Palmcredit Loan Requirements in Nigeria 2024

  • November 19, 2023

This post contains all the essential Palmcredit loan requirements.

Palmcredit is a leading Nigerian lending company with a loan-giving license. They offer Nigerians instant loans with no collateral. 

Since its entry into the Nigerian lending sector, the company has received positive feedback from users.

One of the things that let the company gets good reviews is the requirements to get loan from Palmcredit.

Not withstanding, the Palmcredit loan requirements still get people talking, because you definitely can’t get a loan without meeting the requirements.

Anyways, this post is curated to guide you on the requirements needed to qualify for the Palmcredit loan. In other words, the Palmcredit loan requirements qualification guide.

Without further ado, let’s get started!

About Loan Requirements on Palmcredit

Palmcredit is one of the most popular online loan companies, as they offer people flexible loans in minutes.

But is their loan requirements flexible?

Sincerely speaking, Palmcredit is one of the few loan-giving companies that make applying for loans and getting it almost instantly super easy in Nigeria.

Just think about it. If you can get loans within 5 minutes, it is obvious that the loan requirements are super flexible.

While there is no strict requirements to get a loan on Palmcredit, the few requirements they have is mandatory, and without passing the requirements, you’ll not be able to get any loan on the Palmcredit App.

Now, let me walk you through these requirements and how to qualify for the Palmcredit loan in just a few steps.

Check Out: Branch Loan Requirements

Palmcredit Loan Requirements

Below are the full Palmcredit loan requirements.

1. The Palmcredit App

The #1 requirement to get a loan from Palmcredit is to download the Palmcredit App. This is because you can get a Palmcredit loan only on the Palmcredit Mobile App.

The app is available for iPhone and Android.

2. Your Full Name

The second Palmcredit requirement is your full name. This includes your Surname, First Name, and Middle Name. 

Keep in mind that the name provided must correlate with your bank account details.

See Also: Fairmoney Loan Requirements

3. Phone Number

Your phone number and your email address are other mandatory Palmcredit loan requirements.

This is because after downloading the app and you’ll need to sign up with your phone number where a unique shortcode will be sent for verification.

4. Bank Verification Number (BVN)

Your BVN is a priority to get loans on any loan app, Palmcredit is no different too.

5. Bank Details

Another requirement to get a loan on Palmcredit is your bank details. This includes your account name and account number.

Your Account number is also used for fund disbursement after your loan is approved.

6. Automated Teller Machine (ATM) Card

Your ATM card number is a must while looking to get a loan from Palmcredit.

Palmcredit uses your ATM card to repay your loan when it is due.

Read Also: Loan Apps without BVN in Nigeria

7. Face Verification

The last but not the least Palmcredit loan requirements is face verification.

It is mandatory you take a picture of your face (Selfie) while registering to get a loan on the Palmcredit App.

How to Qualify for Loan on Palmcredit

In order to qualify for a Palmcredit loan, you’ll need to have a good credit score and some proof of income.

You’ll also need to provide some information about your debt-to-income ratio and your current monthly payments.

Below is a simple list of what is needed to qualify for Palmcredit loan.

  • The Palmcredit App.
  • Basic personal information such as name, and phone number.
  • Bank Verification Number (BVN).
  • Bank Account details.
  • Automated Teller Machine card (ATM Card).

Once you meet these requirements, you’ll be instantly eligible to get a loan from Palmcredit.

Note: The more loan you take and how quickly you repay them, the higher the loan you’ll be granted by Palmcredit.

Related: How to Get a Loan from PalmPay

Palmcredit Loan Requirements – FAQs

Are there requirements for loan on Palmcredit?

Yes, similar to other loan Apps, Palmcredit has requirements that are needed to be passed before you can get loans.

What are the requirements for Palmcredit loan?

To be eligible for a Palmcredit loan, you must:

-Be at least 18 years old

-Have a regular source of income

-Have an active bank account


Hearing about online loans, sometimes the requirements of some platform can make you think otherwise unless you try it yourself.

I believe the Palmcredit loan requirements provided in this post will help you easily and quickly get loans from Palmcredit without worries.

Do you still have questions?  Then, feel free to drop them down in the comment box below. I’ll be glad to help.