Carbon Review
VerifiedCBN LicensedNigeria's most trusted loan app with banking features
₦2,000 - ₦1,500,000
Loan Amount
5-15%
Monthly Interest
7-365 days
Repayment Term
5-60 minutes
Approval Time
Pros & Cons
Pros
- ✓One of the most trusted loan apps in Nigeria
- ✓Also offers savings and investments
- ✓Early repayment discounts available
- ✓Credit score visibility in-app
- ✓Reasonable interest rates
- ✓Professional customer service
Cons
- ✗Strict verification for new users
- ✗Lower initial limits for first-time borrowers
- ✗Requires significant phone permissions
- ✗Can take up to 24 hours for first loan
How to Apply for Carbon Loan
- 1
Download Carbon app from Play Store or App Store
- 2
Sign up with phone number and BVN
- 3
Link your bank account for verification
- 4
Complete profile and grant permissions
- 5
Request loan amount and select tenure
- 6
Review terms and accept
- 7
Receive funds in your bank account
User Reviews
Emeka O.Verified
Lagos
January 2025
Been using Carbon since Paylater days. Best loan app in Nigeria. Fair rates, no harassment.
Fatima H.Verified
Abuja
December 2024
Reliable app. Started with ₦10,000, now my limit is ₦500,000 after 2 years.
David E.Verified
Port Harcourt
November 2024
Good rates and the savings feature is useful. Customer service responds quickly too.
Frequently Asked Questions
Is Carbon the same as Paylater?
Yes. Paylater rebranded to Carbon in 2019. It's the same company with expanded services including savings, investments, and bill payments.
Why is my Carbon loan limit low?
Carbon starts new users with low limits and increases based on repayment history, app usage, and credit score. Borrow and repay on time to increase limits.
How do I check my Carbon credit score?
Open the Carbon app and look for 'Credit Score' or 'Carbon Score' in your profile. This shows your creditworthiness based on your financial behavior.
Does Carbon charge processing fees?
No. Carbon doesn't charge processing fees. The interest rate you see is the total cost. This makes them cheaper than apps that charge hidden fees.
Quick Info
- Founded
- 2012
- Headquarters
- Lagos, Nigeria
- CBN Licensed
- Yes
- Disbursement
- Instant to 24 hours
- Last Updated
- 2025-01-18
Requirements
- •Valid BVN
- •Nigerian phone number
- •Age 22-55 years
- •Smartphone (Android or iOS)
- •Bank account with transaction history
- •Verifiable income source