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Saturday 24 August 2019

Urgently Need A Loan? How Carbon (Paylater) can approve your loan in less than twenty minutes

In my previous post, I wrote about how I overcame a financial setback during a turbulent period of my life. One of the steps I suggested, albeit with caution, was getting a loan from a financial institution.

In this post, I would show you how to get an approved loan from a financial institution within twenty minutes.

A person receiving an approved loan from an institution
Loan Approved

At this juncture, I would like to state that the experience I’m about to share is specific to my demographic location which is Nigeria. I’m however confident that with the world being a global village, similar credit facilities would be available in your demographic location if you are not Nigerian.

Before now, obtaining a credit facility or loan from a bank or financial institution in Nigeria was a very herculean task. The requirements for such a facility were simply outrageous from an individual or small or medium enterprise point of view. The major obstacles being the extremely high-interest rates, collateral, as well as the business plan suitable for the type of loan you want.

However, with the focus of the Nigerian Government on empowering MSMEs (Micro, Small and Medium Enterprises), the introduction of the BVN (Bio-metric Verification Number), the advent of Fintech (Financial Technology) companies as well as with improved technology, accessing credit facilities is now a lot easier.

Virtually all the major banks in Nigeria are now wooing their customers to their attractive loan packages. Some of the more common packages include:

  •    Quick Alert from Guaranty Trust Bank (USSD code *737*51*51#)
  •          ALAT from WEMA Bank
  •          SPECTA from Sterling Bank
  •    QuickBucks from Access Bank (USSD code *901*11#)
  •          FastCash from FCMB (USSD code *329#)
Financial Technology companies are giving the banks stiff competition with the introduction of their own lending platforms, top of which are: 

  •   Carbon (Previously known as PayLater)
  •          REN Money
  •          Kwikmoney  (USSD *561#)
  •          AELLA Credit
  •          Fair Money (USSD code  *322*6#)

Each loan package has its peculiar requirements, terms and conditions as well as limitations. For this post, I will be talking about Carbon.

I discovered Carbon (then known as Paylater) during a period of financial turbulence in my life. It was a lifesaver for me then as I found them convenient, easy to access and use. Best of all, the approval process was fast and within minutes the money was disbursed into my account.

What is Carbon?
Carbon is an online lending platform where loans can be obtained for immediate and emergency short-term needs. It is powered by One Finance and Investment Limited, a financial technology company registered in Lagos, Nigeria. From Africa's most populous country, Carbon has extended its services to cover countries like Ghana, Kenya, Tanzania.

One Fi, as they are popularly called, states on their website that 

"they are on a mission to providing short-term and affordable consumer credit to individuals who have limited access to finance."

You can learn more about One Finance and Investment here.

The loan is disbursed into an online wallet which is only available on the Carbon app. Download the Carbon app here. Carbon currently has over a million downloads from the Google Play Store.

Benefits of a loan from Carbon

1) Access to quick and fast loans to need immediate need that cannot wait until payday.
2) No need for paperwork. Everything is initiated and concluded online.
3) No need for collateral. Your loan decision is based on your online credit history.
4) Get loan decisions within minutes.
5) If approved for a loan, the money is disbursed into an online wallet from where you can transfer to your bank account.
6) The privilege of carrying out your other online transactions like buying airtime, paying for cable TV, even transfer of funds to third party bank accounts from one position.

How to Pay Bills using the Paylater App
Paylater App

7) Convenient repayment terms and options.

How to obtain your Paylater loan in twenty (20) minutes.

1) Download the Carbon app. You can do so here.

2) Click on 'Register' to create an account. You will be required to upload a picture of yourself as well as to submit your BVN during registration. Upon successful registration, you will be assigned a Client ID, which will be your reference for repayment of the loan.

3) Apply for your loan by clicking on 'Request a loan' and wait for your loan offer. It usually takes a few minutes. It is important to note at this juncture that it is best to apply for the loan using the same device that contains a history of your previous financial transactions like SMS and email alerts.

4) Go through the loan conditions carefully and click on the appropriate offer that suits your need and you can comfortably repay within your means

Different loan offers available on Paylater
Loan Offer from Paylater

5) You would then be required to set up your ATM card details which will be the basis and mode of repayment of your loan. 
Kindly ensure that the account to which your ATM card is attached is funded, as a one-off confirmation fee of N100 would be debited from that account.

6) )Once your ATM card is set up, your loan would be disbursed to your wallet, which is an online store of value. You can access and transfer the funds in your wallet to your bank account or use it to ay for the emergency directly from your wallet.

Congratulations! You just got approved for a loan to solve that urgent need. Utilize it well and do remember to pay back the loan on your due date else that loan might become your greatest undoing. Failure to do so will impact negatively on your Credit Score with the Credit Bureaux and would affect your chances of obtaining credit in the future.

My first Carbon loan was for the sum of twenty thousand Naira which I repaid over a two-week period. The loan was approved quickly and disbursed directly to my bank account. That was the system in place at that time. Now, all approved loans are disbursed into an online wallet, from which you can transfer them into your account.

 How to Repay Your Carbon (Paylater) Loan.

To repay your Paylater loan, kindly ensure that your Carbon wallet is funded with the requisite amount BEFORE midnight of your due date. The app will automatically deduct the repayment amount from your wallet on the due date. You can fund your wallet via your debit card or direct transfer from your bank account.

Early Repayments
Carbon encourages early repayments of loans before the due date. So if you have the means to repay your loan before time, why not take advantage of it to boost your chances of securing a higher loan amount and/or a lower interest in future? 

There are various options available to make an early repayment before the due date. They include:

-Payments via internet banking and mobile banking applications 
-Direct cash deposit into Carbon bank account

These options were created to make loan repayments flexible and convenient as well as guard against unavailability due to network issues.

Your first loan offer would usually be for a small, manageable amount which you would be required to repay quickly. This I believe is the company's way of testing the waters to see your financial responsibility. As you repay your loans on time, you would be eligible to apply for more loans with lower interest rates. Carbon's interest rates are from 5%-20% per annum.

How to get in touch with Carbon
Carbon may be reached through any of the following channels

Phone : 01-631-1216, 01-460-9947
Email: Customer@getcarbon.co
Website: https://getcarbon.co
Social media handles
Twitter: Twitter.com/get_carbon 

Final Words
As quick and efficient as the Carbon lending platform may be, it does have its own limitations:

  • the obvious limitation is that you cannot access the platform except you download the app form the Play Store. I would suggest the company gives its clients different accessibility options to choose from.
  • A follow up from the above point is the fact that you need a smartphone to access the platform.
  • Finally, I'm of the opinion that the previous system of direct disbursement of the loan to the client's bank account is a lot better than the Wallet system currently in use.

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