Business. Investment. Making Money

Paylater Loans: A Simple Guide to Getting a Loan

Paylater, now known as Carbon, is a digital lending platform that provides you with easy and quick access to loans without collateral or guarantor, and other financial transactions and services through its mobile app or website. With Paylater loans, you get access to loans at fair interest rates. The Paylater platform also provides investments with an attractive ROI.

Paylater (now Carbon)

Carbon was launched over seven years ago as Onecredit. It is a financial institution licensed under the Central Bank of Nigeria and powered by One Finance & Investments Ltd. Its services were majorly giving short-term loans to salary earners in Nigeria. However, since the company now offers lots of other financial services like bloom, bill payments, free credit reports, personal finance management, fixed savings, airtime purchase, and wallet, besides loans, rebranding deemed fit.

How Carbon Works

To get started on Carbon you do not need any paperwork or collateral. All that is required are your smartphone or tablet, a government recognized means of Identification and an active bank account.

To be able to use Carbon you must:

  • Download the app
  • Proceed to registration by providing all details required such as BVN, address, debit card details, etc.

During registration, your BVN and selfie would be required for identity verification to ensure that your provided identity matches the one on the system. Another reason for that is to avoid stolen identity; someone else will not be able to use your details to open a Carbon account or take loans in your name.

Once duly registered with Carbon you will be given a client ID number which will serve as your account number. This number will be sent to you via SMS and email after registration. It would also reflect on your app dashboard. This number stands as your official Carbon recognition for any financial services carried out on the app.

Steps to get a loan from Paylater

  • Download the app from Google Playstore
  • Fill in necessary details in the application provided on the app
  • Application processing by Carbon
  • Receive loan once approved within 5 minutes

Things to know about Paylater Loans

  1. While applying for a loan, the available loan amounts will be displayed alongside their repayment and loan tenure on the app. Within a few minutes, you will typically get a response on your loan application.
  2. The loan tenure is determined by the type of loan or amount of loan applied for. The system automatically calculates the repayment and states the estimated loan tenure.
  3. Early repayment could unlock new loan limits and get you a good credit report. Higher loan offers are available to employees of companies in partnership with Paylater. Check the website for the list of companies.
  4. To get disbursed after loan approval you must link a valid debit ATM card to your Carbon account. It is expected that you have at least N100 on your debit card in order to complete your account setup. Also, ensure that the expiry date of the debit card is not due before your final loan repayment.

Things to know about Paylater loans repayment

  • To repay your loans you can simply fund the account or set up a debit card, and the repayment will be automatically deducted.
  • Early repayment does not necessarily mean that you will pay less as the loan repayment term is fixed. However, there are certain benefits like good credit scores and low-interest rates attached to it.
  • Paylater does not currently support the rescheduling of repayment in a case where you are not sure of meeting up to the appointed date. There are charges and other implications attached to late loan repayment.

There are lots of other online lending platforms now that also have a zero-collateral policy. 

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