Recently, due to financial challenges, many Nigerians have been using fintech platforms like the Carbon Loan app to meet their urgent financial needs.

Carbon, which was formerly known as the PayLater platform, is one of the popular digital loan apps that offers loan services to their esteemed customers. This fintech has been in operation for years now and many subscribers have been seeing it as a safe haven for meeting their financial needs, while others have complained about their unfriendly customer service.

However, if you are hearing about the Carbon Loan app for the first time, it is pertinent to understand their terms of operation before patronizing them. Like other fintech platforms, Carbon has policies that regulate its activities. Hence, in this article, we’re going to x-ray the basic policies of Carbon Loan and what is required of you before opting for their services.   

1. How Much Can I Borrow from a Carbon Loan?

Carbon Loan

The amount of money that customers can borrow from the Carbon Loan app ranges from ₦30,000 to ₦1,000,000. However, the amount of money that customers can borrow from Carbon varies depending on some factors.

Before a customer can be eligible for a reasonable loan amount, the customer must have an excellent credit score and trust. Meanwhile, to be able to increase your loan amount on Carbon, you must have a good repayable history from the previous transactions.

2. Carbon Loan Repayment Plan

Ordinarily, the repayment plan for a carbon loan ranges from 3 to 6 months. This repayment plan is subject to change depending on the agreed-upon terms. In all, understand your repayment plan once you patronize carbon.

3. Carbon Loan Requirements

As it is with other Fintech platform where applicants (customers) are expected to meet certain criteria before they will be eligible to access loan, the same applies to Carbon. Hence, to be eligible for a carbon loan, the customer must meet the following criteria:

  • 1. The customer is expected to download and install Carbon app on their device
  • 2. The applicant must have a Bank Verification Number (BVN)
  • 3. The intending applicant must have a Valid ID card like driver’s license, an identity card, etc.
  • 4. The applicant is expected to have a functional ATM card for repayment
  • 5. Functional bank account with positive account balance
  • 6. The applicant’s basic information, like address and full name, must be handy

4. Carbon Loan Interest

According to their standard, carbon loan interest ranges from 2% to 30%. This interest rate is totally dependent on the amount of money that the customer wants to borrow and the repayment plan that the applicant opts for. To be on the safe side, it’s best to understand the interest rate attached to each loan plan before opting for it.

On the other hand, customers at Carbon enjoy a monthly cashback of 1% on every transaction they make using the POS machine. Not only that, customers who save their money on the Carbon platform earn up to 15.5% interest annually. That sounds good, right?

5. Carbon Loan USSD Code

The Carbon Loan USSD Code is *1303#.

This code is used to access different kinds of loans from Carbon. Fortunately, this code works perfectly well on both 9Mobile and MTN. 

6. Carbon Loan Review

As I stated in the introduction, there are divergent views from people about the Carbon loan app. Some users extolled the platform on the basis of their excellent financial service, while others frowned on what they perceived as dissatisfactory service from their customers.

From our check on the Play Store, we found out that there are about 146,000 reviews from different users. We also observed that the app has 4.4 stars, which is actually a good rating. 

On the other hand, our check on Nairametrics also revealed that the Carbon Loan app has  a relatively good rating. Most of the users said that the platform’s payment method is incredibly amazing, while some users frowned on the slow pace at which the app works. Some people also expressed displeasure with the duration it takes for one to redeem their card should they apply for it, describing it as frustrating and time-consuming.

Final Thought

The Carbon Loan app has carved a space in the Nigerian fintech market, providing accessible loans to those in need. Its flexibility in loan amounts and repayment plans makes it appealing to many, while the cashback and savings interest offer added benefits. However, like any financial service, it comes with its challenges, particularly around customer service and app functionality, as highlighted by some users.


Before opting for a loan from Carbon, it’s crucial to fully understand the terms, interest rates, and repayment conditions to ensure they align with your financial goals. Always borrow responsibly and ensure you can meet the repayment terms to avoid unnecessary stress.