Paylater(Carbon) Loan | Get A Quick Loan Within 5 Minutes

Carbon (pay later) loan is one of the best loan lending platforms in Nigeria that allows its users to borrow a loan of up to N1 Million within 5 minutes if being accepted directly to your bank account.

If you are a businessman who is in need of urgent cash for your small business or an individual who needs money either for family needs and so on, then Getcarbon which is previously known as paylater is their for you.

In this article, we are going to look into the following issues:

  • Discuss what paylater is all about
  • How to get a loan from paylater
  • Paylater loan interest rate
  • Paylater loan repayment schedule

Paylater (Carbon), Who Are They?

Paylater, now known as carbon, is an online loan lending platforms where you get a quick loan up to N5 million with no collateral or paperwork within 5 minutes if being accepted directly to your bank account.

Paylater is a service provided by one finance and investments Ltd with RC no. 1044655. A finance company licensed and regulated by the central bank of Nigeria.

Paylater have been around for some years now and has risen to become of the best loan app in Nigeria. With paylater, you can perform many things while using the app such as: borrow money, Airtime recharge, payment of bills and you can also transfer money to your love ones.

Also readTips On How To Borrow Money From PalmCredit Loan In Nigeria

How To Get A Loan on Carbon(Paylater) in Nigeria

Before you ever think of applying for a loan, please make sure you have a mobile device with an internet connection. Once you have that follow this methods to get a loan.

  1. Click Here to download and install the carbon app from Google play store.
  2. Click on the” registration” button to register.
  3. Fill out a form such as your name, email, date of birth and phone number.
  4. Click on “finish” and a page will open where you can accept it’s terms and conditions.
  5. Create your 4 digit pin.
  6. Login to your carbon account.
  7. Complete your profile by adding your bank verification number (BVN), bank details, employment status, monthly income and click on “save”.
  8. Choose any amount of money you wish to borrow. (minimum N5,000 and maximum N1 million)
  9. Receive your funds within 24 hours if being accepted, directly to your bank account.


There is a validation charge of N100 on your initial loan.

Wait, why should i add my bank verification number (BVN) before applying for a carbon loan?

Paylater, or should i say carbon will request for your BVN and selfie as a security measure. According to carbon (paylater) official homepage, they said; your BVN is used to verify that the individual using the carbon service is the same as the owner of the provided bank account. This is to ensure that your BVN cannot be used without your authorization, in the event a 3rd party has access to your account details.

Your BVN does not provide access to your account. If in doubt, please feel free to contact your bank for more confirmation before you apply for a loan.

Please, i don’t know my BVN number, what should i do before applying for a loan with Paylater (carbon)

Did you just forgot your BVN number? If yes, then, worry not because i have a solution for you. Dial *565*0# from the phone number you used when opening your bank account. Write out your BVN number that will be displayed on your phone screen.

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Please, why should i add my bank details before applying for a paylater loan

Paylater will ask for your bank details in order to receive your loan repayments on your due date. Although they understand that this is very sensitive information, so they have taken all available precautions and secured their platform with world class encryption and security technology to protect your details. So when you provide paylater with your details, you can be assured of your privacy because their loan agreement are always kept confidential.


Carbon never shares your personal details with third parties, unless it is for dedicated business purposes, such as reporting of loan defaulters to authorized credit bureaus.

Paylater (Carbon) Loan Interest Rate And Repayment Schedule

Based on your credit/risk assessment score, your interest rate might differ from others. But carbon loan monthly interest rate ranges from 5% to 30% per month and immediately you applied for a loan on Carbon, you are expected to pay back in 3 months time.

Paylater (carbon) has made it easy for you to repay your loan. On your due date(s), you payment will be automatically deducted from your bank details you submitted when applying for loan.

If you wish to make an early repayment before your due date, then follow this way

  1. Through quickteller: click on “may a repayment” in the carbon loan app, or long to their website portal here. Select “pay with quickteller” and enter your card details and accept your transaction. Your account will automatically be updated within minutes.
  2. Bank transfer: visit any GTbank near you and pay in your repayment loan. Account name – carbon (paylater). Account number – 0217599035. Include your name and user ID on the transfer details and notify paylater (carbon) of your payment. Then wait for 1 -2 business days for your payment to be updated.
  3. Debit card: to make a repayment of your loan, click on the “make a repayment” button in the app or login to their web portal Here. This can be found under “your loans” menu section in the app. tap in the card linked to your profile or select “add a new debit/ATM card” if you wish to repay using a new card. Your account will be updated once the confirm your payment.

Wait, you said something about a credit/risk assessment score, what is it all about?

A risk assessment score is a numeric expression based on a level analysis of a borrowers information, to represent the credit-worthiness of the borrower.

Then, based on your risk score, there’s an interest rate being attached to your loan request. However, as a borrower on Carbon (paylater), you have the right to decide whether or not to borrow if the interest rate didn’t suit your taste.


It is as easy as ABC when trying to borrow loan from paylater, or should i say carbon. In case you are not satisfied with their system, you can check out order money lending platforms here.

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