Have you been planning to take a loan from Carbon loan app? if yes then, there is no doubt that you will need to know carbon loan requirements.
Every loan app comes with its requirement and carbon is no exception. Before one can borrow money from carbon, one must meet the requirements.
But what are those requirements? relax, that is what you are going to find out in this article. Not just that, you will also know what carbon is all about, how to get a loan from carbon, carbon interest rate, and Carbon USSD code.
what is carbon loan app?
Carbon is financial and investment platform basically for Nigerians. it is one of the fast-growing loan apps in Nigeria which got over 1 million downloads in the same year it was launched.
However, carbon is not just for loan taking, there are other services offered on the app which include sending and receiving funds, buying airtime, bill payment, and others.
Carbon loan requirements
Before downloading carbon app for loan taking, it is essential to know the requirements. if that is what you are looking for, the following are carbon loan requirements;
- Create an account: it is a must to have an account on carbon before you can be given a loan
- Age: one must be at least 18 years to be able to borrow money from the carbon loan app
- Nationality: Carbon is only available for Nigerians, and to borrow from the platform, you must be a Nigerian.
- ID card: Despite having an account with carbon, you will still need to verify your account with a valid ID card, either a National ID card, voter’s card, driving license, or any other government-issued ID.
- BVN: While applying for a loan on the carbon app, you will be asked to link your BVN which is one of the major requirements to get loan a loan from carbon.
- Personal passport: You will also have to go passport-taking process on the app. i.e you will need to snap a live passport of yourself using the camera prompt on the app.
- ATM Card: ATM card is also another major requirement to get a loan from carbon. You will need to link a valid ATM card that will be used to pay back the loan.
How to get a loan from carbon
To get a loan from the carbon app, you need to follow the simple steps below
- Download carbon loan app from play store or app store
- Register an account (Make sure you use the same number associated with your BVN)
- Verify your email/number
- Upload your photo
- Check the available loan offers
- apply and follow the processes
Note that you will be asked to link your BVN, and ATM card and grant carbon access to your contacts.
Carbon loan interest rate
The carbon loan interest rate is always between 5% to 15% depending on the repayment period and the amount. However, carbon repayment period is always between 30 days to 12 months, and loan offer ranges from N2,000 to 1 million Naira. Although, your repayment history is what will determine the amount you can borrow.
How to repay carbon loan
Follow the steps below to repay carbon loan
- Make a direct deposit to your carbon account
- Login to your carbon account once you make the deposit
- Navigate the menu and select “Your loans”
- Select your carbon account as a method of payment
- Click on “Make a repayment”
- It will take a while to process the transaction, and your account will be debited once the transaction is complete
- Contact support if you are having issues completing the transaction.
How much can I borrow from Carbon for the first time?
Carbon loan offer starts from N2,000 to N1,000,000. The first loan offer is always low which is often between 2 thousand Naira to five thousand naira.
Who is the owner of Carbon loan?
Carbon was founded by Chijioke Dozie and Ngozi Dozie. They started with a small lending service, but the platform has grown to be one of the best financial apps in Nigeria.
Carbon loan USSD code
Carbon USSD code is *1303#. This code can be used for sending and performing other transactions either on MTN or 9Mobile.
Final thoughts on carbon loan requirements
carbon is indeed a good loan app, but it may be trusting sometimes especially if you are applying for the first loan. However, if you meet the requirement and follow the steps explained above, you will find it easier.
Another tip to make sure you get a loan from carbon is to make sure the sim linked to your BVN is the phone is using to apply.
Finally, carbon uses your repayment history to increase or decrease your loan offer. If you want to take a higher loan from carbon, you should make a good repayment history or a high amount of transactions.
Thanks for reading our article on Carbon loan requirements and how to get a loan from carbon