Need a loan in Nigeria? Explore what you need to know about carbon paylater loan in Nigeria?

Carbon, formerly known as Pay later, is a Nigerian fintech business that provides loans, allows users to transfer money and pay bills online, and also provides investment opportunities in the form of high-interest savings. 

Carbon is currently one of Nigeria’s most popular digital banks, but this wasn’t always the case. In 2012, the company began as Onefi (Onefinance), a lending service that provided users with short-term loans of up to N1,000,000 within 24 hours. In 2016, Onefi changed to Paylater, and the company decided on the new name a few months later.

What You Need To Know About Carbon Paylater Loan

Is Carbon Paylater Loan Legit? 

Carbon loans are legitimate. Since its inception in 2012, the company has evolved into a full-service digital bank licensed and regulated by the Central Bank of Nigeria (CBN). 

With roughly 90 workers and offices in Mauritius, Nigeria, the United Kingdom, the United States, Canada, South Africa, and Kenya, the company is expanding its global presence.

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How to get a loan from Carbon Paylater

Carbon is available for download through the Google Play Store and the Apple App Store. To get a loan, follow the steps below:

  1. Install and set up an account by giving your personal information.
  2. Using the “Request a loan” option, apply for your loan. 
  3. After that, enter the amount you wish to borrow as well as your justifications for doing so. 
  4. Following that, you will learn whether your loan application was approved or denied. 
  5. If your loan is granted, you will be requested to provide your credit card information before we credit the funds to your account. 

When you have paid off your loan in full, you can apply for a new loan with a bigger amount and a lower interest rate right away.

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Who are the founders of the Carbon Paylater loan?

Chijioke Dozie and Ngozi Dozie, two brothers, founded Carbon. NET1 UEPS Technologies IncLendable, and Google Launchpad Accelerator were among the investors who contributed about $15.8 million to the startup. 

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Interest Rate of Carbon Loans

Carbon Paylater loan charges a set 5% fee on the amount disbursed for new applications and 4% for returning customers for SME loans, with no hidden fees. 

Personal loan interest rates are competitive and vary depending on your credit score.

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Types of Carbon Paylater Loans 

In Nigeria, Carbon Paylater provides:

  1. Personal loans: Personal loans of up to N1,000,000 are available through this organization and 
  2. Small business loans: business loans of up to N20,000,000 can be obtained in as little as 48 hours to help you build and expand your business. 

How much money can you get from Carbon Paylater? 

A Carbon paylater loan can provide you with up to one million naira. However, it is usually very low on your first attempt. As you repay your debt, you gain access to larger sums. 

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What you need to know about Carbon Paylater Loan and its Features 

  1. Collateral-free loans up to #1,000,000 
  2. Get cashback (10–100%) on interest paid if you return on time 
  3. Interest rates ranging from 5% to 15% 
  4. There is a free credit report for each new loan applicant.

USSD Code for Carbon Paylater Loan 

Carbon paylater also offers its customers a USSD solution. *1303# is the USSD code for a carbon loan. By dialing *1303# on both MTN and 9mobile platforms, the code can be accessed. 

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Carbon Loan App Review? 

The following are features of the Carbon paylater loan application:

  1. Carbon is a well-enjoy lending app
  2. Have high reviews in both the Google Play Store and the Apple App Store, showing the app’s dependability and trustworthiness.
  3. A carbon application is a suitable loan application to use.

How Do you fund your Carbon Paylater Account? 

Send money using the following data when making a direct transfer to your Carbon Paylater account. 

  1. Name of Account: Your given name 
  2. Bank: Carbon 
  3. Account number: Your Carbon account number may be found in the upper left of the app’s main screen, right beneath the customer’s account balance. 

Once your account has been financed, open your app and go to the menu section, then to ‘your loans,’ then to ‘make a repayment.’ 

Choose your carbon account as the method of reimbursement, and your account will be updated as soon as the payment is received.

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How to Repay a Carbon Paylater Loan? 

Carbon makes it simple to repay your loan and does it automatically. The platform automatically debits your account for the amount you owe on the due date of the loan repayment. 

It will be deducted from your Carbon Account or the account linked to the debit/ATM card you specified when you applied for the loan. However, you should be aware that if you return your loan with a debit card, you will be charged a 1% fee on all payments.

How long does it take for a Carbon Paylater Loan to approve a loan? 

In most cases, their application is approved instantaneously, and money is transferred to the applicant’s bank account within 5 minutes. The carbon application process takes less than 7 minutes on average.

Carbon Paylater Loan Office 

Carbon Loan Office is located at Plot 642C Akin Adesola St. Lagos 101233 Nigeria. The Customer Service number for Carbon Loans is 016311215. 

Conclusion 

The Carbon loan app is legitimate and secure. If you have any suspicious activity while using the app, immediately notify your bank so that it can be investigated, or contact carbon Paylater customer care. I hope you now know about the carbon paylater loan and its features. If you need further assistance, leave your question in the comment section.

Author

Hi, I am Chidimma, the Chief Editor of StartupSpot. I hold a bachelor's degree in Business Education (with a major in Accounting) from the Nnamdi Azikiwe University Awka, Anambra State, Nigeria and online certifications in Digital Marketing by SEMRUSH Academy. Startupspot was therefore born (in 2021) out of my passion to reach startups, small businesses and a greater audience to educate them about startups, the challenges facing startups and how to manage their finances. I also wish to educate people (especially women) to attain financial independence. I hope you find the contents useful, and should you need further help, I hope you ‌reach me.