Are you looking for the best loan app in Nigeria that can give you loan without stress and at a low interest rate? Then this Carbon loan app might interest you. There are also so many loan apps in Nigeria you can get loan from. But today, we will be specifically checking out the Carbon loan app.
What is Carbon Loan App?
The Carbon loan app is a digital lending platform that gives out low-interest loans to Nigerians and Kenyans. However, the Carbon loan app is not limited to loan disbursements. You can also use it for bill payments, investments, and management of your finance.
How did the Carbon Loan App Start Operation?
Carbon Loan is a product by One Finance and Investment Ltd., which began as One credit in 2012. At the time, the company only offered loans to salaried workers. It used a paper-based operation that required supporting documents.
After significant growth in its operation and turnover, One credit became OneFi in 2015. The Credit Bureau of Nigeria was involved and a unique Bank Verification Number (BVN) was introduced. This allowed the company to offer its services to non-salary earners.
The business became a fully-digital platform in 2016, and the name was changed to Paylater. They were able to capture the attention of millions of Nigerians via data and smartphones as a result. They realized that data and leveraging technology could help them provide credit to more customers and streamline their application process. The paper-based application system was completely eliminated.
To achieve this transformation, the Carbon Paylater mobile app was launched in May 2016. It is a fully digital lending platform that is available 24 hours a day. Within minutes, you can transfer cash to a person’s bank account. The Paylater mobile app was downloaded more than 1 million times in two years.
How Does Carbon Loan App Work?
Carbon is an online lending platform that offers short-term loans, usually for up to one year. It can be used to cover unexpected expenses and urgent cash needs.
Carbon allows you to borrow money in the range N10, 000 – N1 Million in just 5 minutes. You only need a smartphone to get started.
Their service is available 24/7 and throughout the week. It is accessible to everyone, no matter if they are a trader, student, salary earner, businessman, or trader.
Before you can apply for a loan via the Carbon loan app, you need to meet certain requirements.
Carbon Loan Requirements
- Download the Carbon Loan App from Google Play Store
- You basic information such as your name, phone number, address, etc.
- Your mobile phone will take a passport photo
- Bank Verification Number (BVN)
- Bank account details
- To repay the loan, your ATM card will be used. The card’s major details will be submitted. To authenticate your card, you will be charged an initial N50 (or N100)
- An ID issued by the government (which is rare unless you need to borrow large amounts).
Carbon Loan App download and Website
The Carbon Paylater loan has an official website and mobile apps.
- Website: Here is their official website
- Android: Click to download link to Carbon Android app
- Apple: Click to download the Carbon Paylater iOS app
You only need a smartphone from any brand and data to get started. Start your phone by opening the app store icon.
How do I get a carbon loan?
- To get a loan, the first step is to download the mobile app on the Google Play store for Android users and Apple Store for iOS users.
- Then, Register and complete all required details. You can include your name, phone number, and email.
- You will need to upload a photo before you can get loans. The photo will automatically be taken. The app will allow you to take the photo directly from your phone using the camera.
- Next, you’ll see a button that allows you to request a Loan. Follow the instructions to complete the application.
- Once you finish applying, send the application.
Up to N1 million can be borrowed. However, this is typically very low for your first attempt. You can access larger amounts as credit points grow and your credit score increases with each payment.
Once you have submitted your application, you must wait for the loan approval. It takes very little time. This takes just a few moments.
Once you have been approved for a loan, it will be paid into your account within minutes. With your carbon wallet you can transfer it instantly to your bank account, or use it as a payment for bills such DSTV, electricity, and so on.
The loan term can be from 30 days to 12 months
How to Repay Carbon Loans
It is easy to repay the Carbon Paylater loan. To repay a loan, all you need to do is sign in to the Carbon Loan App. When you applied for the loan, you get the opportunity to give a card that can be used to repay the loan. You can fund your card’s account with the equivalent of the amount of money you need to repay. Then, click on repay to repay the loan.
What Can You Borrow from Carbon?
Carbon paylater App allows you to borrow cash between N10, 000 and N1 million. Up to N1,000,000 loans are possible. However, this is typically low for your first attempt. You get more money as you pay it back.
What Is the Carbon Loan App Interest rate?
The interest rate will vary depending on how much money is borrowed and the length of the repayment period. The interest ranges from 1.75% – 30%.
How long does it take to get a loan from carbon?
The application process for Carbon loan takes less than 5 minutes. The average time it takes to receive your loan is 5 minutes.
What happens if your loan is not paid?
Carbon loans are risky loans that can cause you to lose your bank account, trigger lawsuits, wage garnishment, and even lead to the bankruptcy of your business. It is important to pay your debts on time.
Final thoughts
Borrowing has been made easy with apps like Carbon loan app. However, you must calculate well before borrowing and make sure you have a repayment plan on ground to avoid stories that touch. If you are not sure about paying back, I’d advise you to find another alternative to solving your problems without borrowing.
But if you’re sure of your repayment plan, then you can use online lenders like the Carbon loan app to apply for a quick loan in Nigeria.
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