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Home Loan Review Carrotpay Loan: How To Apply, Download App

Carrotpay Loan: How To Apply, Download App

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Carrotpay loan app is an instant and quick online lending company that offers loans to individuals for between N5,000 and N50,000

You can apply online for a loan by providing some information and your ID card.

With mixed reviews, the app has been downloaded more than 10k times on Google Play Store. The app’s easy and seamless registration process is appreciated by most customers. It uses a loan program to gather information about potential customers, including phone records, bank transaction alerts, BVN, and BVN to determine each borrower’s credit score.

Carrotpay Loan

You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.

It’s easy to apply. Just download the app from the Google Play store and provide some information about yourself. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.

How to download APK and obtain a loan through the carrot pan loan app

  • Install the Carrotpay personal loan app exclusively on the Google Play store.
  • Register with your phone number to create an account
  • For verification, you should use the phone number associated with your BVN.
  • Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
  • Your Biometric verification number BVN will also be requested.
  • To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a higher loan amount.
  • To confirm your details, a one-time OTP password will be sent to you.
  • After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
  • You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
  • You will need to take a clear selfie of your identity so make sure you have enough storage.
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Is the Carrtpay app a scam or legit?

Yes, Carrotpay is a legitimate loan app. However, you should exercise caution before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.

These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.

Its availability on the Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.

Pros

  • Loan amount up to 50k
  • It has a website and multiple social media accounts, which is not the case with most Nigerian loan applications.
  • Maximum 10% monthly interest rate
  • Typically, loans are paid out monthly. Most Nigerian loan apps offer weekly loans.

Cons

  • Network issues that hinder smooth registration and binding ATM cards.
  • There may be fees of N750 for processing loans.
  • It takes time to disburse loans once approved. Some customers may take days or weeks before they see an alert.
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Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end of 60 days.

To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.

Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.

What is the interest rate?

You can borrow as little as N5,000 or as much as N50,000. The repayment period can be between 60 and 180 days. The usual repayment term is monthly. Our credit scoring algorithm determines our minimum and maximum interest rates. They are 3% per month, with a maximum of 10% per calendar month. This gives rise to an Annual Percentage Ratio (APR) between 36% and 120%.

REPRESENTATIVE ELEMENT. If a loan package of N10,000 is chosen (Principal), at a rate of 3% per month (36% APR), then you will have to repay N1,966.67 each month for six months. You would have paid N11,800 total over the six months.

As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your loan amount.

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You should not use a CarrotPay loan for your lifestyle or to pay off long-term debts. While short-term loans can be helpful for emergencies, they are more expensive than long-term loans. Therefore, you should use them with caution.

What are the requirements?

  • You can be a Nigerian citizen or resident.
  • At least 18 years of age
  • A monthly income source.
  • Attach your ATM card to the account
  • Give details about two of your closest relatives, including their telephone numbers.
  • You have a high credit score and no outstanding loans from any other lenders.
  • Maintain an active bank account
  • Your BVN must have your phone number.
  • You must have a valid ID card issued by the government.

What happens if I fail to repay my loan on time?

Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.

Customer service number for Carrotpay Loan App

Tel: 08040590240

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