Why was my loan application rejected?
There are a few reasons behind loan application rejections:
The most common reason is that you didn’t pass Carbon’s internal appraisal score. This is usually based on the fact that we are still getting to know you as a customer. We recommend our new customers start using other services on the Carbon app (savings, bill payment, funds transfer, card payments, etc) for a few months and try again after that. Once we get to know you better, you will have a much higher chance of getting a loan.
We sometimes reject customers based on their past repayments with us. While you might have paid the loan, delays in payment will unfortunately negatively affect your Carbon repayment score and might lead to your loan being rejected.
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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, ...
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 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: ...
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 ...
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 ...