Frequently Asked Questions

  1. Why does my company need invoizPAID?
  2. invoizPAID provides easy and quick access to working capital without cumbersome paperwork, collateral or any hidden charges.

  3. How much does InvoizPaid charge?
  4. We charge 4% flat monthly fees. Our rates are very competitive as micro-finance banks charge 5% and our competitor's charges between 7-13% monthly.

  5. Are your rates negotiable?
  6. No. Our rates are very competitive as micro-finance banks charge 5% and our competitor's charges between 7-13% monthly.

  7. Can I take the loan for 1 year?
  8. No. We offer a short-term loan, maximum of 6 months.

  9. What is the maximum amount I can get?
  10. For first time merchants, we can give between N300,000 to N2 million, However, for returning clients we give up to N20 million.

  11. How long does the process take?
  12. We pride in our promptness to merchants needs, it takes 2-3 days from business verification to disbursal if your loan request is approved.

  13. How would repayment be structured?
  14. For easy payment, we request a fixed amount weekly which is deducted from your proceeds/payment. Weekly payment = ((Principal + Interest)/number of weeks).

  15. In the event of default, will I be charged?
  16. For default, we charge merchant 0.33% of the outstanding daily.

  17. If my loan is approved, do I need to provide any other documentation?
  18. Yes, as part of our loan approval process, you'll be required to have mandatory Fire and Theft Insurance, you will also be required to provide signed blank cheques from a personal current account.