Palmcredit, owned by Newedge Finance Limited, is a loan app (application) in Nigeria. With Palmcredit, you can get loans without collateral.
You can also have access to loans within minutes without providing any collateral or going through paperwork.
This lending platform has a unique trait that perhaps makes it a well-known loan provider in the country. This unique trait it has is its attractively low interest rate.
In order to have access to Palmcredit and its benefits, you should download the Palmcredit loan app from Google Play Store. The aim of this loan app is to allow the access to quick cash and short-term loans to be as easy as possible, and so from your smartphone and in the comfort of your home you can have access to loans.
The Palmcredit App
The lending platform requires around 8 Mega Byte (MB) of storage in order to have it installed in your smart device, this installation can be done in less than five (5) minutes depending on how fast your internet is.
As mentioned before, you can only have access to the Palmcredit loans through their app and this app can be gotten on Google Play Store. The platform offers other services besides giving loans. Services such as; buying airtime, paying bills, buying data bundles, and more. So the use of a smart device is advised.
Review Of The Palmcredit App
With its download range at over 70k, we can safely say that the lending platform has a user base that is quite large. Based on the reviews of some users, it is apparent that there are some technical issues that customers struggle with on the app. The most dominant issue has been with repaying the loans and users become tagged as “delinquent” after their cards decline.
How Can I Get A Loan From Palmcredit?
1. Download The Palmcredit App
You can download the Palmcredit app in two ways. First, you have to visit their official website, when you do, you will be required to input your mobile number so you can get the app. Second, you can simply download the app directly from Google Play Store.
2. Complete Your Registration
After you have successfully installed the app, the next step to take is registration. You will have on-screen instructions that will guide you while you register. You will have to provide all the necessary information that the platform requires for you to complete the Know Your Customer (KYC) process.
Additionally, verifying your phone number may be required. This process is easy; a code will be sent to your mobile phone by Plamcredit, you are required to input this code in the app where necessary and complete your verification process.
3. Apply for Your Loan
Now that you have completed your registration process, you can apply for a loan. It is that simple.
4. Get approval
After applying for your loan, you should now wait to get approval for the loan. This approval does not usually take very long. Just make certain that you put in the correct details. Once you have gotten your approval, then you will receive the loan and send it to your bank account right away.
Palmcredit Interest Rate
The Palmcredit loan app’s interest rate is within 14 to 24 percent, its Equivalent Monthly Interest (EMI) is within 4 to 4.7 percent, and the Annual Percentage Rate (APR) on a Palmcredit loan is 48 to 56 percent.
The loan term is within 14 to 180 days.
On Palmcredit, you can borrow up to ₦100,000. Note that you can also adjust the maximum amount to suit you at any time!
Palmcredit Loan Repayment
The process of Palmcredit loan repayment is as simple as getting the loan itself. You can read the following steps to understand how to repay Palmcredit loan:
- With your smart device, log into the Palmcredit app and click on ‘my loans’.
- Choose the amount you want to repay. You can make your payment with your card.
- Input your card details and make payment.
PS: If you are not able to use the app for payment, you can pay directly to their account; the account number will be on the platform. However, you should make sure that you speak to their customer care before you make any payment to their account so that confirm the account details or get information.
After making payment through bank transfer, it is required of you to send proof of payment.
You can send this to their email address; repayment.ng.pc@transsnet.com.
Palmcredit Customer Care Contact
Palmcredit has a customer service hotline that is available through out the weekdays (Mondays to Fridays) from 8:00 am to 5:30 pm (Nigerian time).
- You can reach the customer service via the Palmcredit contact number – 0700 7256 4357 if you have questions and/or complaints.
With this information, you can now compare interest rates from different lenders with our loan simulator and get the best deal. In order to make an informed loan decision you should compare different loan offers before making a commitment to any.
At a glance, you can use our loan simulator to see various loan offers coming from different lenders in less than five minutes so that you can quickly make the right decision when it comes to your finanacing. Try it today and see for yourself.
Is Palmcredit Real?
You may wonder, is Palmcredit approved by the CBN? Palmcredit’s parent company – Newedge Finance Limited – is fully licensed by the CBN to operate as a finance company in the country.Which means that their operations are fully regulated. So, yes, Palmcredit is approved by the CBN and is very real.
Conclusion
Although Palmcredit’s interest rates may relatively be on the high side, they have a fast and reliable application process. Moreso, they have made flexible payment options available to make your loan repayments much more convenient. In all, Palmcredit is a lending platform that is worth a try