Palmcredit Loan: Are you looking for an urgent loan without documentation in Nigeria? Do you need quick cash to fund your business, pay for unexpected bills, or handle emergencies? If so, Palmcredit may be a popular lender that comes to mind.
This post is all about an honest Palmcredit loan app review. Here, we’ll take a closer look at the app’s loan offerings, requirements, application process, interest rates, fees, customer service, and more.
So, if you want to know all that, join me and let’s explore this post together!
Palmcredit Loan: Overview
PalmCredit is one of the oldest and most popular loan apps in Nigeria that provides quick and easy credit to eligible borrowers. Loans are offered via the company’s app which can only be downloaded on Play Store.
Palmcredit is owned by Newedgefinance, and it offers just one loan type which is personal loans. The personal loan amount ranges up to ₦300,000, and no collateral or a guarantor is required.
Palm Credit loans come with flexible repayment terms, and their loan application process is straightforward.
However, before going into details about the loan application, let’s see the full breakdown of Palmcredit loan app features.
Features and Benefits of Palmcredit Loans
Palmcredit loans come with several features and benefits, including:
- No collateral required: Palmcredit personal loans are unsecured, which means you don’t need to provide collateral to get a loan.
- Quick approval and disbursement: Palmcredit loans are approved within 24 hours, and the funds are disbursed within minutes after approval.
- Flexible repayment options: Palmcredit loans come with flexible repayment options that allow you to choose a repayment plan that suits your budget.
- Competitive interest rates: Palmcredit offers competitive interest rates compared to other lenders in Nigeria.
Palmcredit Loan Requirements
To be eligible for a Palm Credit loan, you must meet the following requirements:
- You must be at least 18 years old.
- You must have a valid ID card.
- Have a valid bank account.
- You must have a source of income.
- A phone number through which you will receive a confirmation SMS
Now that you’ve known the Palmcredit loan requirements, and how to be eligible for Palmcredit loans, let’s see how to apply for a loan on Palmcredit app.
Read Also: How to Borrow 50K Loan without Collateral
How to Apply for a Loan on Palmcredit App
If you’re seeking how to apply for Palmcredit loan, or how to get a loan on Palmcredit app, this section is for you.
The Palm Credit loan application process is pretty straightforward and can be completed online via Palmcredit’s website, or mobile app. This takes just a few simple steps, and they are as follows:
1. Download the Palmcredit App
The first step in applying for a loan on Palmcredit is to download the Palmcredit loan app. You can get this app either on Google Play store, or App store.
2. Register an Account
After downloading, open the app on your phone, and click on the “Register” button. On the registration form, enter your email address or phone number, and also all the required details to own an account with them.
Once your account is successfully created, click on the “Apply for Loan” button, and you’ll be directed to the Palmcredit loan application form page.
3. Select Your Loan Amount
On the loan application page, select your loan amount using the sliders provided. You’ll see the interest rate and the total amount you’ll pay back displayed on the page.
4. Fill Out the Application Form
Next is to fill out the Palmcredit application form with your personal and financial information. This includes your Bank Account Number, email address/phone number, home address, date of birth, employment status, and income among others.
5. Set up your Repayment Plan
After filling out your loan application form, the next step is to set up your repayment plan. Unlike other loan apps, Palmcredit allows borrowers to set up their preferred repayment plan which ranges up to 365 days.
6. Submit Your Application
Once you’ve set when you can repay, the last step in applying for a Palmcredit loan is to submit your application and, then wait for the team to get back to you.
All you need to do is to review your application details to ensure they’re correct and accurate, and then submit your application.
After submitting your application, Palmcredit will review your application and notify you of the outcome within a few minutes, latest an hour. If your loan is approved, the funds will be disbursed to your bank account within minutes.
Check Out: How to Get a Payday Loan in Nigeria
Palmcredit Loan Interest Rates and Fees
Palmcredit’s interest rates vary depending on the loan type and amount. The interest rates range from 14% to 24% per month, and an APR of 24% to 56%.
To illustrate the interest rate of a Palmcredit loan, let’s say you borrow ₦10,000 from Palmcredit at an interest rate of 24% per month. If you choose a repayment period of 2 months, your monthly payment will be ₦7,400, and you’ll pay a total of ₦14,800 over the loan period.
In terms of fees, Palmcredit charges no hidden fee for a loan application, processing, or disbursal. However, it’s worth noting that Palmcredit may charge a penalty fee on any outstanding loan balance beyond the due date.
Therefore, it’s essential to pay your loan on time to avoid accruing additional fees.
Palmcredit Customer Service and Support
Palmcredit has a robust customer service and support system that you can access through various channels, including phone, email, and phone numbers.
In our experience, Palmcredit’s customer service is responsive, helpful, and friendly. However, the loan service itself doesn’t have a dedicated website where you can find detailed information about its offerings.
See Also: Get Instant 30,000 Naira Loan without Documentation
Pros and Cons of Palmcredit Loans
Like any lender, Palmcredit loan app has its pros and cons. Here are some of the advantages and disadvantages of taking loans from Palmcredit:
Pros:
- Quick approval and disbursement: Palmcredit loans are approved and disbursed within minutes, making them ideal for emergencies.
- No collateral required: Palmcredit loans are unsecured, so you don’t need to provide collateral to get a loan.
- Flexible repayment options: Palmcredit loans come with flexible repayment options that allow you to choose a repayment plan that suits your budget.
Cons:
- High interest rates: Palmcredit offers high interest rates compared to other lenders in Nigeria.
- Loan default penalties: Negative impact on your credit score if you fail to repay the loan on time.
Related: How to Get 100K Loan in Minutes
Palmcredit USSD Code
A popular question usually asked is does Palmcredit have a USSD code?
The short answer is NO. There’s nothing like Palmcredit loan code in the company’s loan features. You can only borrow money from Palmcredit using their app.
Still, have questions concerning the Palmcredit loan app or how to get a loan from Palmcredit? Find your answers below.
Related: List of USSD Codes for Loans in Nigeria
Palmcredit Loan App – FAQs
Is Palmcredit legit?
Yes, Palmcredit is a legitimate loan app in Nigeria, as it has over 5 million downloads with above-average ratings on Google Playstore.
Does Palmcredit call contacts?
As long as you don’t default on loans, Palmcredit won’t call your contacts.
Is Palmcredit approved by CBN?
Yes, Palmcredits is approved by CBN, as its parent company, Newedge Financial Limited is licensed by the Central Bank of Nigeria (CBN).
Is my BVN safe with Palmcredit?
Ye, your BVN is safe with Palmcredit. The company only request your BVN to access your credit score.
Check Out: How to Borrow Money from Renmoney
How much can I borrow from Palmcredit for the first time?
You can borrow anything from N1,500 to N5,000 for the first time from Palmcredit, depending on your credit score.
Is Palmpay and Palmcredit the same?
No, PalmPay is a fintech company that offers a variety of financial services, while Palmcredit is a loan app owned by Newedge Financial Limited.
How do I get a loan from Palmcredit?
To get a loan from Palmcredit, download their app, sign up for an account, select the loan amount and repayment period, fill out the application form, upload the required documents, and submit your application. If your loan is approved, the funds will be disbursed to your bank account within a few minutes.
Do I need a BVN to get a loan from Palmcredit?
Yes, you need a BVN (Bank Verification Number) to get a loan from Palmcredit. Your BVN is used to verify your identity and ensure that you’re creditworthy.
How to borrow money from Palmcredit?
To borrow money from Palmcredit, visit their website or download the app, register an account, select the loan amount and repayment period, fill out the application form, upload the required documents, and submit your application. If your loan is approved, the funds will be disbursed to your bank account within minutes.
Conclusion
Overall, Palmcredit is a reliable loan app for individuals looking for quick and easy access to cash. The company offers quick loans without collateral, quick approval and disbursement, and flexible repayment options.
However, Palmcredit’s loan late payment fees can be costly, so it’s essential to pay your loan on time.
If you’re looking for a reputable lender in Nigeria with flexible repayment options, Palmcredit loan app is an excellent choice.
