How to Get a Loan From Carbon (Paylater) in 20 minutes

Carbon formerly known as Paylater is a Nigerian lending platform that allows you to borrow money from your Android phone. No collateral or documents need to be submitted physically before your loan will be approved.

carbon banner

This is not a scam. I have borrowed to the tune of 100,000 Naira from Carbon.

See screenshots of my Carbon (PayLater) account below;

carbon paylater

From the screenshot, you can see the dates the loans were given to me. I applied and got the loans within 20 minutes; sometimes even lesser.

About Carbon

Carbon is a Nigerian lending platform owned by One Finance Limited. Paylater began operation around 2016 then rebranded to Carbon on April 8, 2019.

For now, the company operates in Nigeria, Ghana and Kenya. In Ghana, the company is still known as Paylater.

I believe the company has plans to become a Pan-African brand.

The good thing about this platform is that; unlike banks where you have to visit and fill lots of forms, Carbon gives you a loan without meeting you face-to-face.

No collateral or down-payment is requested from you.

Carbon is the first Nigerian company to allow Nigerians to borrow money from a mobile app. In fact, they are the first loan company to make a huge entry into the Nigerian market.

How does Carbon Work?

When you are loaned money, you are expected to pay back within a specified period. The time for repayment depends on how much you borrowed.

For small loans like 10,000 Naira, you have to pay back within a month.

When I borrowed 100,000 Naira from the platform, I paid back within a period of 6 months. I paid 21,667 Naira for every month within the six months. The total money if calculated will sum to 130,000 Naira. This is fair considering the time frame if you ask me.

As a business which is supposed to make profits, they charge you interest from the loans.

As you collect more loans through the platform, your interest rates will reduce.

For example, I got my first loan of 10,000 Naira via the app in July 2016. I paid back 13,000 Naira. After a while, my interest rate began to drop and I was charged 12,250 Naira in the next repayment of 10,000.

Another time I got 50,000 Naira from the app and paid back 55,000 Naira while my friend who was quite new to the platform, borrowed the same amount and paid back about 60,000 Naira.

When registering on Carbon, your Bank verification number, full name and address will be requested from you. This is for security measures in case you default. Trust me, you won’t want to do that.

For loans from 10,000 Naira to 40,000 Naira, an ID card may not be requested. But loans from 50,000 Naira and above, a means of identification would be requested.

Here is the list of documents Carbon Accepts;

  1. Voters card.
  2. Drivers license.
  3. National Identity card (NIMC/NIN).
  4. International passport.
  5. Staff ID card.
  6. Employment letter.
  7. Tax ID.
  8. Your picture (to be accompanied by a supporting document).

However, Carbon can loan you up to the tune of 1,000,000 Naira but you must be a salary earner with any of the documents listed above to get that kind of amount.

How to Register and Borrow from Carbon

Download the Carbon App.

Open the app and fill in your correct information. Your BVN, home address, occupation e.t.c.

You will be required to enter your debit card details. This is required so that the loans can be automatically deducted from your account when the loan date is due.

Carbon will not illegally deduct money from your account.

After you are done with registration, click on the “Apply loan” button to apply for your first loan. Carbon will calculate the amount of loan you qualify for.

Once the loan is successfully approved, you will get the funds in your Carbon wallet almost immediately.

You can transfer the loan from your Carbon wallet to your bank account.

How to Transfer from Carbon to Bank Account

Carbon sends every loan it approves to the Carbon wallet of its user. It wasn’t like this initially. Before now, the money was sent directly to your bank account.

I think this was done to maximize profit as the customer has to bear the cost of 10 Naira to transfer the money from the wallet to a bank account.

Follow the steps below to transfer money from your carbon wallet to a bank account;

Step 1: Login to your Carbon wallet.

Step 2: Under the wallet balance, click on withdraw.

carbon withdraw

Step 3: Enter your bank account number and click on next.

carbon withdraw account number

Step 4: Select the name of the bank from the list of options available.

Step 5: Enter the amount you want to withdraw and click on next. Remember you will be charged 10 Naira for the transfer.

Step 6: Click on securely pay amount to complete the payment.

Once payment is confirmed, the money will be sent to your Bank account instantly.

How to Repay a Loan

There are various ways to repay your loan on Carbon. Here is the list of options;

Automatic Repayment

Carbon requires every customer to set up their credit/debit card in the app. This is so important that you won’t get a loan if you do not do the card setup. The setup is made compulsory so that Carbon can automatically deduct the money from your bank account.

As your loan repayment date approaches, all you need to do is to fund the bank account which its debit card is connected to your Carbon account.

Carbon will automatically withdraw the exact amount you owe.

Repay with a Card not Listed in your account

You can repay for your loan with a debit or credit card that you have not added to your Carbon account.

  1. Log in to the Carbon app or visit the website.
  2. Click on “view details” next to your loan amount.
  3. Select how much you want to pay back.
  4. Click on Repay.
  5. Click on “Make a one-time payment” or “Quickteller”.
  6. Enter your card or bank details to complete the payment.
carbon repayment

Why you should pay back your loan on time

It is advisable you pay your loan on time. When you pay your loan on time, it boosts your credibility and increases your chances of getting a higher loan earlier.

Failure to pay your loan on time reduces your chances of getting a loan from Carbon or other loan companies may become hard as you will be reported to the National Credit Bureau agency. Apart from that, legal actions will be taken against you.

Carbon Contact Information

If you need to contact Carbon for any reason, you can contact them through the chat feature in the app.

Simply click on the Contact us button on the menu dashboard.

Although Carbon has an email address, I think the fastest way to get across to them is through their social media platforms.

Twitter: or @get_carbon
Email: Customer[email protected]
Phone: 01-631-1215, 01-460-9945, 01-700-8460

Carbon has been helping a lot of Nigerians and Kenyans access quick loans. Don’t be left out.

Best Practices

Do not make borrowing a habit. Only borrow when it’s needful. Probably when you have exhausted all the available options to source for funds.

I introduced a friend to Carbon some years back when he urgently needed some money.

He built his credit score till he was able to borrow up to 50,000 Naira.

My friend has a job that pays well but he turned this borrowing thing into a hobby. He borrows when he has money with him.

I guess he was trying to build his credit score so he could borrow higher amounts.

Don’t do this. You are only making more profit for the company.

Do not borrow to start a new business you have little knowledge about. However, you can borrow to fund an existing business you understand.

I have done this many times and it didn’t always end up well.

Most times, when new business opportunities come, we fail to make due findings before committing into the business because of the huge profits promised.

If you own a registered business and a coperate account, you can try Carbon Business loans for business owners.

Try and pay up your loans as soon as possible. If you don’t, you will mess your credit ratings up.

Your credit rating is tied to your Bank Verification Number. When other platforms want to borrow you money, they check your history to see if you have been diligent with other platforms.

When you pay late, Carbon will reduce the amount of money they can lend to you. In fact, you will have to build your reputation all over again.

There was a time I borrowed 100,000 Naira to pay back 130,000 in six months.

I paid till it was remaining two months to complete the money. Things got rough and I didn’t pay for the remaining two months on time.

I think the third month, I paid for the two months I was owing at once.

When I checked to see how much I could borrow again, the amount was 20,000 Naira.

If you intend to borrow money from Carbon in the future, I would advise you to download the app now, use it to transfer funds and do lots of other things.

While you do this, Carbon has a formula it uses to build a kind of score rating for you. This rating is used to determine how much the company can lend to you in the future.


Carbon is one of the best loan platform in the country. They have a high success rate of giving out loans even to new users.

If you do well in paying back on time, you can borrow money huge enough to fund a small business. Have you used Carbon before to get a loan? You can share your experience with us in the comment session



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