Paylater Loan App In Nigeria (Updated)- All You Need To Know

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Have you been hearing of paylater loan Nigeria? and you are kind of wondering what a paylater loan is all about and how it works.

Don’t worry, you are in the right place. In this post, I’m going to cover everything you need to know about paylater loans in Nigeria and how you can secure your first loan in the next 5 minutes.

With today’s technology, you can now secure a short-term loan without having to use any of your valuable assets as collateral.

Money lending companies such as paylater make use of modern-day technology such as machine learning which they use to evaluate their customers who want to collect loans. This technology uses the bank verification number (BVN) to assess a customer before granting a loan. It will assess your credit score and give out a well-calculated decision.

Before you go ahead to request a loan from paylater, make sure you are not defaulting on any loan or better still, ensure that your BVN has not been sent to the credit bureau. If you are defaulting in any way, you won’t get a loan from paylater.

Before we go straight to the loan collecting process, let me tell you more about paylater and why you should choose them as your lending company for solving your urgent financial problem.

There is something about paylater, they know their customers and their customer knows them. What do I mean by that?

Paylater believes in building a relationship, if you pay your loans on time, they will make you a family by being there for you whenever you need them.

So what is paylater and how does it work?

Also Read: Loans In Nigeria Without Collateral

Paylater Loan App In Nigeria (Updated)- All You Need To Know

Paylater loan app Nigeria

What Is Paylater?

Paylater is an online money lending platform or company currently known as carbon. It focuses on increasing access to credits for individuals who are seeking urgent financial help to solve their problems.

A lot of people are looking for loans to solve their financial problems or to boost their business but they find it difficult to talk to someone or seek financial help from banks or family and friends due to the burden attached to it.

This is why paylater came into the market to help these kinds of people and ensure they are financially okay through their short term loans.

How Does Paylater Loan Works?

Paylater offers you a loan to solve your financial problem or urgent monetary issues. Paylater uses advanced technology such as machine learning to know your eligibility to collect loans. Once you meet the loan criteria, you will automatically get the money you requested within 5 minutes.

How To Apply For A Paylater Loan In Nigeria

Here is the step by step process to apply for a paylater loan

  • Download the paylater app (Android or IOS)
  • Open the app and sign up using your real details
  • Apply for your desired loan amount
  • Wait for the system to process your information
  • Receive your loan within 5 minutes

How Much Can I Get From Paylater (Updated)?

With carbon or paylater, an individual can borrow up to N 500,000 from carbon without any form of collateral or any written agreement.

Carbon offers several types of loans to businesses and individuals. These loans are

Starter Credit Loan

This type of loan offered by carbon allows you to request a short term loan which you can pay back within 7 days. This loan offer amounts to N2,000 with 100% cashback on the interest if you repay on time.

Payroll Loan

A payroll loan is a loan that is accessible only to salary earners who are paid through REMITA service. Once you apply for this loan and accept the offer. Carbon will provide you with the necessary information.

If you encounter any problem with repayment you can contact carbon at payroll@carbon.co

Cash Back Loan

Cash Back loan offer is a new feature introduced in the carbon app, this feature allows you to have access to 10%-100% cashback on loans that are repaid on time. The cashback will be credited to your carbon account.

Paylater or Carbon also offers additional services such as buying recharge cards, airtime, cable subscription,  betting lottery and online shopping. 

With carbon, you can have an online bank account within the app where you can save, send or receive money.

How Can I Access SME Loans on Paylater(Carbon)?

Paylater also over small-to-medium enterprise loans to business owners in Nigeria. For you to access the paylater SME loans, here are what you need and also the criteria.

Criteria For Securing An SME Loan On Paylater

  • The applicable sector must be within retail, agent banking, food service and health service
  • Your business must be at least 1 year old or more.
  • You must have a monthly sales revenue of 1 million and above
  • Your business must be within Nigeria
  • An SME loan account is different from a regular personal account. With an SME account, you can get from N 300,000 – N 1,000,000+.

Note: The interest for paylater SME loan is 5%

What Can I do With Paylater Mobile App?

The paylater app gives you the ability to perform so many transactions. It comes with great features such as

  • Having a personal bank account with no maintenance cost.
  •  Recharge airtime, buy mobile data, pay utility bills all for free.
  • Free funds transfer within Nigeria. 
  • Investment feature that allows you to get up to 11% interest on your investment and many more.
Paylater loan app

What Is The Interest Rate Of Paylater?

The paylater interest rate ranges from 1.75% to 30% depending on how much you are collecting with an equivalent interest rate of 1% to 21% monthly.

The annual percentage rate (APR) of paylater 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 per cent 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.

Paylater Loan Application Form

Paylater does not have a physical application form, a lot of people keep asking where they can get the form and apply for a loan.

We are in the 21st century where almost everything is done digitally. All you need to access a paylater loan is a smartphone of either an android or iPhone operating system. Download the app and sign up by filling in your details,

Carbon/Paylater

A lot of people usually get confused about carbon and paylater. Paylater was the first name the company was using before which they later changed to carbon for a reason well known to them. So when you hear of carbon simply know that it is the same as paylater.

Download Carbon Paylater Loan App

You can download the paylater loan app latest version from playstore or download the apk file for the paylater app from apkmonk. The size of the android version of the paylater loan app is 26MB.

The app allows you to have access to various services offered by paylater(carbon) such as airtime purchase, data purchase, payment of utility services e.t.c

Paylater Loan App For iPhone

Paylater also runs on the iPhone operating system. If you are using an iPhone smartphone, you can download the paylater app on Appstore. Paylater runs on version 11.0 or later. The size of the paylater app is 231MB.

The Pros Of Paylater Loan App

There are so many reasons why paylater is an amazing loan app. Paylater has proven to be one of the best money lending companies due to factors like

  • A faster loan approval process
  • No guarantor involve
  • No paper works involve
  • No collateral to secure loans.

The Cons Of Paylater Loan App

One of the Cons of the paylater loan app is the low amount of loan offers. Paylater only offers N10k for the first-timers as a risk management strategy to help protect the company from bad debtors. So if you are seeking a huge amount of loan, then paylater is not for you.

But you can still apply and collect that amount, with time they will eventually increase your loan if you are paying back on time.

How Do I Contact Paylater Customer Care?

You can contact paylater or their customer care using the following contact information below:

Conclusion

If you have any questions regarding a paylater loan in Nigeria, kindly drop them in the comment section. We will be happy to answer your question. Thank you for reading.