From years of experience taking loans from many financial institutions in Nigeria, I single out Carbon as the best loan app in Nigeria.
Carbon, formerly PayLater, has a payment system that takes into consideration the borrower’s interest and conveniences.
Unlike many other lenders, Carbon provides an easy and convenient loan repayment plan that spreads across months depending on the size of your loan.
Taking a loan is one thing, paying back on time is something to seriously consider on the part of the borrower.
I have used many loan applications in Nigeria claiming to be of help to the poor man. But in reality, they just hard to the burdens.
For the record, I have used the following loan apps in Nigeria:
- Soko Loan app.
- LCredit – did not get approval.
- Quick check.
- Money pal from Zedvance.
I will be writing a review of each of these loan apps in Nigeria in subsequent blog posts. If you’ll like to read my reviews on them when it’s live on the blog, subscribe to the website newsletter on the sidebar.
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I took a loan of #72,800 Naira from Kwik Money to pay back in 30 days with an additional interest fee of #18,200 Naira. The total sum to pay back in 30 days is now #91,000 Naira.
While a loan amount of #72,000 Naira was taking from Carbon to pay back #93,600 Naira but spread across six months installments plan. I will be paying #15,600 Naira par per month.
Did you see the difference?
Taking loans from such a lender like kwik money could put you in a more uncomfortable financial situation. Especially if the loan taking is not for business purposes but for other expenses that don’t bring income.
Although, with Kwik money, you could seek a month extension if you can’t meet up on the first 30 days of your repayments.
How to Request a Loan from Carbon Loan App.
Down the app from Playstore from this link.
After installation, open the app on your mobile phone and progress to sign up.
Registration is easier. All you need is your mobile number (registered on your bvn details), bvn number, bank account details, address, and other information such as gender, marital status, home address, level of education, type of resident, etc.
Get all this information handy when you’re about to register with the Carbon loan app.
After completing your registration, and is approved. You’ll be required to request a loan. Although, in the app, there is an option to enter the amount needed.
The eligibility amount is determined by the app using some financial information gathered to provide you with the best possible loan decision.
The right amount for you at this time may not meet your expectations or needs. Don’t worry. Take the loan and ensure to pay back on time. As you continue taking these smaller loans, your credit score increases which enables you to get higher loan decisions in the future.
Other Financial Services by Carbon.
Aside from loans, Carbon offers a variety of other services such as wallet. A place you can bank your money and send it to other bank accounts at a flat processing fee of #10 Naira.
Carbon also offers investors a platform to invest. You can invest your money with Carbon and get returns on your money annually at %16 interest.
Also, you can pay for your utility bills such as electricity bills, Educational fees, TV subscriptions (GoTv, Dstv, etc).
If you seek for my personal opinion on which is the best loan app in Nigeria in terms of services delivery, customer’s interest, repayment plan, I will vote carbon 100 times.