Carbon Loan Review : interest rate, website

Loan apps are the rave of the streets in Nigeria currently. It’s no wonder why different loan apps keep springing up out of the blue.

There are probably up to 20 loan apps in Nigeria. While most of these apps exist to rip people off their finances and cause permanent havoc to people’s finances, permanently throwing them into debts, other loan apps care about the financial health of their customers.

You’ll quickly tell which loan app is overbearing and which one is not via the interest rate they offer. Generally, it is wise to know all you need to know about a loan app before you finally trust them with your details and collect their money.

.Carbon loans

Here, we’ll review one of the numerous loan apps in Nigeria; Carbon Loan.

What IS Carbon Loan ?

Previously known as One Credit, Carbon Loan is a money-lending platform that only targets salary-earners who urgently need to get an amount of money to sort out a personal need.

It steps in as a salary advance option for gainfully employed individuals. Guess what? You don’t need collateral to get an advance loan from Carbon. However, you’ll have to fill in some paperwork.

This loan platform started in 2012 as One credit but rebranded itself as Carbon Loan. Thanks to the advent of BVN, more people can now access carbon loans.

The best part about this micro-finance platform is that they use App so anyone can directly and smoothly have access to loans from this platform. Carbon has gone through many evolving phases. They didn’t just go from OneCredit to Carbon.

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In fact, they rebranded a lot and operated under different names and business models within the micro-finance phase. Some of the names they’ve operated with include;

OneFi in 2015, Pay Later in 2016, Carbon that captures their money-lending services and investment, personal finance management, and payment services that they now render.

The Carbon app is flexible, and with a vision to make financial assistance very near to people, Carbon has been able to serve its audience well.

Download: Carbon Paylater Loan app

How Do You Apply?

Carbon Loan requires little documentation. But first, you have to download the App from Google Playstore. If you use an iOS device, you can also download the App from your App Store. Once you’ve downloaded the App, follow the steps below.

  • Create an Account: Creating an account with Carbon has got to be one of the easiest things on the planet. You won’t need too many details to create an account with Carbon, and all you need is your full name, email address, phone number, and password you can easily remember. You’ll also need to take a picture and upload it on the platform. Once you’ve successfully created an account, you’ll see the services Carbon offers on the platform. The Loan section to apply for loans from Carbon and the transaction section that shows you all the transactions you’ve done on the App. They also have a Payment section to perform financial activities like buying airtime and data, sending money to a friend, etc. The financial tools section opens you to a world of investments, etc.
  • Fill in your details: Head over to the loan section to start your application. You’ll see an e-form that you need to fill. Here, you’ll need to fill in details like your BVN, bank account details, ATM card details, a means of identification ranging from your NIN, voter’s card, etc., especially when you want to take a considerable amount of money.
  • Loan Offer: After filling in your details, you have to wait to get a loan offer from Carbon. Once you get it, proceed to type in the amount you’ll need to get from them. They’ll credit the money to the account number you provided.
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Note that you might not get a considerable sum of money from Carbon at first. But as you pay back on time, your loan limit and loan duration would increase.

Note that the amount you can get from Carbon is not more than 1 million nairas. For some people, it’s a lot of money; for others, it is too limiting. You’ll only qualify for this loan amount, eventually, if you pay back your loan in time.

Carbon Loan Requirements

To apply for Carbon Loan, you’ll need to put the following requirement in place. Some of the following are;

  • A Complete Carbon account
  • A functional smartphone
  • A valid BVN and means of identification (especially if you want to get a huge amount of loan)
  • Valid bank details

Carbon Interest Rates

The carbon interest rate is fair. Compared to other loan apps with exorbitant interest rates, Carbon offers a reasonable interest rate that ranges from 5% to 15%. Of course, there are quite a several factors that determine the amount of interest you’ll get on the money you borrow.

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For starters, how frequently you pay back determines the interest you’ll get when you apply for your next loan, and it also influences the duration you can take a Carbon loan for.

Pros AND Cons Of Carbon App


  • Loans get approved in minutes
  • Documentation is not necessary.
  • You don’t need a guarantor or collateral.


  • The maximum amount you can get from Carbon is not encouraging.

Carbon Loan USSD Code

The Carbon Paylater USSD code can be exploited only on MTN and 9mobile networks. This is done by dialing *1303#.

Carbon Repayment

Repaying Carbon loan is one of the easiest things to do. You do not need to go through so many protocols to refund every penny you owe them.

The reason is that Carbon presents customers with various repayment plans, making the App a flexible one. For starters, you can allow Carbon to directly debit the money from your account on the said day of repayment.

That is, when it’s the due date of the loan repayment, Carbon would automatically debit the money you borrowed from them and the interest.

However, if you do not like that option, you can always transfer the loan amount you owe them to their account from your account. You might need to send proof of payment to Carbon’s agent, who would reach out to you to clear the payment.


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