If I apply for a loan several times, will my loan be approved?
We understand how important it is to access a loan. However, multiple loan application within a short period of time does not change the loan decision (approval or decline). Kindly continue transactions with your app and reapply after a couple of weeks.
NB: For each loan application, a fee of N500 is applied if you have not previously accessed a loan.
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How do I apply for a loan?
After downloading the app, sign in to identify yourself by providing your personal and financial information on your profile to get your Carbon account upgraded to KYC level 2, which is the minimum level required to access a Carbon loan. Once done, ...
How long does it take for Carbon to approve a loan?
Carbon is known for its quick loan approval process. Typically, loan applications can be approved within minutes once all required information is submitted. However, the actual time it takes for your loan to be approved may vary depending on the ...
I just paid back my most recent Carbon loan. How soon can I apply for another loan?
If you have successfully paid off your previous loan on time, you can re-apply for another loan within 24 hours if you have not already accessed 3 loans within 30 days and may qualify for higher credit at a lower rate.
Loan Top-up
A loan top-up is accessing additional funds on a multiple installment facility after paying a certain number of installments on time for an extended period at the same rate. How do I get a top-up ? You need to have a current loan within a 3- 9 months ...
What if my loan isn’t approved? Do I get a refund?
If your loan is not approved, the application fee is not refundable as stated on the app. The fee covers the work involved in reviewing every application—such as fraud checks, credit verification, and data security measures. Once we run the numbers, ...