PayLater USSD Code for a loan, interest rate, and repayment

Paylater is a Nigerian digital lending platform that allows users to access instant loans for various purposes. Launched in 2016, the platform has since become one of the most popular fintech companies in Nigeria, with over a million registered users. 

Carbon, formerly known as paylater, is one of the fintech that offers reliable loans to Nigerians. With PayLater Ussd code, you can borrow money up to 500,000 nairas within minutes using your phone.

In this article, we will discuss the features of Paylater and how it works.

Features of Paylater

Paylater has several features that make it an attractive option for people looking for a quick and easy way to access loans. Here are some of its key features:

  1. Instant Loans: Paylater allows users to access loans instantly, without the need for collateral or lengthy application processes. The platform uses advanced algorithms to determine a user’s creditworthiness, and loans are typically disbursed within minutes.
  • Flexible Repayment Terms: Paylater offers flexible repayment terms, allowing users to repay their loans over up to 12 months. This means that users can choose a repayment plan that suits their financial situation.
  • Competitive Interest Rates: Paylater offers competitive interest rates, which are lower than those charged by many traditional lenders in Nigeria. This makes it an attractive option for people who are looking for affordable loans.
  • Mobile App: Paylater has a mobile app that allows users to access loans and manage their accounts on the go. The app is available for both Android and iOS devices and is easy to use.

How Paylater Works

To use Paylater, you will need to download the mobile app and register for an account. Here’s how it works:

  1. Download the App: The Paylater app is available on the Google Play Store and the Apple App Store. Download and install the app on your mobile phone.
  2. Register: Once you have installed the app, you will need to register by providing your details, such as your name, phone number, and email address. You will also be asked to create a password.
  3. Apply for a Loan: To apply for a loan, simply login to your account and select the amount you need and the duration of the loan. The app will then ask you to provide some additional information, such as your employment status and monthly income.
  4. Get Approved: Paylater will use its algorithms to determine your creditworthiness and decide whether to approve your loan. If approved, the loan will be disbursed to your bank account within minutes.
  5. Repay the Loan: Paylater will send you reminders when your loan repayment is due. You can repay the loan using your bank account or debit card. If you are unable to make a repayment, you can request an extension by contacting Paylater’s customer support.

PayLater USSD code

*1303# is the Paylater USSD code that you can use to access a loan whether your phone has internet or not.

You can borrow any amount up to 500,000 nairas by just dialing the above code from any phone.

If you’re using Paylater loan app for the first time you may get a very low offer. However, as you keep on using their loan facilities and making early and timely repayment you’ll start getting bigger loans.

Interest rate

PayLater interest rate starts from 3% and can go up to 15%. Their loan tenure ranges from 2 weeks to 12 months depending on the amount you borrow.

If you make your repayment early paying later can also give you a discount and make you pay lesser than the agreed interest.

How to get a loan from PayLater

Now here is the most important part. How do you get a loan from PayLater? Follow the steps below:

Go to Google Play and download the Carbon app

Once The App is installed on your phone, click on its icon to lunch it

Sign up with your phone number

Fill in your personal information correctly

Once successfully signed up, click on the loan button to apply

Apply and wait for approval

Once the loan is approved, your balance is credited

Withdraw the money into your bank account

Alternatively, you can access Paylater loan with the Ussd code as mentioned earlier.


Like other loan apps, there are some requirements you need to meet to get loan from Paylater. Some of them are listed below

Be 18 years and above

Have a means of repayment

Have good credit history

Live in Nigeria

Have a Bank Verification Number, BVN

A working ATM card

Phone Number for registration

In conclusion, Paylater is a convenient and accessible way for Nigerians to access loans for various purposes. Its instant loans, flexible repayment terms, and competitive interest rates make it an attractive option for people who are looking for affordable and reliable lending options. If you haven’t tried Paylater yet, download the app today and experience the future of lending in Nigeria.

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!