How Carbon Loan Works | Requirements | USSD Code

Carbon, formally known as one credit is a digital mobile financial platform in Nigeria with a presence in five different countries. They are owned by one finance and investments limited (OneFi).

Before the company adopted its new name, It provided loans to salary earners. Using the traditional manual method where paper documents are required to obtain a loan.


As the company continued to grow in the lending space, It evolved into One Finance and Investment Limited (OneFi).

When the bank verification number (BVN) was introduced by the federal government and made mandatory for all bank accounts owners in Nigeria, the company saw an opportunity to extend its services to non-salary earners. But still relied on its field agents for processing loans.

In 2016, It was able to fully automate its lending services and became a fully digitised platform. This was when it changed its name to Paylater.

Because of the introduction of the BVN, it could extend its services across every state in Nigeria. This allowed it to capture millions of users on its platform.

About Carbon loan

The carbon loan mobile app was launched in 2016, At this time, it was one of the first instant loan mobile application in Nigeria.

The concept of quick loan services that do not require collateral was still relatively new in the country.


Carbon quickly became very popular. And In just two years, recorded more than a million downloads from the Google Play Store.

What is Carbon loan

Carbon loan is a quick loan that can be obtained from the carbon mobile app.

The Carbon app combines everything that has to do with mobile financial services into a single plateform.

With the Carbon app, users can get instant loans, make money transfer, invest at high-interest rates, pay bills, recharged airtime, and so much more. through their mobile phone.

Carbon loan Requirements

To get a loan from the carbon mobile app, there are some requirements that you need to meet.

They include the following

  • You need to have the carbon Android or iOS app installed on your phone.
  • You need to provide some of your info like your name, phone number, Email address, etc.
  • A bank verification numbe
    r (BVN)
  • A picture of yourself
  • you will also need to enter your ATM card details.

How Much Can You Borrow From Carbon

You can borrow anywhere between ₦1,500 to ₦1 million If you are a Nigerian.

Kenyans can get loan between Ksh 500 to Ksh 30,000 from carbon.


How Long Does It take to get a loan

Online quick loan services are the fastest for getting a loan.

It usually takes less than 5 mins to get a loan from carbon if you are already registered on their platform

If you are a new user, then you will have to register on the app which shouldn’t take you more than a few minutes.

How Carbon loan App works

carbon rewards borrowers that pay back their loan on time. It starts by offering new users a minimum loan amount of around N10,000. And slowly increases this amount as the user payback their loan on time.

The lending process is automated and borrowers will usually get their loan in about 5 minutes.

There are no collateral, guarantors, or paperwork required to get a loan from this lender as the entire process can be done through your mobile phone.

How To Use Carbon Loan App

  • First visit the Google Play Store or the App Store to download the carbon app.
  • launch the app and create an account
  • Gets quick loan from carbon

The app itself is differentiated into several sections. They include:

loan: if you need to request for a loan, this is the section to navigate to.

Payment: Everything that has to do with payments happens here. Maybe you want to subscribe to the internet, send money to someone, pay bills etc. all of that can be done here.


Financial Tool : This is where you will find investment opportunities.

Transactions: You will find every transaction that you have ever done on the app here.

Carbon Loan Interest Rate

When you get a loan from this online lender. How much interest rate do they charge?

The interest rates on a carbon loan range between 1.75% to 30%, with an equivalent monthly interest rate of 1 – 21%. And an Annual percentage rate (APR) between 23% – 60.8%.

For example, if you borrow N50,000 for a period of three months, carbon charges 2% per month.

At the end of 3 months (90days) you will payback N53,000

How Too Get A Carbon Loan

Follow this simple guide to get a loan from the carbon app.

  • Download and launch the carbon loan app
  • Register an accounts with your personal details like name, phone number, Email address etc.
  • During registration, you will be asked to upload a picture of yourself. You can decide to upload one from your device memory or take one directly from your phone camera.
  • Now click on request a loan.
  • Wait for your request to be reviewed for approval.
  • If approved, provide your card details. The duration for Carbon loans can range anywhere from 30 days to 12 months

Carbon Loan USSD code

To access carbon loan via USSD code, simply dial *1303#.

This code allows you access carbon loan from your mobile phone and works for both MTN and 9mobile.

You can also find the USSD code for other loan providers here.

How To Payback Your Carbon loan


Carbon provides different channels for borrowers to payback their loan depending on what is most convenient for them.

You can decide to pay via

direct debit: This method allows the app to deduct the loan amount directly from your bank accounts.

Transfer: you can also decide to pay via bank transfer

Offline Payment: If for some reason you are unable to pay using the two method above, you can payback your loan offline using physical cash.

We have included the carbon app physical address in this article.

Contact a carbon representative for more information to payback your loan.


Is Carbon loan legit

Carbon seems to be legitimate according to the information found on its official website. They are insured by NDIC and license by the central Bank of Nigeria (CBN).

The Nigeria deposit insurance corporation (NDIC) is an agency that protects depositors and the CBN is a government agency responsible for regulating financial organization.

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