Carbon app, formerly known as Paylater, is a leading African digital bank that offers a comprehensive range of financial services in Nigeria, Kenya, and Ghana. This innovative app provides individuals and businesses with easy-to-use tools to manage their finances effectively. In this detailed review, we will explore the various features, services, and benefits of the Carbon app which is one of the most reputable loan applications in Nigeria.
With a plethora of features, Carbon app, just like Branch loan application, caters to both individuals and businesses and offers user-friendly budgeting tools, secure payment solutions, access to high-yield investments, and credit options. The app empowers users to gain a better understanding of their finances, take control of their money, and achieve financial freedom and peace of mind.
What is Carbon Loan App?
Carbon loan app is a Fintec and lending service focused microfinance platform that provides instant online loans to customers without guarantors, collaterals or extensive documentation and with 24/7 service thereby increasing access to credit to financially under-served and excluded individuals in Nigeria. Borrowers can receive funds in their Carbon account instantly. The app helps users Buy Now Pay Later, facilitating savings and investment. The app do
The Carbon application allows users to Buy anything, shop anywhere, and pay with Carbon Zero by spreading the cost into 4 installments at 0% interest. It also allows users to earn up to 15.5% interest on their savings and investment on a 12-month fixed Cash vault savings plan with a ₦50,000 minimum deposit to open. With Carbon, get quick loans in Nigeria without collateral, business loans, transfer funds, pay bills, and save money with high interests.
Top 5 Financial Services Offered By The Carbon Loan App
The Carbon loan application offers the following unique financial and lending services for its myriads of customers, users and borrowers.
1. Loans
Carbon App simplifies instant borrowing for both personal and business purposes. Users can access affordable loans to expand their small businesses or handle personal emergencies. The loan application process is designed to meet individual needs, and prompt repayment allows users to access larger loan amounts and lower interest rates.
Carbon loan application offers loans ranging from NGN10,000 to NGN1,000,000, with the possibility of increasing the loan amount as users repay their previous loans. The app ensures transparency by eliminating processing fees, late fees, and rollover fees. Interest rates vary between 5% and 15%, depending on the loan amount and repayment period.
2. Carbon Account
One of the core offerings of the Carbon Loan app is a bank account that functions similarly to a traditional savings account. Upon registration, users receive an account number to facilitate receiving money from anyone.
The Carbon account offers a 2% yearly interest rate, disbursed into the account monthly. Additionally, users can enjoy 30 free money transfers per month and receive instant transaction alerts for enhanced security.
3. Bill Payments
The Carbon loan application simplifies bill payments just like Fairmoney app, by allowing users to send money, buy airtime, data, cable subscriptions, and utilities from a single platform, without incurring additional fees. With thousands of billers available, paying bills becomes hassle-free, and users can also save and schedule recurring payments for added convenience.
4. Cards
Similar to traditional banks, Carbon App provides users with a valid debit card for making instant transfers, payments and receiving money through automated teller machines (ATMs) and point-of-sale (POS) systems.
Acquiring a Carbon debit card involves a simple application process, and the card can be delivered directly to users, regardless of their location. The app allows users to set spending limits and freeze the card if needed. Carbon Visa cardholders can make payments anywhere in Nigeria, both physically and online.
Additionally, they can opt for installment payments at select retailers and enjoy discounts of up to 10% through partnerships with specific merchants.
5. Savings
The Carbon App facilitates digital savings, providing users with anytime access to their funds. Users can receive payments into their Carbon accounts and earn interest on their savings. Adding funds to the Carbon account is convenient through the app, offering options such as USSD or debit card top-up.
Bank transfers can also be initiated from external accounts using the Carbon account number. By following these simple steps, users can fund their Carbon accounts quickly and easily.
6. Credit Reports
Carbon loan App provides users with credit reports, enabling them to assess their credit history across various financial institutions. This feature helps users understand their creditworthiness and identify any issues that may affect loan applications.
Carbon App Investments Opportunities
The Carbon app has quite a lot of investments opportunities you can put your funds into! But here’s the three main services you can explore.
-
- Cash Safe: Users can lock away large sums starting from as little as N50,000 for capital projects and earn a 15.5% interest rate upon maturity.
- Goals: This long-term or short-term investment option allows users to earn up to 9.5% interest when their goals mature.
- FlexSave: Users can automate their investments, select investment strategies, and specify the preferred date for recurring investments.
Carbon Loan USSD Code
Carbon also provides a USSD service for its users. The Carbon loan USSD code is *1303#. The code can be used on both MTN and 9mobile platforms by dialling *1303#.
How can I apply for a loan from Carbon App?
To apply for a loan on the Carbon App, follow these simple steps:
- Download the Carbon App from the Play Store or App Store and complete the registration process by providing your name, phone number, and email address.
- Once registered, you will receive a personal account number.
- On your Carbon App dashboard, tap on the “Request for a Loan” option.
- Fill in the necessary details required for the loan application, such as the loan amount and duration.
- Submit your loan application.
- Carbon will review your application within an hour and, if approved, disburse the loan amount directly into your Carbon account.
- You can access loan amounts ranging from NGN10,000 to NGN1,000,000, depending on your eligibility and repayment history.
- As you repay your loans promptly, you may gain access to larger loan amounts and lower interest rates.
Remember to use the Carbon App with your registered number and ensure that you meet the eligibility criteria for loan applications. By following these steps, you can easily apply for a loan through the Carbon App and benefit from its convenient and affordable loaning procedures.
Features of Carbon For SMEs
- Carbon for Businesses: In addition to serving individuals, Carbon offers financial services tailored to small and medium-sized enterprises (SMEs). The platform assists businesses with uncollateralized credit, online payments, funds transfers, and other financial needs.
- Identity Verification: Carbon’s identity verification system, CarbonIVS, helps businesses comply with KYC regulations, combat fraud, and streamline the customer onboarding process. CarbonIVS allows businesses to verify documents and information, such as bank verification numbers, passports, driver’s licenses, voters’ IDs, National IDs (NIN), and NIMC Slips. The system also generates estimated personality profile reports for individuals and facilitates document verification.
- Business Loans: Through the Carbon for SMEs platform, businesses can apply for loans up to 20 million naira without collateral, with approval granted in less than two days. Carbon offers competitive loan terms and charges a nominal fee of 4% for returning customers and 5% for new customers. Early loan repayment is encouraged and carries no penalties. To qualify for a business loan, businesses need to demonstrate a record of monthly sales, maintain an active bank account for at least one year (fully active for six months), operate in trade, services, or production, and be based in Nigeria.
- Funds Transfers and Overdrafts: Optimus Overdrafts from Carbon enables businesses to overcome cash flow challenges by providing necessary funds whenever needed, even with low or zero account balance. Optimus offers overdrafts of up to 10 million naira at a competitive daily interest rate of 0.3%.
- Online Payments: Carbon facilitates online payments for businesses, allowing them to process transactions using globally recognized payment methods such as Visa, Mastercard, American Express, and Verve. Although this service is not yet available, Carbon assures users that they will be notified when online payments become operational.
Can I use the Carbon App for online payments?
Yes, the Carbon App enables online payments through globally recognized methods such as Visa, Mastercard, American Express, and Verve. This feature allows businesses to process payments seamlessly on any device, promoting growth and facilitating transactions.
Carbon Loan App Download 2023
Carbon, a credit – led pan African digital bank, provides a free app download which facilitates your loan application process and makes easy money management possible. The app also allows you to track and simplify your personal finances with its easy spending and payment options.
Specifically the Carbon app download and registration as a user makes borrowing instant loan in Nigeria between N10,000 to N1,000,000 from the platform seamless. The downloaded app once profiled also makes it possible for the user to budget spendings, pay bills, borrow money and invest.
With a free Carbon app download, you can unlock the power of money and enjoy high-interest savings and a secured financial services system. Your Carbon account allows you enjoy cheaper transactions, zero account fees, and an annual interest of 2% per annum.
To download the Carbon loan application on Google Play Store, Click here. You can also download the app from Apps Store by clicking here.
Merits of Carbon App for financial management
The Carbon App offers several advantages for individuals and businesses. Some of the key benefits include access to credit, secure payment solutions, high-yield investments, and user-friendly tools for personal financial management.
The app also provides a savings account with an interest rate of 2%, allows bill payments without additional fees, and offers the convenience of a valid debit card for making payments and receiving money.
What Are The Real Customers And Users of Carbon Application Saying?
Carbon loan app is a provider of quick and instant online lending services and one of the best lending platforms in Nigeria when considering legit loan apps in the quick loan industry. With the platform, you can get a free Carbon bank account where you can pay bills, transfer money, get instant loans and enjoy high-interest savings.
Carbon App: Good digital Lender, Very Poor Customer Service
However QUICK LOAN ARENA, a leading platform in the digital loan app review segment got feedback from real borrowers and customers of Carbon application. Even though most of the real customers acknowledge that the Carbon app is indeed one of the best obtainable in Nigeria, no shaming or sending defamatory messages to loan custoemrs.
However, according to the feedback, the platform’s responses to customers’ complaints and services are poor. The timing of response is also slow and sometimes users are completely unable to reach Carbon app customer service or representatives. What they found out indicates that customers believe Carbon is one of the very good digital loan apps in Nigeria, but they need to do more to up their customer service delivery and response time to complaints.
No Carbon App customer contact to call – Akpong Thomas
The app and the services rendered are cool. My experience made me introduce the platform to my wife. However, during her registration process, she made a mistake with her DOB. This means no transaction can be done in the account even though she has some money in there. No customer contact to call. Have sent several mails to the team to enable her edit her profile, yet no way forward. Please team, see to these… 0000
I Need urgent Customer Assistance – Aniefiok Emmanuel Obong.
The app is amazing, investment platform was really working fine but 2 month ago I can’t invest. Our engineers are working to restore full service, try again later, keep popping up. I have sent several emails to an extend support stop replying my messages.. I have reinstall the app, I have clear my cache yet the problem still persist. I need an urgent assistance.
I Cannot Add My ATM Card – Ufuoma Pauline.
The App is wonderful. I ve problem with resetting my pin, my account was blocked. I waited till after 24 hours, after 24 hours i was ask to reset my pin. I tried resetting it, I was blocked again. Also I try to add my bank card I could not get. Please do something about this problem. Thank you
Carbon Is completely reliable – Emmanuel Ogbonna.
My account had a technical issue, a long story though. I couldn’t imagine a solution to b given quickly. But to my surprise, my account was rectified within 48 hrs. Kudos to the customer service line. They’re completely reliable. Although I’ve not been granted access to any loan yet. I don’t know why sha. I’ll give a 5 star when a reasonable loan deal is brought up and executed. keep up the good work.
Carbon is the most decent and reliable loan app – Aisha B.
I have been using carbon since 2018(I think) and I can say this is the most decent and reliable loan app. This year I decided to use carbon wallet as my savings account and the services I recieve have been amazing. I was even given interests on savings and cash backs on POS (as opposed to other banks that debit you for ATM charges). You guys are doing good. Pls keep up the great work. Don’t make me come and change my review.
I Cannot Add My Debit Card. katiusca Rosa.
My experience on this app: I have tried to get your debit card but it not available…. You’re not like others app, they grant request instantly and also give out loan… Someone need to get another banks Debit card before you could loan them… And I have tried several times with my other bank debit cards but unsuccessful. I’m giving you this five stars cus of some other featuy you have in you app that other banks don’t have. Pls work on what I mention.
Carbon App Couldn’t Resolve The Issues With My Debit Card – Steven Charles
I’m having issues with my account and Carbon application could no resolve it. It’s been more than 4 years since I lost my Sim card and anytime I try to login to my account, an otp will be sent to the Sim card which is lost and I have changed phone already. This is givinG me headache and I have borrowed money in the account which I want to pay back. And if the management could not fix the problem let them send me the account number so I can repay them their loan.
Conclusion
The Carbon application formerly called Paylater helps millions of customers and borrowers access quick and instant loans without needing guarantors, collaterals, or long form filling. When considering reputable and good digital loan apps in Nigeria, Carbon readily comes to mind. The app claims that if you apply at anytime of the day, you can receive funds into your Carbon account instantly. Carbon app doesn’t use forceful and unethical loan recovery methods like many fake loan apps in Nigeria do.
