Carbon loan can be termed as a fairly new entrant in the Kenyan digital lending market as its roots can easily be traced to Nigeria.
The loan app is offered by Carbon Finance and Investment Ltd and currently has over one million downloads in the Playstore.
It offers loan limits ranging from Ksh400 to a maximum of Ksh50,000 at flexible durations of 15 days to 1 month.
Recently, users are decrying rampant loan rejections that persist with each subsequent application process with the common error message stating “Your application is unsuccessful at this time. However, we encourage you to keep the app installed and we’ll notify once a loan offer becomes available.“
Despite the suggested reason for loan decline, there are additional factors that may contribute to the decision.
Such factors can be viewed by clicking on the ‘Help’ button located underneath the decline message and they state as follows.
- Insufficient data to gauge creditworthiness.
- Submission invalid details during application process
- Loan default with other lenders
- Mismatch with Carbon’s usual borrower profile