Paycentre Loan – How to Apply for Paycentre Africa Loan, Requirements, Interest Rate and Repayment Plan

Paycentre Loan – How to Apply for Paycentre Africa Loan, Requirements, Interest Rate and Repayment Plan

Paycentre Africa is not a new name in the mobile money or POS business in Nigeria as the company has really come a long way from its days of having just mPOS to the launch of TPOS and now an Android-based POS. The company has been quite innovative and has stood the test of time.

The company recently announced the launch of its loan service to its POS agents and in this post today, we want to share all you need to know about the Paycentre loan application process, requirements, the interest rate, and how you can repay your loan after successfully getting the loan.

Read also: Dotpay Loan – How to Apply

Paycentre Loans

The paycentre Africa loan service is a loan option reserved for only paycentre customers(agents) who are actively using their paycentre POS irrespective of the POS type. These agents must have been able to maintain their active status for a period of time and perform a good number of transactions. More on this later.

Paycentre Loan Interest Rate

Before you apply for any loan, you would want to know what the interest rate of the loan is, and for this loan, the interest rate is a single-digit interest rate of 5% which means if you applied and got a N100,000 loan, you will be repaying N105,000(One hundred and five thousand Naira).

You can calculate this by simply dividing the 100,000 by 100 and then multiplying by 5(which is the percentage of the loan) to get your repayment amount. 100000/5 =1000 1000×5 = 5000 + 100,000 =105,000. Repeat this for all the loans you are given.

Read also: Paycentre TPOS (Traditional POS) Price

Paycentre Loan Requirements

To successfully apply for a paycentre loan, you must meet these basic requirements;

• You must be an active paycentre agent for more than 3 months
• You must be able to provide two active paycentre agents or paycentre ambassadors as guarantors. You can also present one ambassador and one agent.
• Your guarantor must be a person at the same level as you or higher not someone below your rank.

Loan Amount

You can get up to N500,000(five hundred thousand Naira) depending on your performance level and how long you have been actively using the POS.

Paycentre Agent Ranks and Loan Eligibility

• Rookie Category: This is for agents that carry out 1-10 transactions daily. For this category of agents,  the maximum amount of loan you can request is 45,000 Naira.
• Subscriber Category: This is for agents that carry out 11-20 transactions daily. If you are in this category, the maximum amount you can request is 60,000 naira.
• Basic: This is for agents that carry out 21 – 30 transactions daily. If you are in this category, the maximum amount you can request is 170,000 naira.
• Partner: This is for agents that carry out 31 – 40 transactions daily. If you are in this category, the maximum amount you can request is 260,000 naira.
• Premium: This category is for agents who carry out 41 – 60 transactions daily. Here, the maximum amount you can request is 500,000 naira.
• Champion: Strictly for agents who perform from 60 transactions and above daily. This category of agents can request up to 600,000 Naira.

Read also: DotPay POS – How to get the POS

How to Check your Category

To know the category you belong to, login to your agent account on the paycentre app. you should see your category under your agent ID on the app menu.

How to Apply for Paycentre Africa Loans

Agents who wish to apply for the loan can do so through the paycentre app or through the Paycentre Android POS(for those using the Android). Simply click on the loan option on the app and submit your interest form then on the form, provide your two(2) guarantors’ agent IDs (a request will be sent to them)they must give approval before the company can approve, and disburse the loan.

Read also: NAPE SOFTLOAN

How Long Does Loan Approval Take

The loan approval time takes up to 24 hours but it can take longer if your guarantors do not give approval as soon as possible(I advise you call them first before submitting your application). Loan approval may also be delayed if the application is much at the moment you applied.

Read also: Opay Loan, How to Apply and Interest Rate 

Loan Repayment Plan

All loan beneficiaries must start the repayment process for their loan after disbursement. The loan will be deducted from your agent’s wallet on daily bases and the amount to be deducted depends on how much you were given. The amount will also determine the number of days it will take for you to pay up.

Final words

This loan is a good way to improve your POS business as an existing agent however if you are not sure of how to repay the loan or you are not certain you can meet up with the repayment of the amount you are given, avoid the temptation and embarrassment by not applying for the loan at all.

At the moment, only the first 100 people to submit their application form and get their guarantors’ approval is given a loan.

Do you need a Paycentre POS in Rivers state? If yes message me on Whatsapp at 07035543056.

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