Paylater, now Carbon is one of the leading digital lending platforms in Nigeria that offers instant and short loans to its users.
The Carbon mobile app is a one-stop destination for any mobile financial transaction.
Aside from accessing emergency loans, Carbon app can be used to transfer money to recipients’ accounts, recharge airtime and pay bills anytime and invest at high-interest rates. And what’s more?
You don’t need any guarantor or documentation to obtain a Carbon Paylater loan. If you are looking for how to get funds to meet your financial obligations, we’ve got you covered.
Here, we will be detailing all you need to know about Carbon Paylater loan and how to access and repay their loans.
About Carbon Paylater Loans
Carbon loan as we know it began its operation in 2012 as One Credit. One Credit was established in Lagos, Nigeria with the objective of providing loans to salary earners only, using a paper-based application process that requires documentation.
In 2015, the loan app evolved to OneFi due to the considerable growth in its business.
With the introduction of a unique Bank Verification Number (BVN), the company could extend its financial services to non-salary earners by leveraging on its field agents.
By 2016, the business went digital and its name changed to PayLater. This Upgrade helped the company attract millions of Nigerians through data and smartphones.
To meet certain demands of the time as well as the complex nature of customers’ needs, the Carbon Paylater loan app came into existence.
The app expanded from just loan disbursements into bill payments, investments, and financial management.
Carbon today is a representation of people’s basic needs. It evolved to be a one-stop source for obtaining loans and other mobile financial transactions.
Requirements for Accessing Carbon Paylater Loan
To be able to get a short and instant loan from the lending platform, you are required to do the following;
- Download the Carbon app
- Personal information such as name, phone numbers, address, and more.
- Then, a photo of yourself taken in real-time with your smartphone via the mobile app.
- Bank Verification Number (BVN)
- Bank Account details and the ATM card you will use to refund the loan. Note that between NGN50- NGN 100 will be deducted from your account for card verification.
- Lastly your government issued ID number (Optional)
How to Obtain Loan with Carbon
Below are the eight easy steps to follow for obtaining a loan
- STEP 1: Download the Carbon application on your smartphone via your Google Play Store or Apple Store.
- STEP 2: Complete the necessary registration by providing all the details required, ranging from your name to your phone number and email.
- STEP 3: Take a photo of yourself with your smartphone camera at that moment and upload it.
- STEP 4: Apply for loan by filling and submitting the application form.
- STEP 5: Wait for the loan offer for few minutes.
- STEP 6: Accept Loan and provide repayment details
- STEP 7: As soon as you complete the last step, your loan will be disbursed in your account in minutes for you to cash out.
What is the Interest Rate of Carbon Loan
The interest rate of Carbon Loan ranges from 5% to 15% depending on the amount to money loaned and the repayment period.
Carbon Paylater Loan Term
The loan term is between 30 days to 12 months
How much loan can I get?
With Carbon loan, you can get up to NGN1 million loan. However, loans disbursed at one’s first try is usually very low.
The good news is as soon as you pay back in due time, you can access bigger amounts.
How to Refund Paylater Loan
This is a very easy procedure. All you need to do is to log into your account via the mobile app and click on repay the loan. In minutes, the loan will be deducted from your account.
For more information, you can visit their website.
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.
