Palmcredit is an online platform that provides quick loans without collateral in Nigeria. The platform is owned by Transnet Financial Nigeria Limited. Nigerians can access Palmcredit loans anytime, anywhere with no collateral. The loans tend to attract a low-interest rate which has made it one of the best instant loan providers in Nigeria. Anyone with a need can apply for a loan, but everyone must apply for a loan through the app, which can be downloaded from the Google Play Store.
This platform has become very popular in Nigeria. It has granted unsecured loans to Nigerians every year. But like any loan provider, you have to stick to the rules. If you stick to the terms and conditions, you will likely find this lending platform resourceful. They have consistently stated their plan to make loans in 5 minutes.
Palmcredit Loan Requirement
To get a loan, you may need to provide:
- Bank verification number (BVN)
- Full name
- Primary phone number
- Bank account information
- Job information
- In general, the requirements are not high. They are just basic information.
How To Get A Loan From Palmcredit
To get a loan from Palmcredit, follow these steps:
1. Install the app on your phone
The first step is to install the app on your phone. Currently, this platform only has the Android app. There is no app for iOS or Windows. There are two ways to install the app. First, you can visit the online portal and enter your phone number and you will get the app. Alternatively, you can download the app from the Google Play Store. Please note that you cannot apply for a loan without the app.
Once you’ve installed the app on your phone. The next step is registration. Just follow the on-screen instructions. Provide all required information. Note that you may also need to verify your phone. They send a code to your phone that you enter into the app for verification
3. Apply for a loan
After successfully registering, you can apply for a loan. The process is simple. You will see it right in the app where to click
4. Obtain approval
After applying for a loan, the next step is to wait until you receive the loan approval. This does not take much time. As long as you provide precise details.
5. Get your loan
Once your palmcredit loan is approved, you can get the loan and send it straight to your bank account.
How Much Credit Can You Get?
You can get up to ₦ 100,000 instant loans with Palm Loans. Please note that the maximum amount can be adjusted at any time!
Palm Credit Interest Rate and Fees
They do not charge any origination fees, transaction fees, or rollover fees. The loan interest rate ranges from 14% to 24%, the corresponding monthly interest rate is 4.6%, the annual percentage (APR) for a palm credit loan is 56.78%.
Repayment of the palm credit loan
Palmcredit Loan repayment is very easy. All you have to do is log into the app. Click on “My Credits”. There you can choose how much you want to repay. Payment can be made directly in the app with your card.
If for some reason you are unable to repay the loan through the app, you can make the repayment through their account number. Please note that you should speak to their customer care team before or after paying to the account.
Palmcredit Loan Repayment term
The repayment term ranges from 14 days to 180 days
Telephone number of the Palmcredit customer contact
The contact phone number is: 017001000
There are two ways to get the app. You can visit the app portal by clicking here and entering your number to get the app, or you can download it from the Google Play Store for your Android phones. The app is only available for Android phones, not for iOS, Windows or Blackberry.
The site is www.palmcredit.co but is currently offline. This is irrelevant as they service the loan through the app. You can use their Facebook page to get in touch.
The contact email is [email protected]
To log in, just open the app. You can download the app from the Google Playstore or enter your phone number here to receive it.
Is Palmcredit Real?
Is Palmcredit approved by the CBN? The parent company – Newedge Finance Limited is fully licensed by the CBN to operate as a finance company in Nigeria. This means that their operation is fully regulated. So yes. Palmcredit is CBN approved and genuine.
Conclusion On Palmcredit Loan
While their interest rates can be relatively high, their application process is quick and reliable. In addition, there are flexible payment options to make your loan repayment more convenient. All in all, Palmcredit is a loan platform worth trying out.