Carbon Loan App Interest Rate And How To Apply Online

Carbon Microfinance Bank Limited is a financial institution licensed by the Central Bank of Nigeria (CBN) which provides financial services via its mobile app. It is an secure digital banks insured by NDIC.

Carbon was founded in 2012 as a loan company named PayLater.

You can access to loans simple and easy even without any guarantors, collaterals or long forms apply 24/7, pay bills,receive funds in your Carbon account instantly and enjoy high-interest savings.

How To Open A Carbon Account?

You can open a carbon account by Downloading the app from your Google Play store or App store.

• Register within minutes.
• Provide few personal details to create your Carbon account.
• You can now start banking. Carry out all your banking transactions within the app.

Loan Requirements

Carbon requires you to: Once you have provided this requirements, you can proceed to the registration and application process.

• You must be Nigerian residents
• You must be between 18 to 55 years old.
• Have a valid bank account
• You must be willing to link your ATM card to Carbon app.
• Have a steady source of income.
• Have a good credit score

Also, see: Microloans Meaning And Everything You Should Know In Nigeria

How to Borrow Money from Carbon Loan App

• Download the Carbon Loan App

If you are an Android user, you can download the Carbon Loan App from the Google Play Store. For those using an iPhone, you will find the Carbon Loan App for iPhone in the App Store.

• Create Your Account

Once downloaded, open the app and begin the registration process. This is where you create your Carbon loan login credentials. Provide accurate information, as this will impact your ability to secure a loan.

• Set Up Your Profile

After login, you will need to set up your profile. This involves providing personal and bank details. The information you provide at this stage will determine your Carbon loan limit, so transparency is key.

Once your profile is ready, applying for a loan is just a few taps away. Here’s a step-by-step on how to get a loan on Carbon Loan App:

•  Find the Loan Application Section

Within the Carbon Loan App, locate and select the “apply for a loan” option. It’s easily accessible from the main dashboard.

• Choose Your Desired Loan Amount

Depending on your eligibility and Carbon loan limit, decide the amount you want to borrow. Remember, your selection should be based on your repayment capacity.

•  Select the Loan Tenure

Carbon offers flexible repayment terms. Choose a loan tenure that suits your financial circumstances.

•  Fill the Application Form

You’ll need to provide additional details, including your employment status and monthly income. Be sure to fill in this information accurately. The algorithm uses this data to assess your ability to repay the loan.

• Specify the Purpose of the Loan

As part of the application, you’re required to mention why you are borrowing the funds. This could be for medical emergencies, business investment, bill payments, or any other reason. Being transparent at this stage aids the approval process.

• Review Your Application

Before submitting, take a moment to review the information you have provided. Ensure everything is accurate and truthful.

• Submit Your Application

Send your application for review. Carbon’s technology enables quick assessment, and you will receive a response within a few minutes.

• After submitting your application, the Carbon Loan App algorithm assesses your details. This review process is quick, and you will receive a response in just a few minutes.

How Much Can I Borrow From Carbon Loan App For The First Time?

As a new customer, you may be eligible for one of the following loans: Loan 1: ₦30,000 or ₦200,000, depending on whether you meet the low ticket criteria. Loan 2: ₦400,000. Loan 3: ₦600,000.