Wondering what is paylater(Carbon)? and you’re wondering if you can get a loan from paylater without using any of your assets as collateral. If that is what you’re searching for then you’re in the right place.
In this article, you’ll learn everything you need to know about paylater loan and how to secure your first loan from paylater in Nigeria.
Paylater Loan App (Carbon)
Paylater Loan is one of the most popular money lending apps that offer quick loans within 1 minute without asking you to use any of your assets as collateral or fill some paper works before you can get loans
Paylater is currently known as carbon after the name was changed by the owners for a reason well known to them. The app has been one of the most successful money lending apps in Nigeria and across other African countries. The company has penetrated into different countries and they have lent billions of Naira across Africa.
Also Read: Loan Without BVN
How Does Paylater Works?
Paylater offers you a loan to solve any financial predicament you’re facing by offering you a quick loan without you having to use any of your assets as collateral.
The app uses AI technology and a machine-learning algorithm to evaluate your loan application before approving it. If you meet the loan requirement, you’ll receive your loan within a few minutes after approval.
How To Apply For Paylater Loan
Applying for a paylater loan is very easy and straightforward. Follow the step below to apply for a paylater loan.
Step by step process to apply for a paylater loan
- Visit Appstore or Google Playstore to download the mobile app.
- Open the mobile app after downloading it and fill in every information with your real details
- Choose loan amount and apply
- Wait for the Application to process your loan
- Receive a credit alert of your loan
Things You Can Do With Paylater Mobile App
Besides offering quick loans without collateral, the paylater app has other interesting features that will wow you. With the paylater mobile app, you can perform other transactions such as;
- Having a personal bank account in the app which you can use for sending and receiving money with no maintenance cost
- Ability to buy airtime and data with the mobile app.
- Ability to transfer funds within Nigeria without paying any transaction fee
- The investment feature is available on the mobile app. You can get up to 11% interest for your investment
Paylater Loan Interest Rate
Paylater has a good rate compared to other money lending apps out there. With paylater, you can get a loan and pay interest from 1.75%-30% depending on how much loan you are collecting with an equivalent rate of 1%-21% monthly.
The annual percentage rate of paylater (APR) ranges from 23% to 60.8%. This does not involve late fees or processing costs.
This simply means that if you collect a loan of N50,000 for a 3-month duration, carbon will charge you 2% a month with an APR of 23.4 percent which is a total of N53,000.
Paylater offers a flexible tenor for 1 month to 6 months by giving you the ability to repay early at any point in the tenor.
How To Download Paylater Loan App
Downloading the paylater mobile app is very easy. The app is available on the IOS App store and Google play store for free download.
For some reason, if your phone doesn’t access the play store or Appstore and you wish to run it on an android operating system, you can download the APK version of the app.
Pros Of Paylater App
Paylater has so many reasons to be considered as the best money lending app that offers quick loans without collateral.
Below are some of the reasons why Paylater is regarded as an amazing mobile money lending app in Nigeria.
- Faster Approval Process
- No need for a guarantor
- No stressful paperwork and documentation before offering a loan
- No need of using your valuable assets as collateral.
Also Read: Lcredit Loan Review
Cons Of Paylater App
For every good thing, there is always a bad part of it. But the case is different with the paylater mobile app. They tried to perfect everything about their app or service to the extent that you can not find any fault with it.
The only setback with the paylater mobile app that I have observed so far is the aspect of the low lending amount of N10,000 Naira.
If you’re getting a loan from them most especially if it is your first time, they usually lend our money as low as N10,000 Naira as a risk management strategy to avoid giving out loans to people who might end up becoming bad debtors.
Most lending companies offer a huge amount of money when you have a great credit score and a good inflow and outflow of monetary transactions taking place on their account.
If you’re seeking a huge amount as a first-time user of paylater, kindly know that you cannot get that from paylater. But as time goes on, they will eventually increase your loan offer when you prove to pay back your loan on or before the agreed date.
Also Read: Auto loans in Nigeria
How To Contact Paylater
For any problem, you can contact Paylater from the following channel
- Twitter: https://twitter.com/get_carbon
- Facebook: https://www.facebook.com/getcarbon
- Medium: https://medium.com/@getcarbon
- Youtube: https://www.youtube.com/getcarbon
- Facebook community: https://web.facebook.com/getcarbon?_rdc=1&_rdr
- Emai Address: mailto:firstname.lastname@example.org
- You can also contact paylater via call using this number +234-16311215
Paylater Loan Ussd Code
Paylater has developed the USSD feature where you can access their financial services without connecting to the internet. To access the pay later USSD service dial this code *1303#
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