This article will provide you the procedures, requirements to apply for Palmcredit loan in Nigeria
In Nigeria, you can obtain a loan without providing any security with Palmcredit, an app owned by Newedge Finance Limited. With Palmcredit, you can quickly apply for loans without having to worry about putting up any security.
Palmcredit is distinctive for having enticingly low borrowing rates. It might be a common loan supplier in the nation as a result of this.
By installing the Palcredit app from the Google Play store, you can submit an application for a loan. The business seeks to make using a smartphone app to get short-term loans and quick cash as simple as possible.
Palmcredit Application
The magic takes place in the Palmcredit app. As was already indicated, only the Palmcredit app on the Google Playstore can be used to apply for a loan. To get a loan or any of their services, such as data bundles, purchasing airtime, bills payment, and other things, you must have an Android phone.
Palmcredit Application Installation via Google Play store
For the Palmcredit loan app to be installed on your device, you need roughly 9.5MB of storage space. Depending on how quickly your internet connects, the installation process takes less than 3 minutes.
Review of the Palmcredit Loan Application
It is safe to say that the Palm credit app has a sizable user base given that it has received over 5M+ downloads on the Google Play store.
It’s clear that the software has technical problems from the evaluations given by some of the users. The most common problem has been loan repayment and consumers being labeled as “delinquent” after having their cards denied.
How Can I Apply For A Palmcredit Loan?
Get the Palmcredit Application: The Palmcredit app can be downloaded in two different methods. Visit their official website as a first resort. You must provide your mobile number in order to get the app for this. The Google Play Store is where you may directly download the program, which is the second option.
2. Complete Your Registration: The next step is to register after your installation was successful. You will need to adhere to the on-screen instructions. Complete the KYC process by providing the platform with all the information it requires. You might also need to confirm your phone number. Your mobile phone will receive a code from Palmcredit. To finish the verification procedure, all you have to do is enter the code in the app.
3. Submit an Application for a Loan: After finishing the registration process, you can submit an application for a loan. It is as elementary as ABC.
4. Obtain consent: Once you’ve submitted your loan application, all that’s left to do is wait for loan approval. Usually, this doesn’t take too long. Just make sure you gave the right details. You will get the loan as soon as you are approved. You might choose to transfer the funds immediately away to your bank account.
Interest Rate for Palmcredit
The interest rate on a Palmcredit loan ranges from 14% to 24%, with equivalent monthly interest of 4%–4.7% and an annual percentage rate (APR) of 48%–56%. The length of the loan ranges from 14 to 180 days.
From Palmcredit, you can borrow up to N100,000. Also keep in mind that you can change the maximum amount whenever you want!
Loan Repayment for Palmcredit
Repaying a Palmcredit loan is as easy as applying for one. The steps of repaying a loan through Palmcredit are as follows:
- Enter your Palmcredit login information and select “my loans.”
- Choose how much you wish to pay back.
- You can pay with a credit or debit card.
- Enter your card information, then pay
Note: You can pay to their account number if you are unable to do so through the app. Before you send a direct payment to their account, make sure you speak with their customer service.
You can deposit money into the Palmcredit account with;
Bank; Access Bank
Account number: 0772692676.
Account Name: Transsnet Financial Nig LTD – Consuming Finance.
You must submit proof of your payment to the email address repayment.ng.pc@transsnet.com after making your payback by bank transfer.
Palmcredit Contact Information
A customer care hotline for Palmcredit is staffed Monday through Friday from 8:00 am to 5:30 pm Nigerian time. You can contact them at 0700 7256 4357, the Palmcredit contact number, with any inquiries or grievances.
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Is Palmcredit Legitimate?
The CBN has authorized Palmcredit. The CBN has granted the parent company, Newedge Finance Limited, a complete license to conduct business in Nigeria as a finance company. This indicates that they operate under strict regulation. So, yes. The CBN has approved Palmcredit, and it is legitimate.
Frequently Asked Questions
Is Palmcredit Scam or Legit?
The Central Bank of Nigeria (CBN) has granted Palmcredit a license, therefore it is a legitimate platform. Palmcredit, which has more than 5m+ installation on playstore, has established itself as one of the greatest systems for sending money, paying bills, earning money, and even obtaining loans with low interest rates.
Can I get free money from Palmcredit?
Palmpay does not offer free money, nevertheless. However, you can make good money by encouraging other people to download and use the app. You do refer and be paid N600.
What Is the USSD Code for Palmcredit?
There isn’t a USSD code available for Palmcredit right now to make transfers or airtime purchases. However, you can send money to Palmcredit from other banks.
Conclusion
Despite having rather expensive interest rates, they have a quick and dependable application process. Additionally, various payment alternatives are available to make loan repayments more convenient. Overall, Palmcredit is a loan marketplace that is worthwhile to use.
You can also read our previous post;
Running out of cash? Procedures to apply for Palmpay loan in Nigeria
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