How to: Apply for a Loan from Paylater (Carbon) | Paylater USSD Code; Requirements needed to request for Pay Later Loan; all you need to know


Sometimes, all we need is that little support, that swift return to normalcy. It’s never a bad idea to have a friend who is ever-ready to give you some money to take care of some urgent personal issues – that friend might just be Paylater (Carbon). If you’re not a salary earner who can quickly borrow payday loans or a businessman who can get a quick business loan, your best bet might just be to turn to giant short instant loan houses like Paylater.

No collaterals, no guarantors, no application fees, no paper signing. The ease and convenience with which loans are requested and also granted is an example for the entire consumer lending and quick loans industry nationwide. The loan literally gets disbursed in a few minutes.

Paylater is an automated lending service that serves the students, petty traders, salary earners, and most importantly – the financially under-served/excluded individuals. The usual amount for new Paylater customers is 10k. This means that the first few minutes Paylater meets you, they can borrow you N10,000.

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This article focuses on how to apply for a Paylater loan from the comfort of your room. With a simple visit to the Paylater Android app, you can apply for an instant personal online loan within minutes and get a credit alert immediately.

Criteria and Requirements to Apply for Paylater Loan

An active bank account

You must have a standard bank account in any of the commercial banks in Nigeria. You must have an ATM card for the said account.


The Bank Verification Number (BVN) is an 11-digit unique code assigned to one person and is verifiable through biodata (thumbprints, faceprints).

A smartphone

Paylater needs you to have a phone number. You must also have access to the same line that’s on your BVN.

Be 18 and above

Only legal adults are allowed to borrow from Paylater. Hence, you have to be at least 18 years old to apply for a Paylater loan.

How to Apply for a Paylater Loan

Okay. Have you been asking yourself ‘how do I apply for and get this Paylater loan?’ Well, you’re just about to know that right now. The process of getting started to is just about 10 minutes.

Here is a step-by-step procedure on how to apply for a Paylater loan:

Register & Apply for a Loan

  1. Download your Paylater App. Here is the PlayStore Download Link
  2. Enter your personal details
  3. Input your phone number
  4. Respond with the OTP sent to your phone
  5. Enter your bank account number and other details
  6. Click ‘Apply for the Loan’
  7. Agree to terms and conditions
  8. Submit

The loan request goes to the Paylater Credit Appraisal bots for a quick review. The review process will take about 15-20 minutes.

Once your request is approved, you will get an instant bank credit alert. No paperwork, no collateral, no guarantor, no long talks.

Note that your Credit Risk Management System (CRMS) profile/history will be checked this will help Paylater determine your credit limit, and if they can actually lend to you.

How to Pay Back a Paylater Loan

Have you been asking yourself “how do I pay back my Paylater loan?” There are a few methods to paying back your Paylater loan easily. It is important that you pay your Paylater loan on time so you can qualify next time you come.

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  • Via QuickTeller

QuickTeller and Paylater are into a partnership, so you can pay with a bank card that is not already registered on your Paylater App.

Go to and click Pay Now.

  • Via your debit card

You just leave funds sufficient enough to fund the loan repayment in the bank account attached to the card.

FAQs on Paylater (Carbon) Loanquestion-mark-banknaija

What is the maximum loan tenor?

14 – 180 days

What is the minimum or maximum loan I can get on Paylater?

N10,000 – N500,000

What are the interest rates for Paylater loans?

The total interest rate may be between 28% – 31%. Equivalent monthly interest rates are around 2.4% to 2.5%.

This means if you borrow N10,000 for 6 months at a rate of 2.4% per month, that means you will have to pay back N11,440.

Is Paylater approved by CBN?

Paylater is owned and run by One Finance and Investment Limited is fully licensed by the CBN to operate as a finance company in Nigeria. Paylater is CBN-approved.

If I don’t repay the Paylater loan, what will happen?

Repayment of a loan is as important as taking it in the first place. You may be blacklisted from taking further loans and your CRMS profile will get a dent.

What is the USSD code to request for a loan on Carbon Paylater?


What is Paylater website?

How do I contact Paylater if I have challenges?

Paylater is a service provided by One Finance & Investments Limited (RC No: 1044655), a licensed Finance company. You may contact them here for more information and feedback:


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PHONE: 01–460 9947 & 01–631 1216

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