The PalmCredit loan app is one of the quickest in Nigeria, allowing you to receive a loan in as little as 24 hours after approval and depositing the funds directly into your bank account. Yes, you heard me correctly. With PalmCredit, you will receive instant payments into the bank account you provided during registration without the need for any security. Isn’t that wonderful? I’ll briefly explain PalmCredit in this lesson, along with how you can quickly borrow money from this fantastic organization.
One of, if not the greatest lending apps in Nigeria, PalmCredit is a recently created Android application (APK) that offers quick loans without collateral to people, companies, or organizations.
Despite being a new company, PalmCredit has established a solid reputation and expanded its user base because of the adaptability of its software and lending program. You can apply for your credit limit in a matter of minutes, after which you can apply for as many rapid loans as you like without waiting for approval.
It’s a revolution in credit! Your credit score will be updated as soon as you pay back a loan with PalmCredit, enabling you to borrow up to N100,000 the next time you decide to borrow. With a stronger strategy to extend to other African nations, PalmCredit, which is owned by Transsnet Financial Ltd, now only works in Nigeria.
Loan product categories on PalmCredit
With the PalmCredit app, you may apply for an Airtime loan and an Installation loan, two distinct loan options.
You can quickly top-up or recharge your mobile line whenever you want with a PalmCredit Airtime loan. You can borrow up to N10,000 to top off or recharge your line, with a minimum of N1,000. You have 14 business days to pay back.
Loan for Installation
If approved for a PalmCredit installation loan, you may borrow up to N100,000 immediately into your bank account, which must be repaid in full within six months.
You have a terrific opportunity to earn N600 for each friend you introduce to PalmCredit as a user. Since applying for an installment loan is the major reason you are reading this page in the first place, let’s focus on that topic right now.
How to Obtain Credit at PalmCredit
You can use the PalmCredit app to request a loan in the following ways.
- Install the PalmCredit lending app by downloading it from the Play store.
If you have an account with them, login; otherwise, you can log in with your Facebook information or phone number.
- Fill out the form with your name, bank information, BVN number, birthdate, and gender.
- To continue, click “confirm my identity.”
- Choose any monetary sum up to N100,000 that is within your means.
- If accepted, you will get your money instantly deposited into your bank account within 24 hours.
Why Do I Need to Give My Bank Information and Bank Verification Number? (BVN)
PalmCredit needs your bank account information and BVN to make sure the person requesting the loan and the person who owns the bank account that was provided are the same person.
PalmCredit Interest Rate And Fees
First of all, you should be aware that the maximum PalmCredit loan amount is N2,000–N100,000. Second, loans last between three and six months. Therefore, the fees and interest on your loan range from 14% to 24%. The interest varies between 4% and 4.7% per month. the 48% to 56% annual percentage rate (APR).
For further clarification, suppose you choose to take out an N100,000 loan that must be repaid in six months. Let’s thus suppose that PalmCredit will charge you 4% monthly. 4% divided by six months equals 24% interest or N100,000 divided by two percent, or N24,000. Your total payment in six months will therefore be N124,000.
Loan Repayment Channels for PalmCredit
You can pay back your loan on PalmCredit in three ways: automatic deduction, prepayment, or bank or internet transfer.
As part of your repayment plan, PalmCredit will use this technique to automatically take your payments from the bank account you provided when you registered.
This is one way you might choose to pay back your loan before the due date.
- Internet or Bank Transfer
You can use this technique to repay your loan on the due date by sending a direct transfer using either online banking or a bank transfer.
- Factors Supporting PalmCredit
Your bank information is completely secure when using PalmCredit since it employs top-notch security and encryption technologies to safeguard your information. As soon as you gave PalmCredit your information, your privacy was completely protected from access by outside parties.
Loan PalmCredit Contact Information
Please don’t hesitate to call PalmCredit customer support at +23470072564357 if you are having trouble getting a loan or any other problems. Customer service for PalmCredit is available every day from Monday through Friday (8 am – 5 pm Nigerian time).
In Nigeria, PalmCredit Loan is an app that offers up to N100,000 in loans to people, businesses, and other entities. If you have any questions, please visit the Google Play store and read through all of the reviews left by various individuals who are using the PalmCredit loan app.