We all agree that in our present economy, it is very challenging to purchase household items and make instant payment. Not like the money is not available but the fact that our cash flow could be affected hence, making a typical salary earner have to mange till the next pay day.
Luckily, this problem has been solved through an innovative solution which allows you shop for household electronics, appliances and more on www.oyato.ng
Below we have compiled a list of questions and answers that might interest you, should you pick interest in this amazing shopping experience.
ELIGIBILITY CRITERIA
Who is eligible for Oyato Pay Later?
The OYATO PAY LATER option applies to individuals with a verifiable source of income, mostly salary earners. Self-employed individuals could be considered upon meeting our requirements.
What is required to access the oyato pay later option?
We want this option to be available to as many people as possible so we have made our requirements process super easy. The requirements are quite simple – all that is required is your 1st installment payment with your bank card and a valid photo ID. This can be your Passport, drivers license or NIN card. Your bank statement or screenshot of last salary payment might be required in some cases.
Why was my request turned down?
Your request may be rejected in the event that you provide wrong or incomplete information (we take integrity very seriously), you have a poor credit rating from your previous credit history, your income does not support your repayment or you did not meet other eligibility criteria.
What is the maximum repayment tenor and when is the item delivered upon approval?
The OYATO PAY LATER repayment option allows you spread your payment into 1-6 convenient monthly installments. We strive to ensure all orders are delivered within 24-48 hours of verifying your information and documentation provided.
Can I pay small small for every product on the website?
The OYATO PAY LATER option applies to most items of the website apart from small appliances, personal gadgets and some high end items. Such items are “marked not legible for OYATO PAY LATER”.
REPAYMENTS
When do i make repayments and how?
The first Repayment is due approximately after 30days of date of purchase/delivery of the item. There are several ways to make your repayments.
Answer: With your debit/credit card using our electronic payment invoice which will be issued to you on or before due date. (this is secured by Flutterwave) or Direct Bank Transfer
Can I repay early?
We strongly advise you pay early to improve your credit rating and unlock special discounts and promotions on OYATO.
Can I place an order while i have a pending repayment?
Yes! Provided it is within your repayment limit, which is calculated using a DIR (Debt to Income Ratio) calculator. If not, you might have to pay down on your running obligation before accessing another.
LATE REPAYMENT
What will happen if I miss my repayment?
Paying each installment by its due date is important to build your credit score and increase your purchase limit. Late repayment will affect your ability to make subsequent purchases as you will be at risk of being blacklisted from our records. If you are very late on your payments, we may report to National Credit Reference Bureau (CRB). Being listed on the CRB will block you from getting access to loans from other lenders and may also affect your ability to get a job with certain employers.
What is a credit reference bureau?
A Credit Reference Bureau (CRB) collects credit information on individuals and provides repayment performance data to banks, lenders and other businesses. CRBs help promote financial inclusion and prevent indebtedness.
Can I request to repay at a later date?
Late repayments not exceeding 5 days might be considered however, your credit rating will experience a 5% decline. It is important to note that we cannot alter your repayment scheduled after item has been delivered. If you are unable to pay the full amount due, we advise you start making partial repayments as soon as possible.
What happens to the item financed in the event of non repayment?
In the event of default demand notices are issued for the outstanding amounts due which if not honored the item financed is forcefully repossessed and remains in the company’s custody.
What happens to the item(s) repossessed?
Items repossessed are kept in the company’s custody for a maximum of 7 days. If repayment is not made within this period the item will be auctioned at a forced sale price. In the event that repayment is made within the period, you are expected to bear all delivery cost.