Carbon Loan: 6 Things You Need To Know Before Taking A Loan From Carbon

Recently due to financial challenges, many Nigerians have been using Fintech platforms like Carbon loan app to meet their urgent financial needs.

Carbon which was formerly known as PayLater platform is one of the popular digital loan app that offers loan services to their esteemed customers. This Fintech has been in operation for years now and many subscribers have been seeing it as a safe haven towards meeting their financial needs while some complained about their unfriendly customer service.

However, if you are hearing about Carbon loan app for the first time, it is pertinent to understand their terms of operation before patronizing them. Like other Fintech platforms, Carbon has policies that regulates its activities. Hence, in this article, we’re going to x-ray the basic policies of Carbon loan and what is required of you before opting for their services.   

1. How Much Can I Borrow From Carbon Loan?

Carbon Loan

The amount of money that customers can borrow from Carbon loan app ranges from 30,000 to 1,000,000. However, the amount of money that customers can borrow from Carbon varies depending on some factors.

Before a customer can be eligible for reasonable loan amount, the customer must have an excellent credit score and trust.  Meanwhile, to be able to increase your loan amount on Carbon, you must have a good repayable history from the previous transactions.

2. Carbon Loan Repayment Plan

Ordinarily, the repayment plan for Carbon loan ranges from 3 to 6 months. Though this repayment plan is subject to change depending on the agreed terms. In all, understand your repayment plan once you patronize carbon.

3. Carbon Loan Requirements

As it is with other Fintech platform where applicants (customers) are expected to meet certain criteria before they will be eligible to access loan, the same applies to Carbon. Hence, to be eligible for Carbon Loan, the customer must meet the following criteria

1.The customer is expected to download and install Carbon app on their device

2. The applicant must have a Bank Verification Number (Bvn)

3. The intending applicant must have a Valid ID card like driver’s license, National Identity Card etc.

4. The applicant is expected to have a functional ATM card for repayment

5. Functional bank account with positive account balance

6. The applicant’s basic information like address, full name must be handy

4. Carbon Loan Interest

According to their standard, Carbon loan interest ranges from 2% – 30%. This interest rate is totally dependent on the amount of money that the customer want to borrow and the repayment plan that the applicant opt for. To be on the safe side, it’s best to understand the interest rate attached to each loan plan before opting for it.

On the other hand, customers at Carbon enjoy monthly Cashback of 1% on every transaction they make using the POS machine. Not only that, customers who save their money on Carbon platform earn up to 15.5% interest annually. That sounds good right?

5. Carbon Loan USSD Code

The Carbon Loan USSD Code is *1303#.

This code is used to access different kinds of loans from Carbon. Fortunately, this code works perfectly well on both 9mobile and MTN. 

6. Carbon Loan Review

As I stated in the introduction, there are divergent views from people about the Carbon loan app. Some users extolled the platform on the basis of their excellent financial service while others frowned on what they perceived as dissatisfactory service from their customers service.

From our check on PlayStore, we found out that there are about 146,000 reviews from different users. We also observed that the app has 4.4 stars which is actually a good rating. 

On the other hand, our check on Nairametrics also revealed that Carbon loan app has  a relatively good rating. Most of the users said that the platforms’ payment method is incredibly amazing while some users frowned on the slow pace at which the app works. Some people also expressed displeasure on the duration it takes for one to redeem their card should they apply for it, describing it as frustrating and time-consuming.

Final Thought

Carbon loan app is not a scam though the platform have terms and conditions that regulates it’s activities. Hence, it is best to understand their policies before transacting business(es) with them.

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