You are here probably because you are interested in knowing how to apply for Carbon Loan right? On this page, I have a complete review of Carbon loan app and all that you need to know to take and repay loans on the Carbon mobile app.
Carbon, a loan app that was known before as Paylater loan app, is now one of the outstanding mobile loan applications in Nigeria. Carbon is a lending platform that offers short-term loans to help people cover unexpected bills or meet other urgent financial demands. The app is on Google Playstore, free to install and use.
Table of Contents
Carbon Loan Offers
Carbon App offers two loan packages to users.
They are:
- Pay later (loans available to anyone) and
- Pay later plus are two options (loans for salary earners).
Any of these loans can be applied for 24 hours a day, seven days a week with an Android device. If the user fulfils the few basic requirements of the app, the borrower would receive the loan sum to his/her bank account.
The application process is quick, and you will know your loan status within minutes of submitting your application.
Additional Services Offered by Carbon
Other services such as recharge cards, invoices (including your NEPA bill), and other services are now available through the Pay Later portal.
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About Carbon Loan App: Brief Company History
Carbon Loan is a product of One Finance and Investment Ltd., which began life as One credit in 2012 and is now known as Carbon Loan.
At the time, the company only granted loans to salaried employees, and it operated entirely on paper, necessitating the submission of supporting documentation.
It was in 2015 that One credit changed its name to OneFi, following a period of significant expansion in both operations and revenue. Because of the engagement of the Credit Bureau of Nigeria and the creation of a one-of-a-kind Bank Verification Number (BVN), the company has been able to expand its services to non-salary earners by using the resources of its field representatives.
In 2016, the company transformed into a totally digital platform, and its name was changed to Paylater to reflect this transformation. The outcome of this update was that they were able to capture the thoughts and opinions of millions of Nigerians through data and mobile phones.
They believed that by utilizing data and leveraging technology, they would be able to extend credit to a greater number of customers while also simplifying the application process. A direct result of this was the complete and total extinction of the paper-based application process.
When Was Carbon Loan App Launched
Carbon is a lending application that was launched in Nigeria in May 2016. A totally digital lending network that is accessible 24 hours a day, seven days a week, it was one of the best and first of its kind. It is possible to deposit money into a person’s bank account within minutes. Two years later, the Paylater mobile application had received more than one million downloads.
With the introduction of the Carbon loan app, it was possible to meet certain expectations of the time while also taking into consideration the complicated nature of the clients’ requirements. It grew beyond merely loan disbursements to include bill payments, investments, and financial management as well as other services.
Carbon is a representation of a person’s daily requirements and the process by which they come into being. It also shows their intention to serve as a one-stop shop for anyone looking to obtain a loan in Nigeria.
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Carbon Loan App Requirements
One must have an Android smartphone, a bank verification number (BVN), and an ATM card in order to be able to utilize the Carbon loan application.
Additional permissions granted by users to the loan app include the ability to examine their phone data in order to determine their eligibility for further consideration.
One must have an Android smartphone, a bank verification number (BVN), and an ATM card in order to be able to utilize the Carbon loan application.
Other permissions granted by users to the Carbon loan app include the ability to examine their phone data in order to determine their eligibility for further consideration.
Paperwork & Collateral
In the same way that any other instant online loan does not require any type of documentation or collateral to apply and be approved, the only requirements are an Android mobile phone. This is used to download and install the loan application from the google play store. It also serves as a means of identification. With these, you are good to go.
You can learn more about Carbon by downloading the Carbon app from the Google Play Store or visiting their official website (PayLater).
Carbon Loan App Permission Before Approval
When you install and activate Carbon loan app on your phone, the mobile application has access to the following resources on your phone:
- Information about your Wi-Fi connections. Location is divided into two categories: precise location (GPS and network-based) and approximate location (network-based)
- Your phone Calendar. The app will see upcoming events on the calendar app on your phone as well as confidential information that you store on it, if any.
- Photographs and films can be taken with a camera, most importantly your phone camera.
- Device ID and call information. It checks the status, and identity of your phone.
- Your USB storage device. The app may see, alter, or remove the information on your USB storage device.
- SMS. The app reads your text messages (SMS or MMS)
- Device and app history. The app views the Web bookmarks and browsing history on your device and in your apps.
- Contacts. The app will see your contacts and can access them.
Additional Permissions
- Obtain information via the Internet
- Network connections can be inspected.
- Run at the start of the program
- Access to the entire network
- Draw on top of other applications
- stop device from sleeping/hibernating
How to Download Carbon Loan App from Google Playstore
Step 1: Download the app on Google Playstore. The Carbon loan application can be found in the Google Playstore.
Step 2: If you need to authenticate identify, sign in or sign up, you will be sent brief registration/application forms.
Step 3: Fill out the application with accurate information and then click on the ‘Apply for loan’ button.
Simply enter the amount you wish to borrow, and the app will display the loan offers that are currently available, as well as your estimated repayment(s).
Step 4: Submit your loan application to receive a decision on your loan within minutes of submitting it.
What is Carbon Loan Amount Limit (Minimum & Maximum Loan)
The loan application allows for a loan amount as low as $1,500 and as much as $1,000,000 in total.
What is Carbon Loan Interest Rate
The interest rate on a carbon loan might range from 5 percent to 15 percent, depending on the loan size and repayment time.
What is Carbon Loan Repayments Duration
According to the carbon loan app, its users and non-users who intend to apply for this loan should kindly be informed that the duration given for repayments is in one to three months (1 to 3 months) period of receiving it.
How to Repay Carbon Loan
There are 4 ways to pay back a loan on Carbon. They are
- Direct App Repayment Method
- Bank Transfer Repayment Method
- Wallet Repayment Method
- Quickteller Repayment Method
Below is detailed explanation on how each of these work and how to use them to repay borrowed funds on Carbon.
-
Direct App Repayment Method
Here, you first select, “Make a Repayment” within the app. This opens another interface. From the “Your Loans” drop-down menu, enter your ATM/Debit card information that you will use to make the repayment.
Once Carbon receives the money and processes it successfully, your account will be automatically updated and your debt profile erased.
-
Bank Transfer Repayment Method
To repay your carbon loan using this method, pay the loaned amount (principal + interest(s)) to the Carbon official bank account details listed below:
- Account Name: Carbon/Paylater is (the name of the account)
- Bank Name: Guaranty Trust Bank (the financial institution)
- Account Number: 0217599035
Additionally, you are required to mention your full names/client ID as well as your registered phone number in the transaction reference, and once the transaction is completed, you must return it to carbon support through email in order to have your account updated.
-
Wallet Repayment Method
To use this option, you should have some money in your Carbon wallet must within your Carbon app. If you have it and you are ready to repay your loan, choose ‘Your loans’ from the drop-down menu in the Menu area, and click on ‘Make a repayment’.
Select your wallet as the method of repayment, and your account will be promptly updated once the money has been received by Carbon.
-
Quickteller Repayment Method
For this, go to the Quickteller website and select Paylater from the drop-down menu to enter your customer ID and other necessary information.
Continue by entering your credit card information and confirming the transaction. Wait a few minutes for your account to be immediately updated after you have completed the process.
If you need more information, please kindly visit the carbon loan website.
Carbon Loan App Alternatives
Other loans you can use to get a loan apart from Carbon loan app are Lcredit Loan App, 9credit Loan App, and Okash Loan App.
Conclusion
This article answered the key questions on Carbon loan app like is carbon loan approved by CBN?; how can I do carbon loan reschedule?; how can I download carbon loan app?, etc. Also, this article provided answers to questions on carbon loan app login, and carbon loan requirements. I hope that I was able to answer your questions.
If you need more help, please type your questions in the comment box below and I will respond as soon as possible. You will receive an instant email when I reply to your question or inquiry.
LMA Team.
