Moniepoint vs Carbon: We Compared Their Loans So You Don’t Have To

Moniepoint vs Carbon: We Compared Their Loans So You Don’t Have To29 June 2025 at 14:00Compare Moniepoint and Carbon loans in Nigeria. See interest rates, eligibility, speed, and which loan app offers better value for your needs.Moniepoint vs Carbon: Which Offers Better Loans?If you’re looking for a loan in Nigeria, chances are you’ve come across Moniepoint and Carbon. Both platforms offer fast, digital loans for individuals and businesses, but which gives you better value?

We compared both based on interest rates, loan access, eligibility, speed, and user experience to help you figure out which is better for your needs. Before choosing between Moniepoint loans and the Carbon loan app, here’s everything you should know.

Related: Everything You Need to Know About Moniepoint POS – From Pricing to Performance

Moniepoint Loans: Business-First, Now for EveryoneMoniepoint started as a platform for small and medium businesses, but has since expanded to include personal loans. It’s a CBN-licensed microfinance bank, so your funds and data are protected.

Loan Access & Eligibility

Moniepoint business loans are available if you’ve used your Moniepoint business account consistently for at least six weeks. This gives them enough history to evaluate your financial activity. To qualify for a business loan, you also need:

A CAC-registered business

A six-month transaction ledger

Active use of the Moniepoint app for your daily sales

For personal loans, there’s more flexibility. You don’t need to have been on the platform for long, but maintaining an active account helps improve your chances and the amount you’re offered.

Interest Rates & Repayment

Moniepoint’s personal loans come with interest rates ranging from 5% to 20%, depending on your credit score, repayment plan, and loan size. Loan terms vary from 20 to 180 days.

Loan Speed

Loan approval takes between 24 hours and 3 days, after which funds are deposited into your linked account.

What Users Like

Unsecured loans of up to ₦90 million for businesses

Easy business account setup and dashboard

Fairly competitive interest rates

What Needs Work

Internet reliance means it struggles in areas with poor network coverage.

Customer support is often reported as slow/negligent.

Download Moniepoint.

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Carbon Loans: Instant Personal Loans and Accessible Business CreditCarbon, formerly Paylater, built its name by offering instant personal loans in Nigeria. Today, it’s a digital bank providing business loans and doing a lot right.

Loan Access & Eligibility

To get a personal loan on Carbon, all you need is:

The Carbon app

KYC Level 2 verification (including a bank statement)

A valid ID

You don’t have to be an old user; first-time users can qualify for loans instantly after verification. Loan limits start small (₦10,000 – ₦40,000), but grow based on your repayment history.

For business loans, the requirements are slightly higher:

CAC business registration

Tax Identification Number (TIN)

One year of operating history

At least ₦1 million in monthly revenue

Must fall under approved sectors like retail, food, agent banking, or health

Interest Rates & Repayment

Carbon’s interest rates vary between 4.5% to 30%, with loan tenures from 1 to 12 months. Their APRs range from 5% to 36% depending on the loan type and duration.

There’s also a ₦500 loan processing fee, even if your loan isn’t approved.

Loan Speed

Once approved, your loan is typically disbursed within minutes, one of Carbon’s most significant selling points.

What Users Like

Fast disbursement, sometimes within minutes

Simple sign-up process and sleek mobile app

Transparent requirements for both personal and business loans

What Needs Work

New users get low initial loan amounts.

You must have or open a Carbon account to receive funds.

A non-refundable processing fee applies to all applications.

Moniepoint vs Carbon: Which Loan Platform Is Better?Carbon is a clear winner, especially for personal loans if you’re focused on speed and convenience. The signup is smooth, funds hit your account fast, and you can apply without any history on the app.

For business owners, Moniepoint may offer more in the long term. Their business loan limits are higher and better suited to entrepreneurs using Moniepoint for day-to-day transactions. Once established on the platform, Moniepoint loans can go up to ₦90 million, compared to Carbon’s ₦9.5 million ceiling.

However, that comes with stricter requirements too. You must have used Moniepoint for at least six weeks, show a ledger, and be CAC-registered. Carbon, on the other hand, lets new businesses apply right away, though their sectors are limited and the revenue requirement is high.

Both platforms offer similar APR ranges for interest rates. Moniepoint might offer slightly better rates to established users, but Carbon wins for instant short-term loans.

VerdictChoose Moniepoint if:
You’re a business owner with an existing Moniepoint account looking for high loan limits and structured lending. It’s great for scaling businesses that meet their six-week transaction requirement.

Choose Carbon if:
You need a fast personal loan with minimal struggle. Carbon loans are beginner-friendly, and their app makes the whole process quick and easy. They are ideal for salary earners, students, and small-time borrowers.

Both platforms are among the best loan apps in Nigeria right now. Your choice depends on what you need the loan for, how fast you need it, and what financial records you already have.

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