Are you looking for a later-used code then this article is for you with all the necessary information about paying for later used code
Carbon has been in the loan industry for a long time since 2012, though they were not known as Carbon its name then was OneFinance and Investment Limited which was later shortened to Onefi, it is in this Onefi that carbon loan spring up.
Like other loan companies of that time they gear up and move to app loans, which proved to be better and easy than physical loan disbursement, you don’t need to meet the person you are given a loan to, you only need their BVN and with one click they will take the loan and pay back.
According to a survey we carried out on Facebook, Carbon, and Fairmoney are currently the best loan app in Nigeria, they do not harass their customer on social media or send provocative messages to the family of those that defaulted, but all the same, they have a way of collecting their money from the defaulters.
Table of Contents
Requirements for pay later loan
Like many other loan apps in Nigeria, before you can get a loan from Carbon you need to meet up with the following requirement
You need to have a smartphone, with which you will download the app
You need to have a BVN and bank account
Your credit score should be good
You need to provide your ATM card details
Other information needed is
- Phone number
The amount you can borrow from pay later
You can borrow up to 1 million nairas from carbon and as low as #1,500. As a first-timer, you won’t be able to get up to this amount, usually, you will start with #10,000 but as you borrow and pay back regularly, your credit score will increase and you will be able to obtain a high amount of loan.
How to pay later loan works
It is simple, once you download the app and request a loan, you will be asked to submit your bank account with which your low loan willdisbursedse and in minutes of application your account will be credited.
You will also be asked to link your ATM card, in case you did not pay on time the loan will be deducted from your bank account automatically.
The most interesting thing about this loan app is that you don’t need collateral or paperwork just the app and ban.
Sections you will see on the Pay literLiterature app
Apart from getting a loan from Carbon, you can also save and make free transfers, below are the section on the app
This is where you go if you want to obtain a loan
If you want to send money to someone, buy airtime, data pay the electricity bills, and others this is the go-to section, as at the time of writing this article the transfer is free.
This is where you see all the details of financial transactions you carry out on the app
Financial tool/ saving section
Here you can save your money, and get annual interest from It. The interest rate can be as high as 15% depending on the duration of saving.
How to get a loan from Carbon
The first thing to do is to download the Carbon loan from the play store for Android users and the app store for iPhone users
Register by filling in your details and setting up your password
At a Point of registration, you will be asked to upload your picture which you can snap with your phone or upload from the gallery
Locate and click on loan on your dashboard
If you have a good credit score the amount you can loan will be shown and the duration.
Though the starting loan amount for the first-timer is #10,000. If you use to transfer and receive large sums with your bank account the amount will be more than this.
Pay later used code
Another way to get a loan from Paylater is the use the USSD code. This method is very fast and requires less registration. The loan will be disbursed directly into your account.
The pay later used code is *1303# it works on every network in Nigeria but make sure you dial it on the network connected to your bank account.
Other pay later used code codes are
*1303*3*Amount*Phone No# Dial this code if you want to transfer to another carbon wallet, yes carbon has a wallet where you can save your money
*1303*4*Amount*Acct No# Dial this code when you want to transfer money from Carbon to a bank account
To fund a wallet using a GTB account dial *737*22*Amount#
To fund your wallet using a Zenith account dial *966#
Paylater loan interest rate and payback period
Carbon loan Interest rate is between 1.5% to 30% depending on the amount of loan you req for and the payback period. The payback period is usually between 30 days to a year.
How to pay back a later loan
You have two methods to pay back your loan, you can either set the loan payback to automatic where the loan amount plus Interest will be automatically deducted from your account.
You can also transfer the loan amount to your carbon account or add money through an ATM card.
Is pay later loan legit?
So far Carbon and Fairmoney has been the best loan app in Nigeria. Carbon has more than 1 million downloads on the play store and a rating of 4.4 stars. Carbon is regulated by CBN and insured by NDIC.
NDIC (Nigeria Deposit Insurance Corporation) is an agency that protects depositors in Nigeria. If anything goes wrong you can contact them, or contact CBN.