Palmcredit Loan: Is it Real? A Guide in 2021

palmcredit loan

Palmcredit Loan is a Newedge Finance Limited online platform for obtaining a loan without collateral in Nigeria.

Moreover, with Palmcredit, without worrying about collateral, you may get lending within minutes.

Furthermore, Palmcredit’s appealing cheap interest rate is a unique item. However, maybe that makes it a famous nation loan provider.

You may request a loan through the Google play store by installing the Palcredit app. With its smartphone app, the firm is committed to rapid cash and short-term lending.

Moreover, it is a trendy platform in Nigeria. Every year, they continuously lent loans without collateral to Nigerians. However, it would help if you played by the regulations, like every lending provider.

Therefore, this lending platform would probably be helpful if you adhere to its terms and restrictions.

In 5 minutes, you have constantly expressed your strategy to provide loans.

Palmcredit App:

palmcredit

This magic occurs using the Palmcredit app. As noted before, a Palmcredit loan may only be obtained on Google Playstore using their app.

To access credit or any of its services such as airtimes purchases, data bundles, and so forth, you need an android phone.

Whether or not we like it, we need time and money to save us from any calamity.

The Palm credit app is one of Nigeria’s best multi-use mobile loan applications.

It can be personal or small-scale loans that nearly all people obtain, ranging from contractors, students, wage workers, etc.

The loans that the palm credit application makes are termed unsecured loans, as the loan is granted systemically and not by collateral but by examining its creditworthiness and history.

So, it implies that you cannot place collateral on your platform before you can earn any credits.

In this post, we will read all you need to know about financing Palm credit loans and how to get loans via the platform.

Plamcredit Loan Requirement:

To get a loan, you maybe be required to provide the following:

  1. Bank Verification Number (BVN).
  2. Full name.
  3. Primary telephone number.
  4. Bank account information.
  5. Occupation information.

Generally, the requirements are not much. They are just basic information.

Palmcredit Loan App Download:

Palmcredit Loan App Download

To install this app on the smartphone, the Palmcredit loan app takes around 8 MB of storage. Depending on how fast the connection is, the installation takes less than 5 minutes.

The Palm Credit App Review:

The Palm credit app has a significant user base with over 70k downloads on the Google Play store.

There are technical difficulties with the application from the evaluations posted by specific users.

The most common problem was repaying credit and consumers being branded “delinquent” following the rejection of cards.

Palmcredit’s appealing cheap interest rate is a unique item. Maybe that makes it a famous nation loan provider.

You may request a loan through the Google play store by installing the Palcredit app. With its smartphone app, the firm is committed to rapid cash and short-term lending.

However, Palmcredit Loan is a top-rated platform in Nigeria. Every year, they continuously lent loans without collateral to Nigerians. But it would help if you played by the regulations, like every lending provider.

This lending platform would probably be helpful if you adhere to its terms and restrictions. In 5 minutes, you have constantly expressed your strategy to provide loans.

How Do You Work With Palmcredit?

The Palm app in Nigeria now only provides two types of loans:

Credit for Palm is a loan that enables consumers to borrow airtimes up to N10,000 value in 2 weeks.

Credit for Palm Installment Loan for which clients may borrow between N2000 to N100000.

All these loans may be purchased easily using your Android smartphone. However, you must fulfill the conditions specified by the platform before you may apply for loans using the palm credit app.

If these conditions are not met, a Palm Credit loan application would be unsuccessful.

How to Apply?

How to Apply

  1. Download Palmcredit App:

Download the app available on the google play store. Firstly, visit its official website. To obtain the app, you have to provide your cellphone number. Finally, you may download the software directly from the Play Store on Google.

  1. Registration:

The next thing is to register after the successful installation. You will have to follow on-screen instructions.

Provide all the information required for the platform. You may also need to check your telephone number.

A code is sent to your cell phone via Palmcredit. All you have to do to finish the verification procedure is enter the code in the app.

  1. Apply for a loan:

You may then request a loan when your registration has been finished. You can apply for a loan after you have finished registering. It is easy to do that. You’ll see the app where you may click.

  1. Get Approved:

You only need to wait for the loan to be approved once you apply for the loan. It doesn’t often take much time. Make sure that the correct information has been given.

You will receive the loan after you receive your approval. You can choose to send your money immediately to your bank account.

The information you need is also available on obtaining a Branch loan, carbon loan, Sokoloan, Specta Loan, Renmoney Loan & Financial loan.

How Much Loan Can You Get?

Loan

You can get up to ₦100,000 instant loans from Palmcredit. Kindly note the maximum amount can be adjusted at any time.

Depending on your credit score and history, the money you may loan using the Palm credit app varies. The bigger the loan value, the better.

Palmcredit Interest Rate:

Palmcredit interest rates are from 14% to 24%, Equivalent Monthly interest rate 4%~47%, Palmcredit Loan annual percentage rate (APR) is 48%~56%. Moreover, the duration of the loan is from 14 to 180 days.

You can borrow Palmcredit up to €100,000. Note too that the maximum amount can be adjusted at any moment.

Palmcredit Loan Repayment:

Palmcredit Loan Repayment

The repayment of the Palmcredit loan is so simple as the loan. So the following procedures are taken to reimburse Palmcredit loan:

Firstly, click on “My Loans” to log in to the Palmcredit app.

Choose the amount you wish to reimburse. Then, with your card, you may make the payment.

Finally, enter your card details and make a payment. It is relatively straightforward to reimburse the loan. All you need to do is log in to the app.

Then, click on ‘my loans.’ You can decide how many reimbursements you would want. There you may pay with your card on the app.

However, you may get a refund on your bank account number if you cannot repay your loan via the app for whatever reason.

Please note that you should contact their customer care before placing it into the account or after payment to the report.

Side note: you may pay on your account number if you can’t make a payment on the app. Before you make direct payments to your account, ensure that you talk to your customer service.

Payment is to be made in the Access Bank number of Palmcredit – 0772692676. Name of account: Transnet Financial Nig LTD – Finance for consumption.

You will have to provide evidence of payment to e-mail: repayment.ng.pc@transsnet.com once you make your return by bank transfer.

Palmcredit Customer Care Contact:

A customer support hotline is available from 8:00 a.m. – 5:30 p.m. Nigerian time is open from Monday to Friday.

For inquiries and concerns, you may reach them by contacting Palmcredit number – 0700 7256 4357.

Also Read: Twigby Review: 6 Things to Know Before You Sign Up

Is Palmcredit Real?

Is Palmcredit Real

Does the CBN approve Palmcredit? CBN is legally licensed to function as a financial firm as part of the Nigerian parent business – Newedge Finance Limited. In other words, their operations are appropriately regulated.

Well, yeah. Moreover, the CBN approves Palmcredit Loan and is accurate. According to their information on their website, palm loans are a member of a group of companies, which is also a subsidiary of Transsion Holdings.

Other subsidiaries of the company include Palmpay and Palmsave.

So, Transsion Holdings is the parent company responsible for manufacturing telephone brands such as TECNO Mobile, Infinix Mobility, and Itel Mobile.

It’s simple to get loans from N15,000 – N100,000 with the Palm credit app. However, their loans have age limits for those aged 18 and older.

Our Verdict on Palmcredit Loan:

Although their interest rates may be rather expensive, the application process is quick and dependable.

In addition, numerous payment alternatives are available to facilitate repayments of your loans.

Altogether, Palmcredit is an excellent loan platform. One of the most significant fintech businesses to receive loans from without problem is the Palm Credit app.

Moreover, it is seen in the number of downloads and reviews available at the Google Play Store, where over 150,000 users download the app.

Now you know the application and the reimbursement of your Palm credit loan.

Would you please share your views and the usefulness of this information with us about this article?

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