Carbon, formerly known as Pay later, is a digital lending platform based in Nigeria that allows individuals and small businesses to access quick and easy loans. The central bank of Nigeria (CBN) has given the fintech platform a license to offer instant loan services and other benefits to its users, such as unlimited free money transfers, free bill pay, airtime top-ups, etc. And, like a lot of other fintech companies that offer loans to their users, Carbon loans don’t require collateral and are usually sent to users’ Carbon wallets right away.
The process of requesting a loan from Carbon is simple and can be completed entirely online. In this article, we will outline the steps you need to take to request a loan from Carbon in Nigeria.
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Why Should you Borrow from Carbon?
- Apply from the app any time, day or night, and get money in minutes.
- You can get up to 1,000,000.
- No collateral. No guarantors. No paperwork.
- When you pay on time, you’ll get cash back on the interest.
Requirements for Carbon Loans
- A picture you took of yourself with your phone in real time.
- A Bank Verification Number (BVN)
- Information about your bank account (so you can get your loan money back)
- A debit card will be charged N50 at first to prove that it is real.
Read Also: Carbon Zero: How to Buy Now and Pay Later With no Interest
How to Request for Loan on Carbon
Step 1: Download the Carbon Mobile banking app
The first step to buying now and paying later on Carbon Zero is to download the app. The app can be downloaded for free from the Google Play Store or Apple App Store.
Step 2: Sign up for an account
The first step in requesting a loan from Carbon is to sign up for an account. You can do this by visiting the Carbon website and clicking on the “Sign Up” button. You will be required to provide some personal information, such as your name, email address, and phone number.
Step 3: Complete your profile
After signing up, you will need to complete your profile by providing additional information, such as your employment details and bank account information. Carbon uses this information to determine your loan eligibility and the amount you can borrow.
Step 4: Apply for a loan
Once your profile is complete, you can apply for a loan by clicking on the “Apply for a Loan” button. You will need to select the loan amount and repayment period that you prefer. Carbon will then perform a credit check and provide you with a loan offer.
Step 5: Review and accept the loan offer
After receiving your loan offer, you will need to review the terms and conditions of the loan. Once you are satisfied, you can accept the loan offer by clicking on the “Accept” button.
Step 5: Wait for loan disbursement
After accepting the loan offer, Carbon will process the loan and disburse the funds to your bank account. This process can take a few days.
Step 6: Repayment
Once the loan is disbursed, you will be required to repay the loan according to the terms and conditions agreed upon when you accepted the loan. Carbon will automatically debit the repayment amount from your bank account on the due date.
In conclusion, requesting a loan from Carbon in Nigeria is a simple and straightforward process that can be completed entirely online. By following these steps, you can access quick and easy loans to help you meet your financial needs. Keep in mind that you should be mindful of the terms and conditions of the loan and make sure that you can repay the loan on time.