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.
We understand your concerns, it’s disappointing to pay ₦500 and not be
approved. However, it was clearly stated when you applied that the fee
does not guarantee approval. The fee covers fraud and credit checks done
once you apply, whether approved or not. This helps keep Carbon fast,
fair, and secure for all our customers.