PayHippo – An easy way to borrow loans for your business
PayHippo is an AI-powered lending platform that provides small and medium-sized businesses (SMBs) in Nigeria with access to financing. The company was founded in 2019 by Chioma Ruky Okotcha, Uche Nnadi, and Zach Bijesse. PayHippo has raised over $2 million in funding from investors such as Y Combinator, Seedcamp, and Green Visor Capital.
Thank you for reading this post, don't forget to subscribe!What products does PayHippo offer?
- Business loans: PayHippo provides collateral-free loans to small businesses in Nigeria. Loans range from NGN 100,000 to NGN 5 million and can be repaid over a period of 6 to 36 months. PayHippo uses an AI-driven lending platform to assess loan applications and make decisions quickly.
- Payhippo Banking: Payhippo Banking is a digital banking platform that offers a variety of features to small businesses, including:
- A business checking account with no monthly fees
- Free bill payments and airtime top-ups
- Easy access to your monthly bank statements
- Free transfers
- Direct access to loans disbursed
Payhippo is a great option for small businesses in Nigeria that need access to fast, affordable financing. The company’s AI-driven lending platform makes it easy to apply for a loan and get approved quickly. Payhippo Banking also offers a variety of features that can help small businesses manage their finances more effectively.
Here are some additional details about PayHippo’s products:
- Business loans: PayHippo’s business loans are available to businesses with a turnover of NGN 1 million or more. Loans are disbursed in 3 hours and there are no hidden fees. PayHippo also offers a variety of repayment options to fit your business’s cash flow needs.
- Payhippo Banking: Payhippo Banking is a digital banking platform that is designed specifically for small businesses. The account is free to open and there are no monthly fees. Payhippo Banking also offers a variety of features that can help you manage your finances more effectively, such as:
- Free bill payments and airtime top-ups
- Easy access to your monthly bank statements
- Free transfers
- Direct access to loans disbursed
If you are a small business owner in Nigeria, PayHippo is a great option for getting the financing and banking services you need to grow your business.
How can I register on PayHippo?
- Go to the PayHippo website or app.
- Click on the “Sign Up” button.
- Provide your phone number.
- Enter the verification code that is sent to your phone.
- Create a password.
- Enter your personal details, such as your name, email address, and business details.
- Read and agree to the terms and conditions.
- Click on the “Create Account” button.
Once you have registered, you will be able to log in to your PayHippo account and start using the platform.
Here are some additional details about the registration process:
- You must be a Nigerian citizen or resident to register on PayHippo.
- You must have a valid business registration certificate.
- You must have a bank account in your business name.
- You must be at least 18 years old to register on PayHippo.
If you have any questions about the registration process, you can contact PayHippo customer support.
Here are some of the benefits of registering on PayHippo:
- You can access collateral-free loans to grow your business.
- You can make and receive payments from your customers easily and securely.
- You can track your business finances in real time.
- You can get access to exclusive discounts and offers from PayHippo partners.
If you are a Nigerian business owner, I highly recommend registering on PayHippo. It is a great platform to help you grow your business.
What documents do I need to register on PayHippo?
- First Name
- Surname
- Email Address
- Birth Date
- Phone Number
- National ID Card or Passport
- Proof of Address (e.g., utility bill, bank statement)
- Bank Verification Number (BVN)
You can upload these documents when you create your account on the PayHippo website or mobile app. Once your documents have been verified, you will be able to start applying for loans.
Here are some additional details about the documents you need to register on PayHippo:
- National ID Card or Passport: You must provide a valid government-issued ID card or passport. This document will be used to verify your identity.
- Proof of Address: You must provide a document that shows your current address. This could be a utility bill, bank statement, or other official document.
- Bank Verification Number (BVN): You must provide your BVN to verify your bank account information. This will help to protect your account from fraud.
If you have any questions about the documents you need to register on PayHippo, you can contact their customer support team.
ALSO READ: NYSC loans – Eligibility and how to apply
How can I borrow a loan from PayHippo?
- Create an account. You can create an account on PayHippo’s website or mobile app.
- Complete your profile. You will need to provide some personal information, such as your name, email address, phone number, and BVN. You will also need to provide information about your business, such as its name, registration number, and monthly revenue.
- Apply for a loan. Once you have completed your profile, you can apply for a loan. You will need to specify the amount of loan you need and the purpose of the loan.
- Wait for approval. PayHippo will review your application and approve or decline it within 24 hours. If your application is approved, the funds will be disbursed to your bank account within 24 hours.
- Repay the loan. You will need to repay the loan in full, including interest, within the agreed repayment period.
Here are some additional things to keep in mind when borrowing a loan from PayHippo:
- You must be a registered business in Nigeria to be eligible for a loan.
- Your business must have a minimum monthly revenue of ₦50,000.
- You must have a valid bank account and BVN.
- You must have been in business for at least 6 months.
- The interest rate on PayHippo loans is 6% per month.
- The repayment period for PayHippo loans is 30 days.
What is the interest rate on PayHippo?
The interest rate on PayHippo loans is 6%. The loan duration is 30 days. This interest rate is significantly lower than the interest rate charged by other online lenders. For example, Renmoney charges an interest rate of 12% on its 30-day loans.
Here is a table of the interest rates charged by PayHippo for different loan amounts and loan durations:
| Loan Amount | Loan Duration | Interest Rate |
|---|---|---|
| NGN 50,000 | 30 days | 6% |
| NGN 100,000 | 30 days | 6% |
| NGN 150,000 | 30 days | 6% |
| NGN 200,000 | 30 days | 6% |
Please note that these are just the base interest rates. The actual interest rate you are charged may be higher or lower, depending on your credit score and other factors.
How can I download the PayHippo mobile app?
On Android:
- Open the Google Play Store app.
- Search for “PayHippo”.
- Tap on the “PayHippo: SME Banking” app.
- Tap on the “Install” button.
- Once the app is installed, tap on the “Open” button to launch it.
On iOS:
- Open the App Store app.
- Search for “PayHippo”.
- Tap on the “PayHippo” app.
- Tap on the “Get” button.
- Enter your Apple ID password and tap on the “Buy” button.
- Once the app is downloaded, tap on the “Open” button to launch it.
Here are the links to the PayHippo mobile apps on the Google Play Store and App Store:
- PayHippo on Google Play: https://play.google.com/store/apps/details?id=app.payhippo&hl=en_IN&gl=US
- PayHippo on App Store: https://apps.apple.com/ng/app/payhippo/id1613398021
In Conclusion:
downloading and accessing the PayHippo app is a straightforward process. By following the steps outlined above, you can easily install the app on your device and start using its convenient features. Whether you’re using an Android device or an Apple device, PayHippo is available on both the Google Play Store and the App Store. Simply click on the respective links provided to access the app on your preferred platform. Once you have the app installed, you can enjoy the benefits of seamless payment transactions and financial management with PayHippo.
