Carbon (personal loans) — review & details

In Personal loans · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

One of Nigeria's longest-running digital lenders (formerly Paylater), now operating as Carbon Microfinance Bank with CBN licensing and NDIC-insured deposits. Instant app-based loans with limits that grow as you repay — but top-end pricing is very expensive.

CBN-licensed MFB

Carbon (personal loans)

One of Nigeria's longest-running digital lenders (formerly Paylater), now operating as Carbon Microfinance Bank with CBN licensing and NDIC-insured deposits. Instant app-based loans with limits that grow as you repay — but top-end pricing is very expensive.
★★★★☆
3.9/5 · How we rate
Instant app-based personal loan
Loan Type
61 days to 12 months
Tenor
Carbon Microfinance Bank (RC 1642222), licensed and regulated by the CBN; NDIC-insured deposits
Licence
Instant disbursement after in-app approval, 24/7
Speed
Borrowers who want a regulated digital lender and plan to build a repayment track record
Best For
digital
Type
Pros
  • Full CBN microfinance-bank licence and NDIC deposit insurance — stronger regulatory footing than most loan apps
  • Repaying on time unlocks higher limits and lower rates, and repayments are reported to credit bureaus
  • Instant, collateral-free disbursement any time, plus bill pay and savings in the same app
Cons
  • Expensive at the top end: Carbon's own site discloses a maximum APR of 195% per annum — read your exact offer before accepting
  • First-time limits are small; the advertised ₦1m ceiling only applies after a repayment history
  • Late payment attracts a daily penalty charge that compounds the cost quickly
Fees, eligibility & documents
Fees
InterestHigh — typical of short-tenor digital credit; Carbon discloses monthly rates from roughly 4.5% up to a 195% maximum APR. Always check the exact offer in the app before accepting
Late paymentDaily late charge applies on overdue balances
Eligibility
  • Nigerian resident with a BVN and a smartphone
  • Bank account for repayment; limits set by Carbon's credit scoring
  • No collateral or guarantor required
Documents needed
  • BVN and basic KYC in the app — no paperwork
Visit Carbon
Want the full picture?
Our in-depth, independent review of Carbon (personal loans) — how it works, the risks, and the fine print.
Read the full Carbon (personal loans) review →

How Carbon (personal loans) compares in personal loans

Carbon (personal loans) scores 3.9/5 in our personal loans rankings. Our current top pick is FairMoney (4.4/5). Always compare a few before you decide — see the full personal loans comparison.

Carbon (personal loans)
3.9/5 · this page
 FairMoney
4.4/5
 GTBank (QuickCredit)
4.3/5
Loan Type Instant app-based personal loan — Instant personal loan for GTBank customers
Tenor 61 days to 12 months — Monthly instalments, up to about a year
Licence Carbon Microfinance Bank (RC 1642222), licensed and regulated by the CBN; NDIC-insured deposits CBN microfinance bank Product of Guaranty Trust Bank, a CBN-licensed commercial bank
Speed Instant disbursement after in-app approval, 24/7 — Minutes via USSD (*737*51*51#) or the app — no branch visit
Best For Borrowers who want a regulated digital lender and plan to build a repayment track record — Salary earners and active GTBank customers who want cheap credit
Visit Carbon → Visit FairMoney → Visit GTBank →

← Compare all personal loans

Details last checked: July 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.