FairMoney vs Carbon – Which is best for you?


FairMoney vs Carbon

In today’s article, we will discuss FairMoney vs Carbon and nearly all there’s to know about FairMoney and Carbon.

We will go over the following:

  • Both company’s overviews
  • The features
  • Key differences
  • Existing users’ reviews
  • Pros and Cons, etc.

We understand that finding a reliable fintech app isn’t easy since we now have hundreds of them around. So, we placed FairMoney vs Carbon side by side to show you what we believe to be true about them.

And, of course, this article will help you decide on which platform to use.

Are ready? Let’s jump right in!

Contents

FairMoney Overview

FairMoney vs carbon

FairMoney is a fintech company that is designed for you to get fast, quick loans at ease.

You can also make all your bill payments with FairMoney; all are done within the mobile banking app.

The loan app was founded in late 2017 by Laurin Hainy. Since its launch, FairMoney has been featured on many online platforms due to its easy-to-use features.

As a user, you’re entitled to 30 free monthly bank transfers and can get up to N1 million as a loan if your bank account has huge transaction history.

The FairMoney app is well-designed, organised, and beginner’s friendly.

You can also get an ATM card from FairMoney, which you can use nationwide.

Read more: Is FairMoney legit?

FairMoney Features

Here, we will look into FairMoney features to get you acquainted with the app.

1. Quick Loans

You can get quick and fast loans within the FairMoney app. All you need to do is to download the app, sign up and apply.

All loans are approved and get disbursed within 24 hours of applying.

The best part is that you can access higher loan amounts right from day one if everything is done correctly.

2. Bills Payment

Paying bills has never become more accessible, like how FairMoney makes it look.

You can pay your bills as a breeze within the FairMoney app, which takes minutes.

This is an opportunity if you have been looking for a fast and convenient way to pay your bills.

3. Thirty Free Transfers/Month

Let us be frank, the money we pay as bank charges can sometimes be tiring and frustrating.

With FairMoney, you can make up to 30 free bank transfers every month.

After exhausting your monthly free transfers, you will be charged N10 for each transaction you make.

4. FairSave

FairMoney offers a savings feature called FairSave. If you have been looking for a way to save money digitally, this is an excellent opportunity.

To get started on FairSave, you need to sign up on FairMoney and add your bank account, then fund your account to start saving.

Read more: FairMoney vs Kuda Bank

Carbon App Overview

Carbon Home page

Carbon is a fintech company that is designed for individuals and businesses to help them carry out their day-to-day transactions easily.

The fintech company was founded in late 2012 by Chijioke Dozie. It has been around for a decade now and has built a name for itself because it offers many unique features.

Carbon offers a 2% interest on your Carbon Bank Account, which is spread monthly. Your profits are disbursed on the last day of each month.

You will also have access to your credit history across financial institutions.

Carbon has a guide that teaches you the basics of obtaining and interpreting a credit report in Nigeria.

The fintech company offers you a debit card to supercharge your account and spend your money however you please.

Carbon also offers savings and investment opportunities to its platform users.

With Carbon savings, you can earn more returns on your savings than the way you are currently doing.

You can quickly build wealth with high-yield savings in your rewarding savings account because you’re entitled to get up to 15.5% interest every month. You will discover more as we go.

Carbon App Features

Let’s examine the Carbon app features that make it unique.

1. Carbon Bank Account

When you sign up on Carbon, you will be given a personal bank account.

You will enjoy all the benefits of a personalised bank account, where you can carry out almost all your transactions for free.

You won’t spend an extra dime on 30 transfers within the month, whether you’re sending money to another Carbon customer or a Nigerian commercial bank account.

Whether you’re receiving cash gifts from family and friends or getting paid for work done for clients, you can receive money directly in your Carbon account for free.

2. Credit Report

Knowing your credit history across financial institutions and being notified of issues you may have keeps you safe. 

The Carbon app dashboard shows you a list of issues that requires fixing with your credit if there are any.

3. Carbon Cards

Supercharge your account with the Carbon Visa card and spend your money however you please.

The card enables you to make payments anywhere in Nigeria. After applying for your debit card, Carbon will send it straight to you, wherever you are in the country.

Your Carbon app and debit card are the perfect duos that work in sync with each other. From card freezes to set spending limits, you’re entirely in charge.

Be the first to know when money leaves your account and when your recipient receives money transfers from you. 

This is possible because Carbon sends you instant notifications of everything that is going on in your account.

4. Carbon Savings

With Carbon savings, you can earn more returns on your savings compared to saving in a commercial bank.

This is possible because Carbon offers up to 15.5% off your savings.

Savings plans on Carbon are divided into the following categories: 

  • Cash Vault: Lock away bulk sums for capital projects from as low as N50,000 and earn 15.5% at maturity.
  • Goals: Invest towards your goals (long-term or short-term) and earn up to 9.5% interest at maturity.
  • FlexSave: Got spare cash? Invest with Carbon and watch your money grow. No amount is too small to save.

5. Carbon Loans

With Carbon loans, you can quickly get instant loans whenever needed.

You can get the loans without doing any paperwork, collateral, or bringing any guarantors.

One of the exciting parts is that you can get up to N1,000,000 when applying for a loan for a small business.

To get a loan, you must download the app, sign up, and apply for your desired loan amount.

Loans are disbursed within 24 hours of applying.

FairMoney vs Carbon: Key Differences

Let’s talk about the differences between FairMoney and Carbon to make this content worth referring to as FairMoney vs Carbon.

  • FairMoney doesn’t show you your credit report, While Carbon shows you within the mobile app.
  • FairMoney app isn’t on the app store, while Carbon is on both the app store and the Googe play store.
  • FairMoney is much of a loan app, while Carbon is much of a mobile banking app.

FairMoney vs Carbon: Reviews

We will be looking at what existing users of the apps are saying in this section.

FairMoney Reviews

As of the writing of this content, FairMoney has an overall rating of 4.4 out of 5 and has received more than 507,000 reviews.

Let’s check reviews of what existing users are saying.

FairMoney review
FairMoney Review

Carbon App Reviews

Carbon has an overall rating of 4.4 out of 5 and has over 134,000 reviews as of the time of writing.

Let’s check reviews of what existing users are saying.

Carbon Review
Carbon Review

FairMoney vs Carbon: Pros & Cons

Everything that has a good side also has a bad side. In this section, let’s look at FairMoney vs. Carbon’s pros & cons.

FairMoney Pros & Cons

We will be looking at FairMoney’s Pros and Cons here. The Pros first and the Cons later.

FairMoney Pros

  • You are automatically eligible for a FairMoney ATM card when you sign up.
  • Up to 30 free bank transfers in a month.
  • Quick and fast disbursement of money.
  • It is licensed and regulated by the CBN.
  • Easily receive and send payment with a QR code.

FairMoney Cons

  • The loan you are entitled to when you sign up is pretty small.
  • The interest on a loan is much when you choose a little bit longer date.

Carbon App Pros & Cons

We will look at Carbon Pros and Cons here. The Pros first and the Cons later.

Carbon Pros

  • Easily carry out all your banking activities within the mobile app.
  • Pay all your utility bills within minutes.
  • Automatically eligible for a Carbon account number when you sign up.
  • Easily make online and offline payments with a Carbon card.
  • Easily track your credit report on the go.
  • Instant loans whenever you want them.
  • It has been around for a decade now.

Carbon Cons

  • Customer service is pretty slow in responding to customers.
  • You are entitled to a small loan if you’re a new user.

Frequently Asked Questions

Here, we will run through frequently asked questions we do get from our blog users.

1. Which Loan App is Similar to FairMoney?

The Carbon loan app is very close and similar to FairMoney. It could be a great alternative to FairMoney if you want one.

2. Are both apps regulated by the CBN?

Yes. FairMoney and Carbon are regulated by the CBN and secured by the NDIC (National Deposit Insurance Council). 

3. FairMoney vs Carbon: Which is Better?

Both platforms are excellent and good at what they do. Anyone you decided to use in FairMoney and Carbon would work just fine.

4. FairMoney vs Carbon: Can There be Trusted?

Yes, FairMoney and Carbon can be trusted because they have both obtained the necessary licenses for operations and have good sources from which we can trace them.

Final thoughts

FairMoney and Carbon are both excellent platforms in terms of digital banking. They have so many cool features within.

However, the Carbon loan app outsmarts FairMoney a digital bank. If all you want is loans and bill payments, go for FairMoney.

If you want an app that can help you beyond that and even helps you build your credit report, then go for the Carbon app.

That said, we have come to the end of FairMoney vs Carbon.

Which app will you use? FairMoney or Carbon?

Oghenemaga Emmanuel

Oghenemaga Emmanuel is a certified content marketing specialist, SEO strategist, social media expert, and digital marketing manager for B2B and B2C businesses.

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