Carbon Loan Review| Carbon Loan is an online payment platform where you can Pay bills, transfer money, get instant loans and enjoy high-interest savings, all in one place.
As it happens to all of us at one point or another, emergency situations might arise in a way that we need some extra money in solving financial issues.
At a time when all available options of getting cash have been exhausted, the best alternative is to consider getting a quick and easily affordable loan online.
Are you someone in this same situation currently and needs a way out? Fear not, because Carbon has got you covered.
Carbon, formerly known as Pay later is one of the leading mobile loan apps in Nigeria and financial technology companies that give quick loans in minutes to its customers, and what’s more?
You don’t need collateral to obtain their loans. In this article, we will share with you all you need to know about the Carbon loan app and the services it offers.
Table of Contents
What Is Carbon Loan App All About?
Carbon loans as we know it today began in 2012 as One Credit. One Credit is founded in Lagos, Nigeria.
The company provides loans to salary earners only, using a paper-based application process that requires supporting documentation.
One Credit then evolved into OneFi in 2015 as a result of considerable growth in its business in Nigeria.
With the introduction of the unique Bank Verification Number (BVN) and national credit bureau services, it becomes possible for the company to provide more loans to more people, not just salary earners.
Just Like Branch loan app the Carbon loan app is flexible, easy to use, has a nice user interface, and you get the money you need instantly.
The company broadens its service offering, leveraging a network of agents on the ground to get lending services in the hands of thousands of Nigerians under the OneFi brand.
In 2016, the business went digital and its name was then changed to Paylater. Thousands is good, but Millions is better!
The founders realize that by leveraging technology, they could provide access to credit to significantly more consumers, and make the application process easier along the way.
The Paylater mobile app was launched in May 2016. It was the first service of its kind.
A fully digital consumer lending experience, available 24/7, that can get borrowed funds into a person’s account in minutes.
After just 2 years in the market, the Paylater mobile app was downloaded by over 1 million users.
As the suite of financial services offered in the Carbon loan app was introduced and it expanded from just loans and into payments, investments, and personal finance management.
Carbon represents their aspiration to go everywhere with customers, form an essential part of their existence and be versatile enough to change or innovate to fulfill their needs.
The renamed service signaled their intent to offer the most diverse digital finance platform, anywhere.
You can download the Carbon app through google play store on your smartphone
Requirements for Carbon Loan
Before you will be given a loan on Carbon necessary information about you will be required such as
- Name, Phone number, address, etc.
- Bank Verification Number (BVN)
- A passport photo will be taken through your mobile phone
- Bank account details
- Your ATM card will be used to pay back the loan. You will also submit the major details of the card. You will be billed an initial N50 or N100 to authenticate the card.
- A government-issued ID (which is rarely required unless you want to borrow huge amounts).
How to Get Loan from Carbon Loan App?
To get loan from carbon loan app,
- You will have to download the app to your smart via Google play store
- Register with them (where you will need to provide details about your i.e. Your name, phone number, email etc)
- Upload your photo. The photo will be taken in real-time. You will take it right there from the app with the aid of your phone’s camera
- You will be required to upload your photo before you can access loans
- Then, you will see a button to request a loan.
- Fill in all information required
- Then Submit the application
At first, you will not be allowed to borrow huge amount of money, but as time goes on when your credit point increases, you will now be given access to borrow huge amount of money from them.
After the application, you are required to wait for your loan approval. This does not take long normally. Just a few minutes.
Once a loan has been approved. You accept it and provide your card details where you want to pay back.
As soon as you complete the last step, your loan will be in your wallet in minutes. It is a very fast process.
From your carbon loan wallet, you can transfer it to your bank account instantly, or use it to pay bills like DSTV, electricity, etc.
The loan term ranges from 30 days to 12 months
How to Pay Back Carbon Paylater Loans
To repay a loan is as simple as it was when you got the loan. All you have to do is log in to the Carbon loan app android and you can repay immediately.
While applying for the loan, you have the chance to give a card that you can use to repay a loan.
You can without much of a stretch fund the account which the card is connected to. Login to your account by means of the carbon app and click on repay the loan.
How Much Can You Borrow From Carbon?
With the Carbon paylater app, you are allowed to borrow cash in the range of ₦10, 000 – ₦1 Million.
You can get up to ₦1 million loans. But on your first try, it is usually low. As you pay back, you get access to bigger amounts.
For me, since 2018 that I’ve been with the company, I can now borrow up to N250,000. You know why? I make repayments on time!
Paylater loans
All you need to get started on this is just a smartphone and internet connection and you are just one click away.
Also, their service is available 24 hours a day, and all through the days of the week and it is available for everyone, regardless if you’re a student, trader, salary earner, or businessman.
But first, before you can be eligible to apply for a loan through the Carbon loan app, there are requirements you must satisfy.
And fear not, it’s nothing too much to worry about. You have to just take the first step which is to download the Carbon loan app.
How Does Carbon Paylater Work?
Carbon is a simple, entirely online lending platform that provides short-term loans usually from 1 month to a year to help cover unexpected expenses or urgent cash needs.
With the Carbon paylater app, you are allowed to borrow cash in the range of ₦10, 000 – ₦1 Million in 5 minutes.
Carbon Loan App Summary
We do hope that all the information provided in this article about the carbon loan app is able to help you in the process of obtaining loans with Carbon.
Borrowing money online is now easy, all you need to do is grab your smartphone, download the app by paylater, register and get access to loans.
As it happens to all of us at one point or another, emergency situations might arise in a way that we need some extra money in solving financial issues.
At a time when all available options of getting cash have been exhausted, the best alternative is to consider getting a quick and easily affordable loan online.
Are you someone in this same situation currently and needs a way out? Fear not, because Carbon has got you covered.
Carbon, formerly known as Pay later is one of the leading mobile loan apps in Nigeria and financial technology companies that give quick loans in minutes to its customers, and what’s more?
You don’t need collateral to obtain their loans. In this article, we will share with you all you need to know about the Carbon loan app and the services it offers.