Everything You Need to Know About the Carbon Loan App
**Introduction**
Carbon Loan, a product of One Finance and Investment Ltd., has evolved significantly since its inception as One Credit in 2012. Initially catering to salary earners with a paper-based approach, Carbon Loan has transformed into a fully digital platform, offering a range of financial services.
Evolution of Carbon Loan**
– **One Credit (2012):** Focused on providing loans to salary earners with extensive documentation.
– **OneFi (2015):** Leveraged the Credit Bureau of Nigeria and BVN to extend services to non-salary earners through field agents.
– **Paylater (2016):** Transitioned to a fully digital platform, capturing a wider audience through smartphone and data technology. This evolution marked the beginning of offering instant, paperless loans.
Carbon Paylater Loan
Carbon was launched in May 2016 as a digital lending platform, operational 24/7. It quickly gained popularity, with the Paylater mobile app reaching over 1 million downloads within two years. The platform expanded its services to include bill payments, investments, and financial management, making it a comprehensive financial solution for users.
**The Carbon Paylater App**
– **Ratings:** 4.4-star rating with over 71,000 reviews
– **Downloads:** Over 1 million downloads since 2016
– **Year of Release:** 2016
The Carbon app offers a one-stop destination for mobile financial transactions, including instant loans, money transfers, investments, airtime recharge, and bill payments, all from a mobile phone.
How to Use the Carbon Loan App
1. **Download the App:** Search for “Carbon” on the Play Store or App Store.
2. **Create an Account:** Provide details such as name, phone number, and email.
3. **Access Features:** The app has four main sections:
– **Loan Section:** Request and manage loans.
– **Payment Section:** Perform various payment activities, including airtime purchase, money transfers, internet subscriptions, and electricity bill payments.
– **Financial Tools Section:** Access investment opportunities and obtain a free credit report.
– **Transactions Section:** View an overview of all transactions conducted on the app.
How to Get a Carbon Loan
1. **Register:** Provide all required details, including a photo taken directly from the app.
2. **Request a Loan:** Click on the “Request a Loan” button.
3. **Loan Approval:** Wait for approval, which usually takes a few minutes.
4. **Accept Offer:** Provide card details and accept the loan offer. Loan durations range from 30 days to 12 months.
Carbon Loan USSD Code
The Carbon Paylater USSD code is *1303#, available on MTN and 9mobile platforms. This code simplifies accessing loan services without the need for a smartphone.
How to Pay Back a Carbon Paylater Loan
Repaying a Carbon Paylater loan is straightforward, with multiple repayment channels:
– **Direct Debit:** The app can automatically deduct the loan amount from your account on the agreed date.
– **Manual Payment:** Pay directly into Carbon’s account via transfer or over-the-counter payment. The app updates your account upon payment confirmation.
Advantages of Carbon Loan
– **24/7 Service Availability:** Initiate transactions anytime, anywhere.
– **Minimal Requirements:** Just an Android phone, data connection, and a valid ID.
– **Inclusive Funding:** Available to everyone, regardless of status.
– **Transparency:** No hidden charges.
– **Rewards:** Earn rewards for referrals, early repayments, and other positive actions.
**Final Thoughts**
Carbon Loan has become a trusted platform for many due to its ability to provide timely financial assistance with minimal requirements. Its evolution from a paper-based operation to a fully digital platform reflects its commitment to leveraging technology to meet the financial needs of a diverse audience. With its comprehensive services and user-friendly interface, Carbon continues to be a reliable financial partner for individuals in need.