How to Apply for a Carbon Paylater Loan

Filed in Blog by on April 10, 2021 0 Comments

Carbon Loan: How to Apply for a Carbon Paylater Loan

Carbon Loan is a product of One Finance and Investment Ltd, which was founded in 2012 as One credit.

At the time, the company only made loans to salaried employees, and it operated entirely on paper, requiring substantiating documents.

One credit evolved into OneFi in 2015, after experiencing significant growth in its operations and turnover. The company could extend its services to non-salary earners by leveraging its field agents with the involvement of the Credit Bureau of Nigeria and the introduction of a unique Bank Verification Number (BVN).

Carbon Loan

The company developed into a fully digital platform in 2016 and changed its name to Paylater. As a result of this upgrade, millions of Nigerians could capture their minds by using smartphones and data.

They thought that they could create loans and simplify their application process by using data and leveraging technology. The paper-based application process was therefore completely annihilated.


The Carbon Paylater Launch

This transformation was carried out by the mobile app launched in May 2016. It was one of its first and best services – a fully digital loan platform, available 24 hours a day. In a matter of minutes, you can get cash into the account of a person. Over a million downloads were available two years later for the Paylater mobile app.

The Carbon Loan App was introduced to meet certain demands of the times and the complex needs of the customer. It expanded into bill payments, investment and financial management through just loan disbursements.

Carbon represents the everyday needs of a person and how they become a reality. They also want to be a stopping point for Nigeria to access a loan.

The Carbon Paylater App

  • Ratings – 4.4-star rating with over 71k reviews
  • Downloads – Over 1m downloads since 2016
  • Year of Release – 2016

The Carbon App is a single-step mobile financial transaction destination. You can get immediate loans to fulfill your emergency financial liabilities, transfer money to another account, recharge airtime and pay the bills whenever you want. You can do all this and more on your mobile phones right in the App.

How To Use The Carbon Loan App
  1. Search for the app “Carbon” on Play Store or App Store to download
  2. Download the App
  3. Create your account in minutes
  4. Get instant access
There are four sections that you may find useful with different features.
  1. Loan section: This is the first section of the loan application.
  2. Payment Section: You may undertake different payment activities in this section. These include the purchase of air time, money for somebody, internet subscription and electricity charges.
  3. Section Financial Tools – Investment options like opening a fixed deposit account are presented in this section. A free credit report is also available here.
  4. Transactions Sections: Here, the transactions you perform in the app are summarized.


How To Get a Carbon Loan

Follow the steps outlined above until you reach step 4.

  • Register to provide all of your information. Name, phone number, email address, and so on
  • Before you can apply for loans, you must first upload a photo. The image can be captured directly from the app.
  • Select the “Request a Loan” option.
  • Wait for your loan to be approved. This usually only takes a few minutes.
  • After the loan is approved, you accept the offer and provide your credit card information. Typically, the loan term ranges from 30 days to 12 months.
Carbon Loan USSD Code

The Carbon Paylater USSD code can be used on both MTN and 9mobile platforms by dialling *1303#. You can check out this post to see other USSD code for loans in Nigeria.

How to Pay Back a Carbon Paylater Loan

Loan repayment on the Carbon Paylater app is simple, and you have several options for repaying your loan.

There is a direct debit channel available. This channel allows the App to deduct the loan amount due directly from your account on the date you specify. You would have filled out the details of your bank account as well as your preferred date of deduction during the loan application.

You can also pay directly into their account, either through a transfer or in person. Your carbon account will be automatically updated as soon as payment is confirmed.

Why You Should Use Carbon Loan?

With Carbon Loan, easy financial transactions are always just a click away.

  • Their service is available 24 hours a day, seven days a week, and you can initiate and complete a transaction from anywhere on your mobile device. All you need is an Android phone, a data connection, and a valid form of identification.
  • Everyone, regardless of who they are, has access to funds.
  • Services that are clear. There are no hidden fees.
  • There are several incentives for any positive action, such as a referral, early repayments, and so on.


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