Palmcredit loan is one loan that can be obtained without stress or standing in long queues. If you want to know everything about this app and how to apply for loans on this platform, we encourage you to read this article carefully.
Overview Of Palmcredit
Palmcredit is a Fintech company offering premium financial credits to eligible individuals. No embarrassment, long queues, or even collateral is involved.
Palmcredit is owned and operated by Newedge Finance Limited. Also, they make their financial services available to people through their mobile app, known as the “Palmcredit loan app.”
As we know, there is always a feature that stands a giant out amidst giants. Palmcredit is a giant in the digital banking sector, and one of its uniqueness is its low-interest rate.
How Palmcredit Works
Palmcredit works on different principles. First is the principle of integrity. This means that you must be a person of impeccable character before Palmcredit can offer you loans. Again, you must have a good credit score to secure a Palmcredit loan.
If you are eligible for a Palmcredit loan, download the app and follow the instructions to secure your loans. Remember, you do not have to bother yourself about collateral or guarantors. You can borrow up to N300,000 without collateral and with a low-interest rate.
Palmcredit Loan App
The Palmcredit loan app is a mobile application through which the services of Palmcredit are conveyed to the people. Yes, the magic happens in the app. Without the Palmcredit loan app, you are on a long thing if you want to obtain a loan from Palmcredit.
The Palmcredit loan app was released on June 26, 2018, with over 5,000,000 downloads and a portable download size of roughly 10 MB on the Google Play Store.
In addition, the app has gathered over 152K reviews and about 3.8-star ratings on Google Play Store.
How To Download Palmcredit Loan App
You can have the Palmcredit loan app within a few minutes if you follow the steps below;
-Open your smartphone and go to your Google Play Store.
-Type “Palmcredit loan app” on the search bar, and the app will be shown.
-Click on “Install” to download the app.
-You are good to go!
How To Be Eligible For A Palmcredit Loan.
To be able to secure a Palmcredit loan, you have to ensure that the following documents and requirements are in place:
- You must be a resident of Nigeria.
- You should not be less than 18 years or more than 60 years.
- Have a good and reliable source of income.
- Provide a valid means of identification. This could be your passport, voter card, or driving license.
- Your NIN and BVN are also needed.
- Active phone number and email address.
- Be faithful and trustworthy.
How To Apply For A Palmcredit Loan
In this article section, we will outline the steps to get a loan from Palmcredit. Meanwhile, you have to ensure that you have your complete documents and also ensure that you are qualified for the loan.
That said, these four steps will guide you;
- Download the Palmcredit loan app from Google Play Store or head to Palmcredit’s official website and follow the instructions given to download the app.
- Register on the app. You can do this by launching the app and entering the required information, such as name, phone number, and email address.
- Apply for a loan by filling out the loan application form. This can be achieved by following the given on-screen instructions.
- Your application will be approved after the management team finds you eligible. And if the reverse is the case, you will get a rejection. After a few minutes of approving your loan, Palmcredit will disburse your money immediately.
How Much Can I Borrow From Palmcredit?
Palmcredit has an accommodating credit limit. You can borrow a minimum of N10,000 and a maximum of N300,000 if found eligible.
However, at first, your credit limit may be decreased and increased if you repay your loan before or when due and if you are regularly on the app.
Palmcredit Interest Rate
Palmcredit interest rate is 4% to 4.7% per month, while the Annual Percentage Rate (APR) is between 24% to 56%.
This depends mainly on the amount of loan borrowed and the chosen repayment plan.
Palmcredit Loan Tenor
The loan duration of Palmcredit loans is flexible. However, it ranges from 91 days to 365 days.
Palmcredit Loan Repayment
You can repay your Palmcredit loan through two means. They are;
- Through the Palmcredit mobile app: You can launch your Palmcredit loan app and click “My loans.” After that, choose the amount you want to repay and pay with your card.
- Through direct transfer: Another means to repay your Palmcredit loan is through direct bank transfer. This is Palmcredit’s account details: 0772692676, Access Bank. Account Name: Transnet Financial Nig LTD – Consuming Finance.
Advantages Of Palmcredit Loan
The following benefits are associated with the Palmcredit loan;
- The repayment plan is flexible, between 91 and 365 days.
- No collateral, no paperwork, or guarantor is needed.
- Palmcredit is secure and reliable.
- There are no hidden charges, rollover charges, or transaction fees.
- Repaying loans when due or completing increase limit tasks to build your credit limit and reduce the interest rate.
Disadvantages Of Palmcredit
The disadvantages of this app are;
- You must be a Nigeria resident
- And also have a smartphone with a strong internet connection.
How To Contact Palmcredit
For more information, reach out via;
Service Hotline: 017001000 (9 am – 6 pm (Mon-Fri), Sat-9 am-5 pm).
Service Email: Palmcredit.firstname.lastname@example.org
Frequently Asked Questions
How do I borrow money from Palmcredit?
Borrowing money from Palmcredit is easy;
-Download the app
-Register on the app
-Apply for a loan
How much can I borrow from Palmcredit for the first time?
You can borrow between N10,000 and N300,000 from Palmcredit. All you need to do is to be eligible for it.
How long does it take Palmcredit to approve a loan?
It takes about 5 hours to 24 hours for Palmcredit to approve loans.
Why is Palmcredit not giving me a loan?
If your loan application is rejected, it means that you have failed the card binding stage. This means linking your active ATM card.
Palmcredit is reliable and secure. You don’t need collateral or a guarantor to obtain a Palmcredit loan. Yes, Palmcredit is worth the try. Feel free to ask your questions in the comments section.