Are considering on How to Apply for Palmcredit Loan? There was a season I had some financial issues, Primecredit became the game-changer in that situation. Palmcredit is a loan app in Nigeria operated by Newedge Finance Limited that allows borrowers to borrow money without pledging any assets as collateral. Loans are available in a matter of minutes with no collateral required with Palmcredit.
Palmcredit is unlike any other lender because of its exceptionally low interest rates. This may account for its success as a lending institution in the country.
The Palmcredit app, available in the Google Play Store, facilitates the loan application process. The company’s app is designed to streamline the process of borrowing small amounts of money quickly.
Palmcredit Mobile App
The secret lies within the Palmcredit app. Palmcredit loans may only be obtained through their app found on the Google Playstore, as previously noted. To use their services, such as getting a loan or purchasing airtime, data bundles, and so on, you’ll need an Android phone.
Download details: The Palmcredit loan app needs roughly 8MB of space on your device to run properly. Depending on how fast your connection is, the setup should take less than 5 minutes.
Palmcredit Mobile App Review
There are obviously a lot of people that use the Palmcredit app, as it has over 70,000 downloads in the Google Play store.
It is clear that there are technical problems with the software, as seen by the feedback provided by certain users. The most common problem involves customers whose credit card payments are denied and who are then labelled as “delinquent.”
Palmcredit Loan Requirements
In order to qualify for a loan from Palmcredit, prospective borrowers must satisfy the following requirements:
- A minimum of 18 years of age.
- A valid bank account is required.
- A valid BVN is required.
- The Palmcredit mobile app is required for the application process.
How to Apply for Palmcredit Loan
Step 1. Download the app
The Palmcredit app can be downloaded in two different methods. The first thing you can do is check out their website. You’ll need to provide your phone number in order to download the app. Second, you can get it from the Google Play Store by downloading it directly.
Step 2. Complete Registration
The next step, after a successful installation, is to complete registration. Follow the on-screen prompts exactly as they appear.
Complete the Know Your Customer (KYC) process by providing the requested information to the platform. It’s also possible that your phone number will need to be confirmed.
A verification code will be sent to your phone via Palmcredit. To finish the verification process, simply enter the code into the app.
Step 3. Submit Your Loan Application
After signing up, you’ll be able to apply for a loan. It’s as easy as ABC.
Step 4. Obtain sanctioning
You need to do nothing further to move forward with the loan application process. This often does not require a lot of time. Make sure you’ve entered everything correctly.
The loan will be disbursed after you give your final permission. The funds can be transferred instantly if you so choose.
Palmcredit USSD Code
These days, it’s hard to find an instant lender that doesn’t offer a USSD code for speedy access to their lending service. However, Palmcredit does not provide a USSD code service for their loan as of this writing. Applying for a palmcredit loan can only be done through the app.
Interest Rate on Palmcredit
The interest rate on a Palmcredit loan ranges from 14% to 24%, with the equivalent monthly interest rate falling between 4% and 4.7% and the APR falling between 48% and 56%. 14 days to 180 days is the loan term.
Palmcredit will lend you up to N100,000. Keep in mind that the maximum amount is flexible and can be changed at any time.
How to Apply for a Union Bank Loan
Repayment Procedure on Palmcredit
Loan repayment with Palmcredit is as easy as loan acquisition. Here are the measures you need to take to repay your loan from Palmcredit:
- Palmcredit’s “my loans” tab can be accessed after logging in.
- Pick the repayment amount you wish to make. Your credit card will be accepted for payment.
- Enter your credit card information and make a purchase.
- Aside from the app itself, you can also pay them by sending money to their account number. Before making an immediate payment, please contact customer service.
Palmcredit accepts deposits with Access Bank, account number 0772692676. Transsnet Financial Nig LTD, Consumer Finance Account.
If you choose to make your repayment by bank transfer, please remember to forward confirmation of your payment to repayment.ng.pc@transsnet.com.
Customer Support on Palmcredit
Palmcredit’s toll-free customer support number is answered from 8:00 a.m. to 5:30 p.m. (Nigerian time) Monday through Friday. Palmcredit’s customer service number is 0700 7256 4357, so you can call them with any inquiries or grievances you may have.
Can Palmcredit be Trusted – Is It Legit?
Yes, Newedge Finance Limited, the parent firm, holds a valid banking licence from the Central Bank of Nigeria. This ensures that their business practices are strictly controlled. So, yes. The CBN has officially recognised Palmcredit as legitimate.
Final Thoughts
Their interest rates may be higher than average, but they provide a streamlined application process that you can count on.
Loan repayments can be made at your own pace, and many payment plans are available. Overall, Palmcredit is a good option for a loan service.
#How to Apply for Palmcredit Loan
