The Carbon app makes borrowing money easy and fast. Formerly known as Paylater, Carbon is a trusted digital lending platform in Nigeria. It offers instant loans without collateral or guarantors.
This guide will walk you through how to borrow money from the Carbon app, step by step, in 2025.
What is the Carbon App?
Carbon is a digital financial platform in Nigeria. It provides instant loans, bill payments, and savings options. You can borrow up to ₦1,000,000 with repayment periods from 61 days to 12 months. Interest rates range from 4.5% to 30% monthly, with a maximum APR of 195%.
No hidden fees, and early repayments can unlock higher loan amounts. Carbon is licensed by the Central Bank of Nigeria, making it safe and reliable.
Why Choose Carbon for Loans?
- Fast Process: Loans are approved and disbursed within minutes.
- No Collateral: You don’t need assets or guarantors.
- Flexible Repayments: Choose repayment plans from 1 to 12 months.
- Credit Building: Timely repayments increase your loan limit.
- Additional Services: Pay bills, transfer money, or save with high interest (up to 15.5% per year).
Requirements to Borrow from Carbon
Before applying, ensure you meet these requirements:
- Be at least 18 years old.
- Have a valid government-issued ID (e.g., passport, driver’s license).
- Own an active bank account for loan disbursement.
- Provide a working mobile number and email address.
- Link an ATM card for repayments (a ₦50-₦100 verification fee may apply).
- Have a steady income source (this helps with loan approval).
How to Borrow Money from the Carbon App
Follow these simple steps to get a loan:
- Download the App
Get the Carbon app from the Google Play Store (Android) or App Store (iOS). Ensure it’s the official app to avoid scams. - Sign Up
Open the app and click “Sign Up.” Enter your name, phone number, email, and create a secure password. Use details matching your Bank Verification Number (BVN) for verification. - Complete KYC
Upload a valid ID and a photo of yourself via the app. You may need to link your ATM card for repayments. This process is quick and ensures your account is secure. - Apply for a Loan
Go to the loan section in the app. Select your desired loan amount (₦2,500 to ₦1,000,000). Choose a repayment period. The app will show you the interest rate and total repayment amount. - Wait for Approval
Carbon reviews your application in minutes. If approved, the loan is sent to your Carbon wallet or bank account. Loan offers expire after 72 hours, so accept promptly. - Repay on Time
Use the app to repay via direct debit or bank transfer. Early repayments can lower interest rates and boost your loan limit. Late payments attract a 0.03333% daily fee.
Tips for a Smooth Borrowing Experience
- Start Small: New users may get lower loan amounts (e.g., ₦10,000-₦40,000). Repay on time to unlock higher limits.
- Check Terms: Review interest rates and repayment schedules before accepting a loan.
- Avoid Defaulting: Late payments can hurt your credit score and reduce future loan limits.
- Contact Support: For issues, use in-app support, WhatsApp, or email. Note that some users report slow customer service in Nigeria, so be patient.
- Use USSD for Offline Access: Dial *1303# to manage your account without internet.
Pros and Cons of Borrowing from Carbon
Pros:
- Quick loan approval and disbursement.
- No paperwork or collateral needed.
- Flexible repayment options.
- Additional features like bill payments and savings.
Cons:
- High interest rates (up to 195% APR).
- Limited loan amounts for first-time users.
- Internet access required for app use.
- Some users report app bugs or slow customer service.
Is Carbon Safe?
Yes, Carbon is safe. It’s regulated by the Central Bank of Nigeria and insured by the NDIC. The app uses encryption to protect your data. However, be cautious about sharing sensitive information and verify the app’s authenticity before downloading.
Final Thoughts
The Carbon app is a great option for quick, hassle-free loans in Nigeria. With no collateral and a simple application process, it’s perfect for urgent needs. Just ensure you borrow responsibly and repay on time to avoid penalties. Download the Carbon app today and take control of your finances!
