Carbon Loan Review – How It Works 2022

Carbon Loan Review – Loan apps are currently all the rage in Nigeria. It makes sense why new loan applications are always appearing out of nowhere.

There are likely up to twenty loan apps in Nigeria. While some loan apps are concerned with the financial well-being of their consumers, other apps exist to swindle individuals out of their money and permanently ruin their finances by putting them in debt.

The offered interest rate makes it easy to determine which loan applications are excessive and which are not. Carbon ranked #2 in the list of our Top 5 Best Loan Lending Apps In Nigeria

Generally, it is prudent to be fully informed about a Loan App before providing your information and receiving the money.

Carbon Loan App

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

What exactly is Carbon Loan?

Carbon Loan, formerly known as One Credit, is an online loan business that caters exclusively to salaried individuals with an immediate need for cash.

It serves as a salary advance alternative for persons with steady income. To spice it up, Carbon does not require collateral for advance loans. However, you will be need to complete some documentation.

This loan platform was once known as One credit, but changed its name to Carbon Loan in 2012. With the introduction of BVN, more individuals can now get carbon loans.

The best aspect of this microfinance network is that it utilizes an App, allowing anyone direct and effortless access to loans. Carbon has undergone numerous evolutionary phases. They did not just transition from OneCredit to Carbon.

During the microfinance phase, they rebranded frequently and operated under numerous names and business concepts. Among the names they’ve operated under are;

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

Carbon has been able to effectively serve its customers because to the adaptability of its software and its mission to make financial aid more accessible.

How Should One Apply?

Carbon Loan requires minimum documentation. However, you must first download the Carbon app from the Google Play store.

If you have an iOS device, you may download the application from the App Store. Once the App has been downloaded, proceed with the procedures below.

Account Creation

Creating a Carbon account must be one of the easiest things on the globe. You need only your full name, email address, phone number, and an easily-remembered password to create an account with Carbon.

Additionally, you must snap a photo and publish it on the platform. After successfully creating an account, you will be able to view Carbon’s platform services like; The Loan area, which allows you to apply for loans from Carbon, and the Transactions part, which displays all of your past transactions on the App.

They also feature a Payment section for financial transactions such as purchasing airtime and data, giving money to a buddy, etc. The section on financial tools provides access to a world of investments, etc.

Enter your information

Proceed to the loan area to submit your application. You will see an online form that you must complete. Here, you will be required to enter your BVN, bank account information, ATM card information, and a form of identification such as your NIN, voter’s card, etc., especially if you wish to withdraw a substantial amount of money.

After submitting your information, you must wait to receive a loan offer from Carbon. Once you have it, enter the amount you need to receive from them. The funds will be credited to the account number you specify.

Note that you may not initially receive a substantial amount of money from Carbon. However, when you make timely payments, your loan amount and duration will increase.

Note that the maximum amount you can receive from Carbon is one million naira. For some it is a lot of money, while for others it is too restrictive.

You will eventually be eligible for this loan amount only if you repay your current loan on time.

Carbon Loan Requirements

To apply for a Carbon Loan, you must meet the following prerequisite. These are some of the following:

  • A full carbon account
  • A mobile phone
  • A valid BVN and identity documents (especially if you want to get a huge amount of loan)
  • Valid bank details

Carbon Interest Rates 2022

Carbon interest rates are reasonable compared to other lending applications with outrageous interest rates, Carbon’s interest rate ranges from 5% to 15%, which is acceptable. Obviously, quite a few factors impact the amount of interest you will be charged on borrowed funds.

First, the frequency of your repayments effects the interest rate you’ll receive on your next loan application, as well as the length of time you can take out a Carbon loan.

Pros and Cons Of Carbon Loan App 2022

Before you consider taking a loan from Carbon, you should take note of the pros and cons;


  • Loans get authorized in minutes
  • No documentation is required
  • There is no need for a collateral.


  • The highest amount that may be obtained from Carbon is unimpressive

Carbon Loan Code USSD

Only MTN and 9mobile networks are compatible with the Carbon Paylater USSD code. This is achieved by entering *1303#.

Carbon Payback

Repaying a Carbon loan is one of the simplest tasks. You do not need to follow so many procedures to return every cent you owe.

The reason for this is that Carbon offers consumers a variety of repayment arrangements, making the application flexible. First, you can authorize Carbon to withdraw the funds immediately from your account on the due date.

That is, when the due date for the loan repayment arrives, Carbon will automatically deduct the principal and interest.

If you choose another alternative, you can always move the loan amount you owe them from your account to theirs. You may need to send payment verification to Carbon’s representative, who will then contact you to clear the payment.

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