In time past, people took loans from relatives, families, and friends. Others got funds from banks and moneylenders. However, each of these sources could take weeks to provide the requested money or might not offer the right amount of cash needed.
This problem led to the growth of electronic lending services, such as Paylater now Carbon. With Paylater, you can get a loan without any issues. In this post, you will learn about Paylater Quick Loan and see how it works with how you can apply.
Paylater Quick Loan: How It Works and How to Apply
You can learn everything you need to know about this money-lending service. But first, let’s check out some facts about Carbon Quick Loans.
What is Paylater?
Paylater (now rebranded to Carbon) is a money lending platform that you can use to obtain loans, make payments, and invest. This service is owned by One Finance and Investments LTD.
When did Paylater begin operations?
Paylater was established in 2016 by two Nigerian brothers – Chijoke and Ngozi Dozie. The service was launched to provide loans to individuals and small businesses who could not offer collateral.
In the same year, the company launched the Paylater mobile app for Android devices. Two years later, the app allowed users to send, save, and invest money. In 2019, the founders changed the name (rebranded) to Carbon.
Currently, the Paylater app has about one million downloads on the Google Playstore. Now let’s see how this platform works?
What can I do on the Paylater App?
There are many things that you can do on the Paylater App. Below are the things you can do on the money lending platform.
- Receive quick loans
- Purchase airtime for mobile devices
- Make bill payments for various services e.g. TV subscription
- Send cash to friends and family
- Transfer cash to different bank accounts
- Create recurring payment plans
- Receive bonuses for completed transactions
How can I be eligible for a loan?
To apply for the Paylater Loan, you will have to fall between the ages of 18 – 60 years. You should also come from any of the following categories of people:
- Salary Earners
What are the requirements to apply for loans on Paylater app?
Before you can apply or get loans on Paylater, you will need the following requirements.
- An Android smartphone – Paylater does not work on iOS devices.
- An internet connection. You will need an active data plan to access the app. But if you own an MTN line, you can use the Paylater (Carbon) app without making a data subscription.
- A valid ID card (required for loans from ₦50,000) – Permanent Voter’s Card, Driver’s License, National ID, or other government-issued means of identification.
How can I use the Paylater (Carbon) App to apply for a loan?
Anyone can use the Paylater App as it has easy-to-use features. Besides, you can apply for a loan at any time or day of the week. If you want to get a loan from the platform, you will have to follow the steps below:
- Open the Google Play Store and search for Carbon (Paylater) App.
- Choose and download the Carbon App (The company changed the name to Carbon in 2018)
- Open the app and fill in the required details.
- Pick your preferred loan amount and duration.
- Submit your application. You will get a loan decision in seconds.
- Check the online form for errors. If you can’t find any, submit the application for approval.
- Wait for a few minutes. If the platform approves your application, you will receive a loan payment schedule that shows when you should make the repayments.
- Read and accept the terms (if you agree with them). Within a few minutes, your Paylater account will receive the required loan.
- Choose the “Send Money” option to transfer the funds to your account.
Are there any fees or interest rates on a Paylater (Carbon) Quick Loan?
Yes, Paylater (Carbon) places a 5% monthly interest rate on the first loan. However, interest falls between 1.75% – 30%, with a monthly interest rate of 1 – 21%. As for the Annual Percentage Rate, it goes for 23-60.8%. Unlike banks, Paylater does not charge any fees for processing loans.
What are the least and maximum amounts I can receive from Paylater?
If you want to take a loan from Paylater (Carbon), you choose from ₦1,500 to ₦1,000,000. For users in Kenya, the amount ranges from Ksh 500 – Ksh 30,000.
To qualify for a larger loan, ensure you repay the money within the specified repayment dates.
Reasons for non-approval of Paylater (Carbon) Loan Applications
Sometimes, your loan might not get approved on the platform. To increase your chances of loan approval, you must:
- Access the app with your main Android phone
- Ensure your details match the ones used for your BVN registration
- Fill in (when required) your Voter’s Identification Number, Driver’s Licence Number, National Identification Number (NIN), or International Passport Number correctly.
- Avoid late repayments of Paylater (Carbon) Quick Loans.
If any of these suggestions do not solve the problem, you can contact the Paylater (Carbon) Support line (01-4609945) or send a message to their Twitter or Facebook page. You can also visit https://getcarbon.co
Are there penalties for late loan repayments?
Yes, Paylater (Carbon) Quick loan has a penalty for the late repayment of approved funds. If you don’t pay within the specified time frame, you won’t be eligible for a new loan. Besides, you might have to wait for up to two (2) months before you can apply for a loan again.
Paylater (Carbon) Quick Loan is one of the best ways to get cash, especially during emergencies like paying for groceries or minor car repairs. However, avoid using this app to deal with long term debts as it attracts costly rates.
I hope you find this guide useful. If you have any questions or comments you can drop them in the space below. You can also share your experience with using the Carbon app.