You can use Paymyrent on a web browser or download and install the mobile app on your smartphone.
If you own an Android device, then you should head over to the Google Play Store to download and install the Paymyrent mobile app.
If you use an iPhone device, you can also download and install Paymyrent on your smartphone. You can do that on the iOS App Store.
How to save and invest on the Paymyrent platform
Periodic savings plan
There are two savings plans on the Paymyrent platform. The first one is the Periodic savings plan that allows you to save money for a duration that can not be less than 4 months.
The Periodic savings plan has a return on investment of 7% per deposit.
How much can you start saving on the Paymyrent Periodic savings plan?
The minimum amount you can save on Paymyrent depends on the schedule you set for your savings plan. If you choose to save:
- Daily, the minimum you can save is ₦200
- Weekly, the minimum you can save is ₦1,500
- Monthly, the minimum you can save is ₦5,000
Fixed savings plan
The second one is a fixed plan that allows you to customize your savings. You will input an amount that you want to target and attach a deadline for it.
Unlike the Periodic savings plan which has an interest rate of 7%, the Paymyrent Fixed savings plan has an interest rate of 20%.
How to start saving on Paymyrent
- Login to your Paymyrent account.
- First, activate your account by making your first savings on the Paymyrent platform
- From there, set your withdrawal account
- After that, you can choose a savings plan and start saving ahead for your next rent
Rent loans on Paymyrent: How do they work?
If you are already saving for your rent but later discovered that you don’t have a sufficient amount, you can be eligible for a rent loan.
Paymyrent allows its users to obtain housing loans without asking for collateral. However, the house has to be selected from Paymyrent’s site and processed through its agents before you can obtain the loan.
You will pay 50% of the rent while Paymyrent will settle the remaining 50% on your behalf. After that, you will return the other 50% to Paymyrent through monthly instalments.
Requirements to get a rent loan on Paymyrent
You have to submit some documents and meet some requirements before you can obtain a rent loan on Paymyrent.
Here are the requirements that you must meet before you can request a rent loan on Paymyrent.
- The applicant must be residing or working in Lagos State
- You must have a reliable source of income every month
- Your monthly salary should be paid into a savings or a current account in a Nigerian bank
- The user should be earning at least ₦70,000 before he/she can get a rent loan on Paymyrent
- As there’s no need for collateral, you must bring a guarantor who earns more than you do in a month
- Aside from working in Lagos, you must have also been a staff of a registered company for at least 6 months
Here are the required documents:
- A copy of your employment or confirmation letter
- A utility bill from within the last 3 months. You can use your PHCN bill
- Your pension account tax ID (if applicable)
How to get a rent loan on Paymyrent
- From your Paymyrent dashboard, click on “Properties”
- Search for a property and select your choice
- Book an inspection with a paymyrent agent
- Complete your inspection
- Approve the apartment that you want to pay for
- Go back to the Paymyrent platform and apply for a rent loan
Your requirements and documents will be thoroughly reviewed. If it’s good to go, your loan will be approved. In that case, you will pay 50% of the rent amount.
Paymyrent will settle the other half on your behalf and you can pay it back monthly.
Paymyrent head office
Paymyrent has a physical office address in Lagos from where they manage the housing and financial services they offer.
If you’re residing within Lagos, you can always visit this office to make complaints or ask questions.
Paymyrent head office is situated at 37, Akin Osiyemi Street, Allen Avenue, Ikeja, Lagos State, Nigeria.
Paymyrent customer care and email address
Paymyrent also has a customer care team, and you can always contact them if you have any issues or questions regarding the platform.
First, check the Paymyrent online FAQs
Email address: [email protected]
