How To Loan Money From Carbon (Pay Later)

Carbon Microfinance bank (formerly known as PayLater) is a digital bank empowering individuals with access to a flawless banking experience. Your Carbon account allows you to enjoy cheaper transactions, zero account fees, and an annual interest of 2% per annum. You can send money to anyone, recharge airtime, and pay bills online at the lowest rates. Carbon offers a debit card that gives you better control of your funds, security, and access to unique offers.

Carbon also offers quick loans to its users. They are in Nigeria, South Africa, Ghana, The United Kingdom, and Portugal.

How To Loan Money From Carbon (PayLater)

Loans from Carbon are easy to get. You do not require collateral or guarantors.

1.    Download the Carbon app: The app is available to both Android and iOS users. The first step to accessing a loan is downloading the app from the Google Play or Apple app store.

2.    Register/Create an account: Input all details required (Name, Phone number, email address, and so on).

3.    Upload a photo of yourself: You will be prompted to take a photo in real-time on the app with your phone’s camera.

4.    Apply: Follow all instructions to apply for a loan, input all details, and apply.

5.    Wait: Wait for a few minutes for your offer to be processed.

6.    Accept: On approval, you will receive a loan offer. Accept the offer and provide card details of where you want to pay back.

7.    Receive: You will receive your loan into your Carbon wallet in minutes, from which you can immediately transfer it into your bank account.

Carbon (PayLater) Loan Requirements

To access Carbon loans, you will need the following:

● The Carbon app.

● Basic Personal information

● A photo of you (Will be taken in real-time)

● Bank Verification Number (BVN)

● Receiving bank account details

● ATM Card details (To pay back the loan)

● A government-issued ID card

How Much Can You Get On Carbon

Carbon offers loans from as low as N1,500 to as high as N1 million. However, first-timers may be eligible for only low amounts as you pay back your loan and your loan access increases.

Carbon (PayLater) Interest Rate

Carbon Interest rates can vary between 5% and 15%, depending on the loan amount and duration.

Carbon (PayLater) Loan Term

Carbon loan duration ranges from 30 to 365 days (12 months).

How To Repay Carbon Loans

You can repay carbon loans in several ways:

1. Direct Debit channel:

● Login into the Carbon app.

● Click on ‘Repay loan.’

  Your account will be debited via the debit card details you provided during the loan application.

2. Bank transfer or deposit:

As soon as you have made the transfer or deposit into the Carbon account, it will automatically be updated in your Carbon account.

3. Fund wallet: 

This option requires some funds to be in your carbon wallet.

● Select loans

● Click on ‘Make a repayment.’

● Select your Carbon wallet as a means of repayment. Your payment will be automatically updated.

4. Quickteller: To use this option-

● Visit the Quickteller website.

● Select PayLater and input the required details.

● Input your card details and confirm the transaction.

● Your account will be automatically updated.

Carbon (PayLater) Head office

The Carbon head office is situated at Plot 1224, Bishop Oluwole Street, Victoria Island, Lagos.

Carbon (PayLater) Customer Care

For complaints, inquiries, and requests, you can contact carbon customer care at:

Phone number: 01-460 9945 or 01-631 1215.


Carbon (PayLater) App

The Carbon app is available for Android and iOS users at the Google Play and Apple apps.

Carbon (PayLater) Website

The Carbon website is

Carbon (Pay Later) launched in Nigeria in 2016. It is a one-stop destination for mobile financial transactions. It is one of the best services of its kind. Carbon is available for use 24/7. The app has over 1 million downloads and has a 4.4/5.0 review from over 127k users.

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