I was once stranded and I wanted to loan 10,000 from Paylater. Small change right? My request was declined.
In this article, I will be explaining the key reason why your loan was or will be declined by Paylater and almost every similar platform out there.
There are so many reasons why your loan would be declined in the first place. The obvious being that:
1. You repaid the last loan late, maybe really late.
2. You did not grant app permissions to SMS, Contacts, etc, upon registration.
3. They would also decline your loan if you’re asking for too much but have never had that amount in your account.
4. You did not complete your profile (i.e date of birth, BVN etc.)
The reasons above are really the common reasons why Paylater (now known as Carbon) might refuse to loan you some money.
But that’s not all.
Paylater… Carbon… You know what let’s just call it Paylater.
As I was saying,
Paylater would refuse your loan if the date of birth (DOB) on your profile doesn’t match the date of birth used to register your BVN. This was what happened to me a year ago and Paylater didn’t specifically mention it. It took me several months to later realize that my BVN date of birth was different from my bank account’s date of birth. I’m still angry with the staff that collected my data at the bank but yeah, this is a major reason why most people don’t get loans on Paylater. I know a couple of people who had to return to the bank to fix this same issue.
Paylater has a couple of other minor reasons why your loan would be declined on their blog. Please click here to read it.
Do your BVN details tally with your bank account details? You can walk into your bank and ask them to print your BVN details or just ask them to confirm if the details are the same and not different. Good luck!
Are you new to Paylater? Need a Loan? Click here to apply