FAQs by Employees on Loan Marketplace

Q: Who are the loan providers?

We currently partner with Yield Bank, Fundit, and Yalo to offer employees access to loan options. As we continue to expand our marketplace, additional lending partners will be introduced to provide even more financing options.

Q: Do I need to tell my HR before applying for this loan?
​ No. You can apply directly from your dashboard. However, your profile must be complete before you can submit an application. This includes providing all required information, such as your Next of Kin's email address.
Additionally, your company must have a loan policy that allows employees to apply for loans through the platform.

Q: How do I apply?
​You can apply directly from the requests page in the PaidHR web or mobile app. When a request is submitted, it first goes to your admin for approval, then it is transferred to the loan provider for final approval and disbursement.

Q: Where will the money be disbursed?
​The approved amount will be paid into your primary salary account as stated on your profile. All of this information will be shared with the provider when you make your loan request.

Q: How do I pay back?
​Once you choose your repayment tenor, a fixed monthly amount will be calculated and automatically deducted from your salary each payday.

Q: Will my employer see my loan details?
​Your employer only approves your loan request to confirm payroll eligibility. Loan terms and repayments are handled between you and the loan provider, securely through PaidHR.

Q: What do I need to apply for the Marketplace Loan?
​You’ll need only your BVN and NIN. You’ll also have to read and agree to the terms and conditions.
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​Q: How long does it take to get approved?

Approval times depend on the lender, but most Marketplace loans are processed within 48–72 hours once all documents are submitted.

Q: How will I know if my loan is approved?
​You’ll receive an offer letter via email, it is important to accept the offer before the offer expires. You will also see an update in your Loans tab once your application is approved or declined.

Q: What happens if I leave the company before I finish repaying?

​Your repayment schedule will continue directly with the lender. You’ll be notified on how to make payments hassle-free.

Q: What happens if I leave the company?

​The loan contract is between you and the lender and has no ties to the company. As such, you will continue to repay your loan directly to the loan provider.
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​Q: Can I get a loan if I have only worked for 4 months in my company?
​Yes, you can apply for a loan from the marketplace anytime during your employment