In my today’s Carbon loan app review, I’ll be sharing with you everything about the carbon loan app and how you can access loan amounts up to N200,000 using the carbon loan app.
As we know them today, carbon loans first appeared in 2012 as One Credit. One Credit was established in Lagos, Nigeria.
The company only makes loans to salaried employees and uses a paper-based application process with supporting documentation back then.
As a result of significant growth in its business in Nigeria, One Credit evolved into OneFi in 2015.
Introducing the distinctive Bank Verification Number (BVN) and national credit bureau services makes it possible for the business to extend more loans to a wider range of borrowers, not just those with steady employment.
The Carbon loan app is flexible, easy to use, has a nice user interface, and gets the money you need immediately. The carbon mobile app was released in May 2016. It was a first-of-its-kind service before the so-called fake loan apps tried to hijack the mobile lending business and started sending shaming messages to contacts.
A fully digital consumer lending experience is available 24 hours a day, 7 days a week, and can deposit borrowed funds into a person’s account in minutes.
What is Carbon Loan App and How Does Carbon Work?
Carbon is a straightforward online lending platform offering short-term loans ranging from one month to one year to help with unexpected expenses or urgent cash needs.
With the Carbon loan app, you can borrow money ranging from N10,000 to N1,000,000 in 5 minutes.
You only need a smartphone and one click to get started.
Furthermore, their service is available 24 hours a day, seven days a week, and it is available to everyone, regardless of whether you are a student, trader, salary earner, or businessman.
But first, there are some requirements you must meet before you can apply for a loan through the Carbon loan app.
And don’t worry, there’s nothing to be concerned about. You only need to do the first step: download the Carbon loan app.
Carbon Loan Requirements
You are required to complete the compulsory KYC before you can access a loan offer with carbon loan app. The KYC basically requires you to fill in your Name, phone number, address, and other basic information about you
Your mobile phone should be able to take a passport photo. A Bank Verification Number (BVN) is also very much required to access your credit history and determine your loan worthiness.
You must also possess bank account details in Nigeria. However, Carbon is extending its loan offers to other African countries and you must as well possess a bank account in your country with default currency to your local currency.
The loan will be repaid using your ATM card and so if you are looking for a loan app without ATM card, Carbon is not it at all. You will also submit the card’s major details such as the last 4 digits.
A government-issued identification card (which is rarely required unless you want to borrow huge amounts). These are pretty much some of the compulsory Know Your Customer details that would be asked before you can start accessing Carbon loan’s products.
Carbon Loan App Download and Website
The app is quite simple to use. Any smartphone will do, as long as you have data and everything else is simple. Open your phone, find the Play Store app, and launch it. Then, look for the Carbon loan app using the search icon on the play store icon. The Carbon app can then be installed.
If you have any other questions or concerns about the app, please visit their official website at www.getcarbon.co.
How Much Can You Borrow From Carbon?
With the Carbon loan app, you can borrow from NGN10,000 to NGN1,000,000.
Loans of up to a million are available. However, it is normally low on your first try. As you repay, you gain access to larger sums. However, on your first try, you can borrow up to NGN200,000.
Carbon Loan Interest Rate
The interest rate ranges between 5% and 15%, depending on the amount financed and the repayment duration. As you borrow and repay back faster without defaulting, Carbon might issue you another offer to get a loan with cheaper interest rates as compared to when you keep defaulting.
How Long Does It Take to Get a Carbon Loan?
The Carbon loan app loans are available immediately once you submit your application. Loans are often delivered within 5 minutes.
Repaying Carbon Loans
Repaying debt is as simple as it was when you received it. All you have to do is log in to the Carbon loan app for Android, and you can start repaying right away.
When applying for a loan, you have the option of providing a credit card that can be used to repay the loan. You can effortlessly fund the account to which the card is linked. Log in to your account using the carbon app and select Repay Loan.
What Happens When You Don’t Pay Your Loan?
Defaulting on a Carbon loan can cause your bank account to be depleted and trigger collection calls, lawsuits, and wage garnishment. Always attempt to pay off your bills on schedule.
Is Carbon loan Approved by the CBN in Nigeria?
Carbon is a financial institution authorized by the Central Bank of Nigeria (CBN) that offers financial services through its mobile application. It is gradually extended to become a mobile money operator which provides you with the opportunity to save, withdraw and transfer money from one account to another in Nigeria.
It’s now simple to borrow money online; all you have to do is grab your smartphone, download the Pay later app, register, and gain access to loans.