Why is Carbon charging a ₦500 loan application fee?
Serious moves start with serious intent.
The fee helps us keep unserious and fraudulent applications out of the system, so we can focus on people who are truly ready to borrow smart. It is about keeping the process fast, fair, and built for sharp minds who move differently.
What exactly does the loan application fee cover?
It is not just “click and the money lands.” The moment you apply, we:
- Check for fraud (to confirm that you are who you say you are)
- Review your credit history to see if the loan makes sense for you
- Use our smart system to run the numbers to give you a quick, fair decision
We have to do all this for every application and that costs us money to do.
Related Articles
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, ...
Loan Application Fee
To ensure a fast, fair, and secure loan process tailored for sharp minds who move differently, a non-refundable application fee of N500 applies only to first-time borrowers. This fee covers part of the cost of important checks—such as fraud ...
How do I make a loan repayment?
We have made repaying your loan at Carbon as easy as possible. On your due date, your payment will conveniently be deducted from your Carbon Account or the account linked to the debit/ATM card provided during your loan application. To make a payment: ...
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.
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 ...