How to Borrow Money from Carbon in Nigeria: Carbon stands out among digital lenders in Nigeria not just as a fintech app but as a licensed financial institution offering flexible personal loans. With disbursement speeds that rival any top lending platform, Carbon provides loans ranging from ₦2,500 up to ₦1,000,000 with interest rates tailored to your credit profile. Repayment terms stretch from 61 days up to 12 months, and there’s no requirement for collateral or a guarantor.
If you’re searching for a reliable app that doubles as a digital wallet and offers instant loans alongside savings and investment tools, Carbon might just be your next go-to. In this guide, you’ll discover how Carbon loans work, what the interest rates look like, eligibility conditions, repayment process, and how to reach support if needed.
Table of Contents
What Is Carbon Loan?
Carbon is a Nigerian digital bank and lending platform licensed by both the Central Bank of Nigeria (CBN) and insured by the NDIC. The app offers instant personal loans without the typical paperwork or delays associated with traditional banks. It serves both salaried and self-employed Nigerians, providing credit based on a data-driven credit scoring model.
The platform isn’t just a loan app—it also includes digital savings (Ajo), investment opportunities, and bill payment services. Users are evaluated based on a combination of BVN data, phone behavior, and bank statement insights to determine their eligibility and loan amount.
Carbon Loan Features at a Glance
| Feature | Details |
|---|---|
| Loan Amount | ₦2,500 – ₦1,000,000 |
| Repayment Duration | 61 days – 12 months |
| Monthly Interest | 4.5% – 30% |
| Max APR | Up to 195% annually |
| Service Fee | None |
| Late Payment Fee | 0.03333% per day |
| Application Method | Carbon mobile app (Android & iOS) |
| Collateral Required | No |
| Guarantor Required | No |
| Disbursement Method | To Carbon wallet/account instantly |
Carbon Loan Interest Rate & Fees
Carbon charges a monthly interest rate between 4.5% and 30%, depending on the borrower’s profile and loan duration. The maximum annual percentage rate (APR) can go up to 195%, though typical long-term loans have a lower effective APR due to extended repayment plans.
Here’s an example of how Carbon calculates interest:
- Loan Amount: ₦1,000,000
- Duration: 12 months
- Monthly Interest Rate: 4.5%
- Total Interest: ₦540,000
- Total Payable: ₦1,540,000
- APR: 54% annually
There are no hidden fees, but late repayments attract a daily fee of 0.03333%, so it’s important to repay on time to avoid penalties and protect your credit record.
Eligibility Criteria for Carbon Loan
To qualify for a Carbon loan, you must meet the following criteria:
- Be at least 18 years old
- Reside in Nigeria
- Own a smartphone with the Carbon app installed
- Provide a valid government-issued ID (e.g., NIN, voter’s card, driver’s license)
- Submit your BVN for verification
- Have a steady source of income (salaried, self-employed, or freelance)
- Link your bank account and provide recent bank statement data
Carbon uses this information to evaluate your creditworthiness and assign a custom loan limit. The more financial data you share, the better your chances of getting a higher loan offer with lower interest.
How to Apply for a Carbon Loan
Applying for a Carbon loan is done entirely through their mobile app. Follow the steps below to get started:
- Download the Carbon App:
- Visit the Google Play Store or Apple App Store
- Search for “Carbon” and install the official app
- Create Your Account:
- Open the app and register with your phone number and personal details
- Upload a valid government-issued ID and your Bank Verification Number (BVN)
- Complete Your Profile:
- Provide accurate personal and financial details
- Link your bank account and optionally submit bank statement access
- Apply for a Loan:
- Navigate to “Loans” on the app
- Choose your desired loan amount and repayment term
- Submit the application and wait for review
- Get Disbursed:
- If approved, your loan is sent instantly to your Carbon account
- You’ll receive a notification with your loan details and repayment schedule
How Long Does Carbon Take to Approve Loans?
Loan applications on Carbon are reviewed within minutes, especially if your profile is complete and accurate. Most users receive loan decisions almost instantly. However, if more information is needed, the approval process may take a few hours.
Once approved, the loan is immediately disbursed into your Carbon wallet, from where you can transfer to any Nigerian bank account.
How to Repay a Carbon Loan
Carbon provides flexible repayment methods, including:
- Automatic debit from your bank account on the due date
- Manual repayment via your app dashboard using bank transfer or card payment
You can also make early repayments without penalties, which may help increase your future loan limit and reduce your interest rate.
Important Tips:
- Ensure your bank account is funded on the due date
- Defaulting may impact your Carbon score and chances with other lenders
Is Carbon a Legit Loan App?
Yes, Carbon is one of the most established and reputable digital lenders in Nigeria. It is:
- Licensed by the Central Bank of Nigeria (CBN)
- Insured by the Nigeria Deposit Insurance Corporation (NDIC)
- Operated by OneFi Technology Limited, a registered financial services provider
The app has over 1 million downloads on Android and iOS, and it’s known for transparent fees, quick disbursements, and secure digital banking services.
Carbon Customer Care & Contact Information
If you need help with your loan, account, or repayment, here’s how to contact Carbon:
- Email: support@getcarbon.co
- Phone: 02013301808
- In-app Chat: Available within the Carbon mobile app
For account or KYC issues, you can upload ID and documents directly through the app’s customer support section.
Frequently Asked Questions
1. What’s the loan amount I can get on Carbon?
You can borrow from ₦2,500 up to ₦1,000,000 depending on your creditworthiness.
2. Is collateral required to get a Carbon loan?
No, Carbon loans are 100% unsecured and do not require collateral or a guarantor.
3. How soon can I get another loan after repayment?
You can re-apply within 24 hours if you’ve repaid your last loan successfully and haven’t exceeded the app’s loan frequency limit.
4. Why is my loan not approved?
Carbon may decline loans due to incomplete profile info, poor credit history, or a low internal credit score. Ensure your BVN and bank account are correctly linked.
5. What happens if I don’t repay on time?
Late payments attract a daily interest penalty and can affect your credit score, reducing your future loan limit or blocking access entirely.
6. How do I repay a Carbon loan?
You can repay through automatic debit or by making a manual payment from your Carbon app dashboard.
7. Is Carbon licensed by CBN?
Yes. Carbon operates under a full license issued by the Central Bank of Nigeria.
Conclusion
Carbon offers a complete digital lending experience that combines speed, flexibility, and trust. Whether you need urgent funds to cover bills, expand a small business, or manage a cash-flow gap, Carbon’s no-collateral loans are easy to access with minimal friction. The loan terms are fair, interest rates transparent, and the platform supports responsible borrowing with its reward system for early repayment.
However, always borrow what you can repay comfortably. Defaulting doesn’t just affect your relationship with Carbon but can impact your credit score across Nigeria’s digital lending ecosystem.
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