Palmcredit loan app is an online financial institution that provides short-term loans to individuals for personal and business needs. Palmcredit was founded by Newedge Finance Limited with a branch here in Nigeria.
Palmcredit is considered as one of the most accessible loan apps in Nigeria that has a low and attractive interest rate. Our team tested the app by applying for a loan from the Palmcredit app platform and this is our detailed review on this loan platform.
How to Apply for a Loan on Palmcredit
Applying for a loan on Palmcredit is quite easy. All you have to do is take the following steps:
1. Download the Palmcredit App: There are two approaches to downloading the Palmcredit App. The first approach is to visit their official website and enter your mobile number to get the app. The second and easiest way is to download the app from the Google play store.
2. Fill in the registration form: After successfully downloading the app, the next step is registering. A form outline will be displayed on the screen for you to fill out. Verify your phone number and wait for a code to be sent to you. Then, you input the code in the app to complete the verification process
3. Apply for the Loan: Having completed your registration process and verification process, you can then apply for a loan by choosing the amount of loan you desire and the duration of payment
4. Wait for approval: After applying for the loan, wait for a few minutes to get the loan processed. Then after some time, you get your loan approved and sent.
How Much Can I Borrow From Palmcredit
Palmcredit is an emergency bank for people that provides quick, fast and reliable loans. Using Palmcredit, you can borrow from #1000- #100,000
What Are The Things Required to get a Loan From Palmcredit
1. Your personal details, which include your name
2. Your Biometric Verification Number (BVN)
3. Your Bank Account Details
4. Your valid phone number
5. Your occupation
6. 2 guarantors’ phone number
Palmcredit’s interest rate is quite favourable. It is between 14% to 24%, the Equivalent Monthly interest is 4%~4.7%, and the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan repayment term is between 14 days – 180 days. This interest rate is calculated based on the money borrowed.
How to Repay Palmcredit Loan
To repay a loan on Palmcredit, follow these simple steps:
1.Log into your Palmcredit loan app
2. Locate the MY LOANS tab and click on it
4. Click on the amount you are repaying
3. Select your payment method, bank transfer, or ATM card.
4. Make your payment.
You can as well repay your loan through their direct bank account number. Please note that you must notify their customer care before making a direct payment to their account.
Palmcredit account details :
Acct number: 0772692676,
Bank: Access Bank.
Account Name: Transsnet Financial Nig LTD – Consuming Finance
Once payment is made, you will be required to send proof of payment to their email address: [email protected].
Is Palmcredit a Scam?
Palmcredit is not a scam loan app. The Central bank of Nigeria fully authorizes the parent company of Palmcredit (Newedge Finance Limited) to operate as a finance company in Nigeria, and CBN regulates their payment.
Palmcredit also has over 5 million downloads on the play store with several positive reviews.
Palmcredit Customer Care
You can contact customer care using the following channels:
Call: Call 0700-PALMHELP (0700 7256 4357) Monday – Friday 8 am-5:30 pm.
Email: [email protected]
Pros of Palmcredit
- There is no document or collateral required to get a loan.
- The loan will be approved and delivered to your account in a few seconds.
- You can receive a discount bonus and coupons that occasionally lower the amount you must repay
Cons of Palmcredit
- The repayment duration is short.
- The maximum amount you can borrow from Palmcredit is N300,000
PalmCredit is an excellent loan app for those who are looking for quick and easy access to credit. It is reliable and secure, with helpful customer support and competitive interest rates. It is an ideal choice for anyone who needs a short-term loan, as it is fast and convenient.