Updated on January 7, 2024
In this breakdown, we’ll be looking at Carbon loan. Carbon is a digital bank in Nigeria offering instant loans that require no guarantors, collaterals, or long forms.
Carbon is not just about borrowing money; this fintech company lets you transfer money, pay bills online, and even offer investment options in the form of high-interest savings.
A win-win situation where you can achieve all your financial goals.
Carbon Loan solution provides short-term personal and business loans of up to N1,000,000 to Nigerian consumers within 24 hours.
With a Carbon loan, you higher loan amounts and lower interest rates by repaying your loans on time.
In this article, you’ll learn:
- How to get a Carbon loan
- About the Carbon USSD Code
- And the Carbon loan interest rates and everything else you need to know about the Carbon loan.
Carbon Loan at a Glance
- Collateral-free loans of up to N1,000,000
- Get cashback ( 10 – 100%) on interest paid once you repay on time
- 5% to 15% Interest rates
- A Free credit report for every new loan applicant.
Carbon Loan Requirements
Here is the list of requirements required to access a Carbon Loan in Nigeria:
- A Carbon account (Open one via the Carbon app)
- Perform KYC Checks by providing personal Info such as name, and phone number, and take a real-time photo
- Bank Verification Number (BVN)
- An account number with an ATM card
How Much Can You Borrow from Carbon?
You can get up to ₦1 million via a Carbon loan. But on your first try, it is usually very low. As you pay back, you get access to bigger amounts.
Carbon Loan USSD Code
Carbon also provides a USSD loan service for its users. The Carbon loan USSD code is *1303#. The code can be used on both MTN and 9mobile platforms by dialing *1303#.
How Does Carbon Loan App Work?
Carbon offers personal and SME loans in Nigeria.
For its’ SME loans, it charges a fixed 5% fee on the amount disbursed for new applicants and 4% for returning customers with zero hidden fees.
Interest rates on personal loans are competitive and vary depending on your credit standing.
Also See: How to Check NIRSAL Loan with BVN
Carbon Loan App Download
How to Get a Carbon Loan
To access a carbon loan follow these steps:
- Download the App from Google Play Store for Android or App Store for iOS.
- Then create an account by providing your details
- Then apply for your loan by clicking on the “Request a loan” option
- Next, enter the amount you want to borrow and your reasons for seeking the loan.
- Next, you’ll be informed if your loan application was successful or not
- If your loan was approved, you’ll be asked to provide your card details and the funds will be credited into your account.
- When you’ve paid back your loan in full, You can apply for another loan immediately at a higher amount and a lower rate.
How to Repay a Carbon Loan
Repaying your loan at Carbon is quite easy and works automatically.
On the due date of the loan repayment, the platform automatically debits your account by the amount you owe.
It will be deducted from your Carbon Account or the account linked to the debit/ATM card you provided during your loan application.
But you should know that if repayment for your loan is done from your debit card, you will incur a 1% fee on all your repayments.
Checkout: How to Repay Migo Loan
Who Are the Owners of Carbon Loan
Carbon was founded by two brothers Chijioke Dozie and Ngozi Dozie.
The company has gone on to raise $15.8 million from investors that include NET1 UEPS Technologies Inc., Lendable, and Google Launchpad Accelerator.
Is Carbon Loan Approved by CBN? Is it Legit?
Yes, Carbon loans are legit. The company has been in operation since 2012 and has now transitioned into a full-suite digital bank licensed and regulated by the Central Bank of Nigeria (CBN).
The company is increasing its global presence with the company having around 90 employees with a presence in Mauritius, Nigeria, the United Kingdom, the United States, Canada, South Africa, and Kenya.
How do I Fund my Carbon Account?
- By Making a Direct Transfer to your Carbon account – please send money using the following details.
- Account Name: Your name
- Bank: CarbonAccount Number: Your Carbon account number which you can find on the app home page, at the top left, just beneath the customer’s account balance.
- Once your account is funded, launch your app, in the menu section, select ‘your loans’, then click the ‘make a repayment’ option.
- Select your Carbon account as the means of repayment and your account is immediately updated, once payment is successful.
Also See: USSD Codes for Loans in Nigeria
Is Carbon Loan Right for You?
Carbon is one of the pioneers of digital lending in Nigeria, so they have a good history of providing collateral-free loans to Nigerians.
So accessing a loan from this company shouldn’t be difficult as long as you have a good credit history.
However, Carbon isn’t the only company offering good loan options in Nigeria.
You can find other loan apps in Nigeria offering instant loans at low interest.
You can also find great investment options other than Carbon in our investment platforms in Nigeria guide.
Is Carbon a Digital Bank?
Carbon is a digital bank with a presence in Nigeria, Kenya, and Ghana.
The fintech company has announced the rollout of its buy now, pay later product dubbed ‘Carbon Zero’ to eligible customers on its mobile app.
Is Carbon a Good Loan App?
Carbon is a very popular loan app, its google play store and app store ratings are evidence of the reliability and trustworthiness users associate with the Carbon loan app. So it’s a good loan app to use.
Currently, carbon investment only includes a high-interest savings plan that offers up to offer up to 15.5% returns on your investments.
Carbon offers 3 savings plans that include:
- Cash vault (Lock away bulk sums for capital projects from as low as N50,000 and earn 15.5% at maturity.)
- Goals (Invest towards your goals (long-term or short-term) and earn up to 9.5% interest at maturity.)
- Flexsave (Save spare cash and watch your money grow. No amount is too small to save).
Carbon Loan Office Address
Plot 642C Akin Adesola St. Lagos 101233 Nigeria.
Carbon Loan Customer Care
The carbon Customer care number is +2 341 460 9945
Carbon Loan App Download
Carbon Loan USSD Code
The Carbon loan USSD code is *1303#.