LazyPay: Information, Eligibility Criteria, Interest Rates, Review & More
LazyPay is a loan app that claims to offer instant personal loans to salaried professionals and self-employed individuals. The LazyPay app is run by PayU Finance and offers borrowers access to credit and pay later options. The credit options from LazyPay range from ₹10,000 to ₹5,00,000. Hence, to know more about LazyPay, consider reading through to the end of the article.
In this article, we will mainly give you an overview and a review of LazyPay. Furthermore, we will also give you details about the loan options that you will get once you use LazyPay. Later on, you will also learn about the loan eligibility of LazyPay and various other factors. Therefore, to get fully informed, read the upcoming sections of the article.
What Is LazyPay?
LazyPay is an app that offers two types of services – namely, pay later options, where you can shop now and pay late, and also personal loan options. With pay-later services, LazyPay offers you to settle your amounts every fifteen days. The auto-repayment feature with LazyPay’s pay later deducts the amount every fifteen days.
On the other hand, LazyPay also offers instant personal loans. You can borrow personal loans up to 5 lakhs INR, depending on your credit score and various factors, including age, salary, job, etc. The loan app claims to give you Flexible EMI options, fast application of loans, and quick approvals of those loans.
Is LazyPay Safe?
With various loan options and pay later related information on their official website, LazyPay seems legit to us. However, due to a variety of complaints from loan borrowers and other customers, LazyPay does not have a good review on the Internet.
Even there are many complaints against LazyPay in the Indian Consumer Forum. The Ministry of Electronics and Information Technology of India has blocked LazyPay on various platforms. They are charged with the misuse of the data of the consumer, which is considered important for national security and integrity.
According to TechCrunch.com, “The LazyPay website has been blocked by several internet service providers in the country. A message on the Prosus-owned website says the action was taken in compliance with the IT Ministry’s order.”
LazyPay Payment – What Does It Offer?
| Loan Aspects | What LazyPay offers you? |
| Loan Amount | ₹ 10,000 – ₹ 5,00,000 |
| Loan Tenure | 90 days to 720 days |
| Rate of interest on loans | 0.05% per day |
| Loan Processing fee | 2% of the loan amount |
| Loan review time | Depending upon the amount of the loan (may take from 5 minutes to 7 days) |
| Late payment of the loan | – Application of Penalties every day based on the overdue loan- Updating the credit score as default with credit rating agencies (CIBIL, CRIF High Mark, etc.) |
| Loan Repayment | Loan repayment is made automatically from the provided bank details as per the approved schedule. |
Once you open the app, you will get a variety of loan options to choose from from different LazyPay Merchants available to offer you loans through the app. However, different merchants have different viewing mechanisms, and depending on the merchant you choose, you can get your loan accordingly.
LazyPay Loan App – Eligibility
The following is the major eligibility-related information that you will need to know before you avail of loans from LazyPay:
| Loan Requirements | Eligibility |
| Age of the borrower | 22 to 55 years old |
| LazyPay credit score | Depends on the type of loan applied for. |
| Type of Employment | Salaried professionals and self-employed individuals. |
| Minimum monthly income | Any monthly income is eligible to take loans |
| Work Experience | Work experience requirements change with the amount of the loan demanded. |
| Required Documents | 1. Salaried Employees- Need to fill out KYC- Verification of KYC- Need to submit bank details- Bank account number & IFSC- Net banking required for auto-repayment 2. Self-Employed Individuals- PAN card required- Address proof (Voter ID or Passport)- Aadhar Card- Bank account number & IFSC- Net banking required for auto-repayment |
How To Delete LazyPay Account?
After LazyPay Bill Payment in LazyPay pays later, you will have the option to delete your LazyPay card permanently. According to LazyPay, “A permanent block deletes your card details and cannot be reversed. Keep in mind that this step will deactivate your virtual card number as well. If you suspect your card or card details have been stolen or compromised in any way, we urge you to permanently block your card as soon as possible.”
Go to your LazyPay account, and find the “Manage Card” section. Scroll down, and you will see an option that lets you permanently delete it.
LazyPay Customer Care
If you are finding problems with any of the LazyPay services, be it pay later or instant personal loan, you can call LazyPay Customer Care no at +91 8069081111 from 9 am to 9 pm any day. You can also go to this page to get help with various issues: https://lazypay.in/needhelp.
LazyPay Reviews
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Summing Up
Hope this article was helpful for you to get a better idea of the services offered by LazyPay, and various details related to eligibility for loans and pay later options in the platform. Regarding safety, hope you have enough information from the reviews of the customers, and also the safety issues pointed out by the Government of India. We would recommend you be careful and get the information fully before you borrow loans from LazyPay. Do you know of any people facing problems with LazyPay? Share with us some information about that in the comments section.
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Stakeholder Vs Shareholder: A General Overview According to Investopedia, “A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers. However, with the increasing attention on corporate social responsibility, the concept has been extended to include communities, governments, and trade associations.” In general, stakeholders have a vested interest in a company’s performance. Stakeholders can affect or can be affected by the performance of a corporation. Stakeholders include investors, shareholders, employees, suppliers, customers, governments, trade associations, or communities. Hence, you can see that the stakeholders of a business can be both inside and outside of the organization. On the other hand, according to Squareup.com, “The dictionary definition of a shareholder, also known as a stockholder, is a person who holds at least one share in a company. They’re not the same as a stakeholder though – this is someone who has an interest but doesn’t necessarily hold shares. Being a shareholder confers certain rights and responsibilities such as voting rights and the right to receive dividends if the company makes a profit.” You can see from the aforementioned definition that a shareholder owns a part of a public company through shares of stock. A shareholder is a stakeholder, but a stakeholder is not always a shareholder. A shareholder is not part of the day-to-day operations of the business, as these functions are the responsibilities of the directors, management, and employees of the company. [N.B.: If a shareholder owns more than 50% of the stock of a corporation, then he is a majority shareholder. However, if the shareholder owns less than 50% of the stock of a corporation, he becomes a minority shareholder.] The Importance And Functions Of Stakeholders According to the Corporate Finance Institute, “A stakeholder is a party that has an interest in the company’s success or failure. A stakeholder can affect or be affected by the company’s policies and objectives. Stakeholders can either be internal or external. Internal stakeholders have a direct relationship with the company either through employment, ownership, or investment.” Stakeholders are basically those people who affect the company, or the company affects them. These people have a “stake” in the company’s success and failure. A shareholder can also be a stakeholder. However, a stakeholder is not always a shareholder. Here are some common examples of stakeholders of a company: ● The employees of the company ● Customers of the company that rely on the company’s ability to provide services ● Shareholders of the company. ● Suppliers and vendors of the company ● Community members who feel the impact of the company’s decisions ● Other promotional activities of the company, including partners in events, promotions, etc. The Importance And Functions Of Shareholders A shareholder is an institution, company, or individual that owns at least one share of the company. The company’s growth offers profit to the shareholders. Hence, shareholders are also stakeholders by default. The success of the business interests shareholders since they want to receive the greatest possible return on their investment. When the company performs well, the stock prices and dividends go up, which increases the value of the shareholder’s stocks. Shareholders also have the right to exercise a vote and affect the company’s management. These people are the company’s owners and are not liable for the debts of the company, as the company is a corporation. To have shareholders, a company or a business venture needs to become a corporation by filing articles of incorporation. Stakeholder Vs Shareholder: Major Differences The following are some of the key differences between a stakeholder and a shareholder: StakeholderShareholderThey are bound to the company for the long term and are interested in the actions and success of the company.They might not have a long-term need for the company.A stakeholder can have an ownership stake in the company.Shareholders can own a part of the company by purchasing stock.The day-to-day decisions of the company impact stakeholders. The actions of the stakeholders also impact the company’s growth.The day-to-day decisions of the company might not impact shareholders. Depending on their relationship with the company, shareholders and stakeholders might have competing interests. For example, shareholders might want a company to maximize its profits by keeping its wages low or using less expensive manufacturing processes. However, this is not good news for employees and the customers of the company. Both stakeholders and shareholders are important for a corporation. However, if business ownership and management are ethical, they understand that a shareholder’s short-term profit goals might not be a good thing for the company in the long run. Hence, they resort to the Stakeholder Theory. Wrapping Stakeholder vs shareholder - Hope this article was helpful to make you understand the differences between these two terms. You can see from the article that all shareholders of a company are stakeholders. However, all stakeholders are not necessarily shareholders. When a company is public, shareholders own stock of the company through shares. 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