Do you need a quick loan to take care of some financial need?
Sometimes we may be faced with an urgent unexpected financial emergency and need a quick loan to cover urgent bills. In such a situation, traditional bank loan might not be so convenient.
Instead of going to a bank to apply for a loan, with all the paperworks involved, it may be more convenient to apply for a short term quick personal loan online. This is a service that palmcredit offers.
palmcredit is an online money lender that gives quick personal loan of up to N100,000. Borrowers seeking larger loan will have to check other lenders that surpasses this limit.
Palmcredit is a quick loan app where borrowers can get a loan of up to N100,000 without the requirements of a collateral.
They are an online lending platform owned by Newedge Finance Limited, a fintech company that is licensed and approved by the Central Bank of Nigeria (CBN) with location in lagos, Nigeria.
With palmcredit, borrowers can get a simple and fast loan within minutes through their mobile app.
The mobile app also allows you perform other transactions like buying of airtime, data bundle etc.
Requirements For a Loan
Borrowers must meet certain conditions before they are eligible for a loan from palmcredit, These includes the following
- You must be 18 years and above
- You must have a bank account
- You must have a BVN number
- You must apply through the Palmcredit mobile app.
By now you may be wondering how much you can actually get from palmcredit loan app. The loan range for palmcredit is between N2,000 – N100,000. A hundred thousand naira being the maximum you can borrow and two thousand naira being the minimum.
As you can see, the maximum amount you can borrow is just one hundred thousand naira. So if you are looking for loan app that offer larger loans, you can Check out our article on the top 10 best loan apps in Nigeria.
How To Apply For A Loan On Palmcredit
To apply for a palmcredit loan:
Download the Palmcredit mobile app.
The Palmcredit mobile app can be downloaded from the play store. it is light weight and has a file size less than 15mb.
Sign Up Or Register
After downloading the Palmcredit mobile app on your device, the next step is to sign up on the app by providing all necessary details on the registration form.
During registration, you might need to verify your phone number by entering an OTP that would be sent to your phone.
If you are already a registered users then you can just login.
Apply for a loan
Here you will state how much you want to borrow, which should range from N2,000 – 100,000. The loan interest rate and due date will also be shown to you while you apply
Wait For Approval
From the information you have provided during sign up. Palmcredit will determine if you are eligible for its loan. if you meet its requirements, your loan request will be approved and you can send the said amount directly into your bank account.
Loan approval usually takes less than 15 mins.
Interest rate And Loan Duration
If you are applying for a loan, one of the things you’d want to know is the loan interest rate. So what is the interest rate for a palmcredit loan?
The loan interest rate is 14% to 24%, Equivalent monthly interest 4% ~ 4.7%, Annual percentage Rate (APR) is 48% ~ 56%.
For example, if you borrow N100,000 with a loan duration of 6 months, you will be charged at an interest rate of 4% per month. Which is equivalent to 24%. At the end of six months, you will be required to repay N124,000.
The loan duration ranges from 91 days to 180 days.
Paying back your palmcredit loan is pretty easy. you can either pay with your card through the app or pay offline directly to their bank account.
To pay with your card,
- sign into the Palmcredit mobile app and click on “my loan”.
- Select the amount you want to pay for and enter your card details.
- Make payment
A common issues I noticed with palmcredit loan app while reading the review by other users on the play store is on loan repayment. The majority of users usually complain of not being able to pay back their loan even after several attempts. Because of this the loan interest rate keeps pilling up.
In such a situation, what you want to do is to contact palmcredit customer care for assistance.
Palmcredit also have an offline payment method with direct deposit to their bank account.
Be sure to first contact palmcredit customer care for their account details before using the offline payment method.
Palmcredit Customer Care
Would you like to contact palmcredit?
palmcredit customer care are available on Facebook https://www.facebook.com/palmcredit/
you can also contact them via
or on their service Hotline 017001000 (8am – 5pm, Mon-Fri)
They also have a physical address that you can visit. Their office is located at Ogunnusi road besides county hospital, Ogba, Lagos, Nigeria.
Palmcredit USSD Code
Most instant loan providers now provide a ussd code for quick access to their loan service. but as at the time of writing, palmcredit do not have a USSD code service for their loan. If you want to apply for a palmcredit loan then you will need to apply from the mobile app.