Carbon Zero
Carbon Zero: Buy Now, Pay Later with 0% Interest (Full Review)
If you are in Nigeria and looking for a flexible way to make purchases without compromising your entire budget at once, Carbon Zero is the solution you’ve been waiting for. This innovative service from Carbon (formerly Paylater) allows you to split payments for products and services into affordable installments, with a significant advantage: 0% interest.
In this article, we provide a full review of Carbon Zero, explaining how it works, the requirements, the fees involved (yes, there is a small fee), and providing all the contact details and customer support information you need.
What is Carbon Zero?
Carbon Zero is a “Buy Now, Pay Later” (BNPL) product offered by the digital bank Carbon. It is designed to allow users to finance purchases, from electronics and appliances to travel and services—by splitting the cost into four payments.
The main promise is “Just Zero it!”, referring to the zero interest rate charged on the installment plan, making it much cheaper than traditional bank loans or credit cards with high revolving interest rates.
How Does Carbon Zero Work?
The operation is simple and entirely digital, managed through the Carbon app. Here are the key details:
- Pay in 4 Installments: You split the total purchase value into four equal parts.
- Payment Terms: You can choose to pay over 6 weeks or extend it to 3 months, depending on your preference and eligibility.
- Interest Rate: 0%. You pay no interest on the financed amount.
- Administrative Fees: There is a one-time processing fee of 5% on the transaction value. That is, if you buy something for ₦100,000, you will pay a ₦5,000 fee and split the ₦100,000 into installments.
Requirements and How to Use
To access Carbon Zero, you need to be an active user of the Carbon ecosystem. The process typically involves:
- downloading the Carbon app (available for Android and iOS).
- Creating an account and completing the KYC (Know Your Customer) verification.
- Using the app regularly for transactions can help increase your credit limit.
- Navigating to the Carbon Zero section in the app to view partner merchants or request financing for a purchase.
What Happens if You Miss a Payment?
Carbon adopts a transparent but strict approach regarding default:
- No Immediate Fines: If you miss a payment, Carbon states they will not charge late fees immediately.
- Grace Period: They offer a period for you to regularize the situation.
- Conversion to Loan: If you do not pay within this period, your Carbon Zero plan will be converted into a standard loan with interest (which they call “xyz interest”). Once converted, you cannot switch back to the zero-interest plan.
- Credit Impact: Continued default will negatively affect your credit score and your ability to obtain future credit with Carbon.
Customer Care and Contacts
If you have issues with your account, payments, or questions about Carbon Zero, here are the official contact channels:
| Channel | Detail |
|---|---|
| Support Email | [email protected] |
| Alternative Email | [email protected] |
| Phone | 02013301808 / +2341-460 9945 |
| Physical Address | Plot 642C Akin Adesola St., Victoria Island, Lagos, Nigeria |
| Website | www.getcarbon.co |
Review: Is Carbon Zero Worth It?
Verdict: Yes, it is worth it.
For the Nigerian consumer who needs immediate liquidity for essential purchases or consumer desires, Carbon Zero is an excellent financial tool. The 5% fee is much lower than the monthly interest rates charged by quick loan apps, which can reach up to 30% per month.
The flexibility to split payments over 3 months relieves monthly cash flow. However, financial discipline is crucial. The ease of “buying now” should not lead to over-indebtedness.
Frequently Asked Questions (FAQ)
1. Can I pay early?
Yes, you always have the option to pay your installments before the due date without penalties.
2. Does Carbon Zero require collateral?
No, Carbon Zero does not require physical collateral or guarantors, only an analysis of your digital credit profile.
3. Where can I download the app?
The Carbon App is available on the Google Play Store (for Android) and the Apple App Store (for iOS). It is through the app that you manage your payments.
4. Is Carbon Zero safe?
Yes, Carbon is operated by Carbon Microfinance Bank, licensed and regulated by the Central Bank of Nigeria (CBN), ensuring the security of your transactions.
Disclaimer: Fees and terms may be changed by Carbon at any time. Always check the official app for the most up-to-date information.
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