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Carbon
Flexible loans from ₦2,500 to ₦1,000,000, up to 12 months. Competitive rates from 4.5%, fast approval and no collateral needed. Grow limits by repaying early.
Carbon provides a popular digital loan service in Nigeria, making fast and flexible funds accessible for everyone. The platform offers loans from ₦2,500 up to ₦1,000,000. Loan tenure ranges from 61 days to 12 months, allowing for ample repayment flexibility.
Interest rates on Carbon loans start at 4.5% and can go as high as 30% per month. Max annual interest (APR) can reach 195%, depending on your risk profile and repayment behaviour. There is no collateral required and no guarantor needed, which makes the process accessible and easy for most Nigerians.
Step-by-step: How to Apply for a Carbon Loan
- Download and install the Carbon app on your smartphone
- Register and provide your basic personal and financial details
- Select your desired loan amount and accept the terms
- Get approval in minutes, with funds disbursed instantly to your Carbon wallet
- Repay according to the flexible schedule offered in the app
Pros of Carbon Loans
One of the biggest advantages of Carbon’s loan offer is the instant approval and disbursement, with no collateral required. You can qualify for larger amounts and lower interest by building good repayment history.
Additionally, the fully digital process saves time and is very convenient for busy individuals or business owners who need quick funds without hassle. The service is CBN and NDIC licensed, enhancing security and trust.
Cons of Carbon Loans
Interest rates, especially for first-time users or those with low credit scores, can be on the higher side compared to other options. Additionally, missing a payment could result in daily late fees of 0.03333% and impact future borrowing.
Some users may find loan limits and terms somewhat restrictive until a repayment history is established. Always read the terms before committing to any loan.
Final Verdict
The Carbon loan app stands out for its speed, flexibility, and ease of use. For anyone needing safe, quick digital lending in Nigeria, this is an excellent choice—just stay mindful of the rates and repayment requirements.
