As Nigeria grapples with economic challenges, particularly inflation and rising prices, individuals seek financial solutions that empower them to make a positive impact. Enter Carbon Loan, a groundbreaking lending solution that converges finance and sustainability. This article delves into the intricacies of Carbon Loan, exploring its features, legitimacy, application process, and the founders behind this innovative financial platform.
Carbon Loan at a Glance
Carbon Loan offers collateral-free short-term loans of up to N1,000,000 to Nigerian consumers within a remarkable 24-hour turnaround time. Beyond loans, Carbon facilitates money transfers and online bill payments and provides investment opportunities through high-interest savings plans.
Key Features:
- Collateral-free loans up to N1,000,000
- Cashback (10-100%) on interest paid for timely repayments
- Interest rates ranging from 5% to 15%
- The free credit report for every new loan applicant
Who Are the Owners of Carbon Loans?
Carbon, formerly known as Paylater, was founded by two visionary brothers, Chijioke Dozie and Ngozi Dozie. The company has garnered significant investments, totaling $15.8 million, from notable backers such as NET1 UEPS Technologies Inc., Lendable, and Google Launchpad Accelerator.
Is Carbon Loan Approved by CBN? Is it Legit?
Yes, Carbon Loan is a legitimate financial entity. Established in 2012, the company has become a fully licensed and regulated digital bank by the Central Bank of Nigeria (CBN). With a global presence and around 90 employees, Carbon operates in Mauritius, Nigeria, the United Kingdom, the United States, Canada, South Africa, and Kenya.
Carbon Loan Requirements
To access a Carbon Loan in Nigeria, users must fulfill specific requirements, including:
- A Carbon account opened via the Carbon app
- KYC checks involving personal information and a real-time photo
- Bank Verification Number (BVN)
- An account number with an ATM card
How Much Can You Borrow from Carbon?
Carbon allows borrowers to access loans of up to ₦1 million. Initial loan amounts may be conservative, but they gain access to larger loan amounts as borrowers repay.
Carbon Loan USSD Code
Carbon provides a USSD loan service with the code *1303# for added convenience. This service is accessible on both MTN and 9mobile platforms.
How Does Carbon Loan App Work?
Carbon extends personal and SME loans in Nigeria. Personal loans can reach N1,000,000, while business loans can go up to N20,000,000 within 48 hours. The platform charges a fixed 5% fee for new SME loan applicants and 4% for returning customers, with transparent terms and no hidden fees. Interest rates for personal loans are competitive and depend on the borrower's credit standing.
Carbon Loan App Download
To experience the benefits of Carbon Loan, users can download the Carbon app from the Google Play Store or Apple App Store.
How to Get a Carbon Loan
The process of obtaining a Carbon Loan involves the following steps:
- Download the app from the appropriate app store.
- Create an account by providing personal details.
- Apply for a loan by selecting the "Request a loan" option.
- Enter the desired loan amount and reasons for borrowing.
- Receive notification of loan approval.
- Provide card details for fund disbursement.
- After full repayment, apply for subsequent loans at higher amounts and lower rates.
How to Repay a Carbon Loan
Repayment at Carbon is seamless and automatic. The platform debits the account by the owed amount on the due date. Repayments can be deducted from the Carbon Account or the linked debit/ATM card. Note that repayments via debit card incur a 1% fee.
How do I Fund my Carbon Account?
Funding a Carbon account is straightforward:
- Make a direct transfer to your Carbon account using the provided details.
- Account Name: Your name
- Bank: Carbon
- Account Number: Found on the app homepage, beneath the customer's account balance.
- Launch the app, select 'your loans' in the menu, and choose 'make a repayment.'
- Select the Carbon account as the repayment method.
Is Carbon Loan Right for You?
Carbon, a pioneer in digital lending in Nigeria, has a solid track record of providing collateral-free loans. Accessing a loan from Carbon is generally straightforward for individuals with a good credit history. However, alternative loan apps in Nigeria offer competitive options, and exploring various choices is advisable.
Is Carbon a Digital Bank?
Carbon has transitioned into a digital bank in Nigeria, Kenya, and Ghana. The company has introduced 'Carbon Zero,' a buy now, pay later product, further expanding its financial offerings.
Is Carbon a Good Loan App?
Carbon is widely recognized as a reliable and trustworthy loan app with high ratings on both the Google Play Store and App Store. Its popularity among users attests to its credibility and efficiency.
Carbon Investment
While Carbon primarily focuses on loans, it also provides a high-interest savings plan with up to 15.5% investment returns. The three savings plans include Cash Vault, Goals, and Flexsave, catering to different financial objectives.
Carbon Loan Office Address
Plot 642C Akin Adesola St., Lagos, 101233, Nigeria
Carbon Loan Customer Care
Contact Carbon Customer Care at 016311215.
Conclusion
Carbon Loan emerges as a transformative force in the Nigerian financial landscape, offering both loans and a comprehensive suite of financial services. With its founders' vision, regulatory approval, and a commitment to sustainability, Carbon represents a compelling choice for those seeking financial empowerment in Nigeria.