Carbon App Review

Carbon App Review
To explain carbon app review

Carbon App Review

The development of financial technology no doubt promotes the evolution of easy, fast, and convenient financial transactions across major financial institutions and platforms, all of which are aimed at promoting smoother customer services and values.

Talking about happier and smoother customer service, however,  very few digital finance platforms rate top-notch delivery and satisfaction. In this post, I review one incredible mobile money app which most people have probably heard of but usually are unaware of its multiple features and excellent functionality.

Also Read: Branch Loan App Review

Carbon is a digital banking app providing access to versatile financial services at free, fast,convenient and reliable conditions to Nigerians and Africans. Carbon, formerly called PayLater, is a major pioneer in credit loan allocation in the Nigerian space.

The company started in 2012 in Lagos as a credit company under the name One Credit, offering loans to only salary earners using paperwork documentation procedures for customers’ applications.

The company then evolved as OneFi in 2015, offering more credits to a broader range of Nigerian high-yield The company launched its fully digital consumer lending platform, PayLater, which attracted over a million Nigerian users who downloaded the PayLater App for faster loan applications. PayLater evolved as the first mobile service app of its kind.

Currently, Carbon represents a wider, diverse digital finance solutions platform offering versatile financial transaction services including quick loan access, simple payment solutions, high- yield investment opportunities, high-interest savings and other personal finance management.

Also Read: Fairmoney Review

This digital finance organization currently offers a global consumer service. Carbon app typically evolves as a mobile bank with even easier, faster features. 

 Carbon offers these features/ services:

  1. Instant loan acquisition: 

carbon not only sustains their initial commitment of offering convenient credit to consumers. Now a wider class of customers including salary earners, business persons, and entrepreneurs, SME’s, corpers, and students can access instant loans seamlessly from anywhere in the world using the Carbon PayLater digital app available for download both on android and ios devices.

With the carbon credit app, you don’t require any collateral, guarantors, or paper documentation to access and apply for loans. You are also not going to be requested for your statement of account or bills upon applying for loans.

In fact, the eligibility requirements for loan acquisition with Carbon comprise normal, accessible, and convenient information details including downloading the mobile app, basic personal information, bank details, and BVN, as well as a passport photo and ATM details for the loan repayment process.

Also Read: Eyowo Review

The app provides quick and reliable access to funds for personal capital emergencies or even for business growth and other monetary obligations. With the Carbon money lending app, you can borrow as high as N1000,000 at the least interest rate possible without extra charges, rollover fees, processing costs, or any hidden charges.

  1. Convenient payments and transfer: 

From wherever you are, you can conveniently and simply make payments, pay bills for electricity, cable subscription,   from the comfort of your home with just some taps on your mobile phone using the Carbon Mobile app.  The physical Carbon debit card grants you seamless access to cash withdrawals from anywhere in the world.. With the virtual Carbon card, you can make payments to your favourite local or foreign online stores in dollars. 

  3.  Access to credit report and transaction history:

Carbon loan mobile app offers you easy and quick access to your personal credit history and balance across every bank and financial platform at no cost. You can track your diverse transaction details and history in one place without the usual charges required by using other channels.  

4. High- yield investment and savings plan:

As a business enterprise or an individual, your choice to save on Carbon Mobile Bank account earns you high-interest rate than any traditional banking system in the least.

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You can select from the available saving options that suit your needs and goals, and be assured of relevant growth on your capital investment when your saving goal is complete. Goals savings plan on the Carbon app allows you to set an automated daily, weekly, or monthly savings target with any amount from as low as N100, earning as much as 9.5% interest at your goal maturity level.. The saving tenor for Goals is from 28 days to 366days.

On the Cash Vault Savings plan, you can open a fixed deposit account for an automated period of between 3 months to 12months. This plan earns you 11% interest for a capital amount of N50,000. FlexSave is a one-time investment plan, usually most suitable for business enterprises and individuals with occasional spare cash. As opportunities arise, you can keep adding to the account. This plan offers a 9% return on investment.    

5.  Cash back feature on loan repayment plan:

   The cash back feature is a recent development to cater for maximum customer satisfaction on Carbon loan. It is one of the benefits of prompt repayment of loans according to the repayment schedule. You receive an offer of between 10% to 100% cashback on loan repaid on time, which is deposited back to your Carbon Wallet account.

  6. Mobile transaction  app with simple, user friendly interface:

Carbon Loan app is a free digital banking app for instant loan applications as well as other financial transaction features offered by the Carbon organisation. The app has a 4.4 rating with 78,000+ reviews on Google Play Store and Appstore.

You can easily download the app either on your android or ios device to access and sign in to access quick loan applications, make bill payments, transfers, or enjoy high-interest investment all in one place. The app offers a simple, user-friendly procedure and navigation for loan applications and other money transactions on your account once you have signed up.

How do I apply for loan on Carbon loan app?

Below are the easy and fast procedure to apply for loan on  Carbon loan Mobile app upon downloading it on Google Play or App Store:

  • Sign up on Carbon loan app by providing credible basic details including your name, email and phone number.
  • Take real-time passport photographs on the app using your smartphone camera and upload it. This is essential to access loans on the app.
  •   Apply for desired loan option, then follow requisite instruction and tap “submit”
  • Provide card details for loan repayment and repayment schedule option..
  • Upon review and approval of loan application,you get fund disbursement to you Carbon Wallet almost immediately or within minutes of application.

You can easily transfer disbursed funds to  your CarbonWallet account to your personal bank or directly make payments and other transactions using your Carbon bank account. You can have access to as high as 1million naira over a repayment tenor of one year maximum.

However, on the first-time loan application, you are most likely not eligible for that high loan capital. The interest rate for a Carbon loan ranges from 5% to 15% depending on your repayment option and loan amount.

You have a chance of unlocking higher loan amounts and lower interest rate  for subsequent loans, as well as  up to a 100% cashback on your interest paid  when you repay your loan on time as scheduled.

How do I invest on Carbon?

You can easily make savings and investment on Carbon mobile app by following these simple steps:

  • Activate Payvest, a high-interest savings feature on the updated Carbon app by selecting the “investments” menu option or tap “grow wealth” on the home page. 
  • Select a suitable investment plan relevant to your savings goal and review the terms.
  • Deposit funds to your Payvest account for a period range of between 3months to 12months, depending on your savings plan.

You can equally withdraw your investment fund anytime from your account. However, note that interest on investment is earned quarterly, hence your savings will not attract any interest within three months of withdrawal. The general  Interest rate is around 16% per annum but varies according to the investment plan and duration.

Carbon digital operates at a 24/7 duration with speedy, mobile money transactions for any of the features you choose to utilize on the app.

Carbon operates under closely encrypted and secured condition

Carbon Zero

Carbon Zero is a recently developed product on the Carbon mobile app that allows you as a premium customer to buy products from Carbon Zero- verified and accredited merchants and enterprises on a buy- now- pay- later basis with just a first installment payment and no interest charges.

As a first-time or old carbon user, you are eligible for the Carbon Zero offer which means you can purchase any electronic household or office appliances and gadgets with one installment, and pay the rest later over up to 5 installments payments. You can access this offer by sending an email to carbonzero@getcarbon.co with the stipulated requirement details.

Also Read: Carbon Loan App: Digital Banking for all lifestyles

 Bottom line

Carbon digital app offers free and fast financial transaction debts at diverse levels with its multiple features for an instant loan application with convenient repayment and interest rates, capital investment, and savings on high interest, bill payments, and personal transactions, amongst other beneficial features.

The app operates on a regular basis offering simple, fast, and responsive procedures for a smooth and successful mobile banking transaction. Undoubtedly, the app provides smart and reliable leverage for digital financial solutions for individuals and business enterprises alike. 


Oladipo Olutunde

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