Palmcredit Instant Loan Online – Everything You Need To Know

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Palmcredit Instant Loan Online - Everything You Need To Know

Palmcredit Instant Loan Online.

Palmcredit loan is one loan that reliable and legit. It can be gotten without standing in long queues or providing a guarantor. We understand that emergencies like hospital bills can be pressing, however, we assure you that Palmcredit is worth the try. 

In this article, you will learn everything about this platform, we encourage you to read this article carefully. 

Overview Of Palmcredit 

Palmcredit is a Nigerian Fintech company that offers excellent financial aid to qualified individuals. No embarrassment, long queues, or property  documents are needed. 

Palmcredit is owned and managed by Newedge Finance Limited. Also, you can access their financial services available to their customers through their mobile app, known as the “Palmcredit loan app.”

Generally, there is always a feature that makes a giant unique amidst giants. Palmcredit is a well-known giant in digital lending, and one of its special  features is its flexibility. 

How Does Palmcredit Work? 

Palmcredit works on different principles. This means that you must be a person of good character before Palmcredit can provide you with loans. Again, having a good credit score is a good criterion to secure a Palmcredit loan. 

Once your eligibility status is checked, proceed to download the app and follow the screen guides  to secure your loans. Recall that collateral or guarantors are not necessary for obtaining Palmcredit. You can get up to N300,000 with a low-interest rate and a flexible repayment term. 

Palmcredit Loan App 

The Palmcredit loan app is where the magic happens. This mobile application allows Palmcredit to convey its services to the users. Without the Palmcredit loan app, you won’t be able to access Palmcredit services. 

The Palmcredit loan app was released on June 26, 2018, with over 5,000,000 downloads and a download size of 10 MB on the Google Play Store. 

Furthermore, the app has gathered over 152K reviews and about 3.8-star ratings on Google Play Store. 

How To Download Palmcredit Loan App 

To download the Palmcredit follow the steps below; 

  • Launch your app and go to your Google Play Store.
  • Type “Palmcredit app” on the search bar.
  • Proceed to click on “Install” to download the app.
  • Your app is downloaded!

How To Be Eligible For A Palmcredit Loan

To be able to secure a Palmcredit loan, the following documents and requirements are needed; 

  • You must be a resident of Nigeria. This means that you must live in Nigeria as at the time of making your application. 
  • You should be at least 18 years and not more than 60 years. 
  • Have a legit and reliable source of income. 
  • Provide a valid means of identification (Government-issued).This could be your passport, voter card, or driving license. 
  • Your National Identity Number and Bank Verification Number are very important. 
  • Provide your registered and active phone number. Your email address will also be used . 
  • Remain faithful to the terms and conditions of Palmcredit. 

How To Apply For A Palmcredit Loan 

Follow the  steps below to apply for a Palmcredit loan; 

  1. Download the Palmcredit loan app: you can download the Palmcredit loan app from Google Play Store or you can go to the company’s website and follow the instructions given to download the app. 
  2. Registering on the app: You can do this by launching the app and entering the required information, such as name, phone number, and email address. 
  3. Apply for a loan: To apply for a loan, fill out the loan application form provided by following the given on-screen instructions. 
  4. Get Paid: Your application will be approved after the management team finds you eligible. And you are not qualified, your application will be rejected. Within an hour of approving your loan, Palmcredit will disburse your money immediately to your bank account. 

How Much Can I Borrow From Palmcredit? 

Palmcredit has a credit limit that can see to you needs with ease. You can borrow between N10,000 and N300,000 if found eligible without paperwork or a guarantor. 

As a first-timer, your credit limit won’t be up to the minimum and maximum amount. However, it will be increased if you visit the app regularly and faithful to the terms and conditions. 

What Is Palmcredit Interest Rate? 

Palmcredit interest rate relatively low. It is between 4% and 4.7% per month, while the Annual Percentage Rate (APR) ranges from 24% 56%.

It is worthy to note that, your interest rate lies mainly on the amount of loan borrowed and your chosen repayment term. 

What Is Palmcredit Loan Tenor? 

The loan duration of Palmcredit loans is flexible. This means that you can conveniently choose when to repay your main within the stipulated loan term which ranges from 91 days to 365 days. 

How To Repay Your Palmcredit Loan 

Repaying your loan should be your priority once your loan is approved. You can repay your Palmcredit loan through two ways, they are; 

  1. Through the Palmcredit mobile loan app: Launch your Palmcredit loan app and click “My loans” and choose the amount you want to repay and your preferred card (debit or credit).
  2. Through direct transfer: You can also repay your Palmcredit loan by making a direct bank transfer, below is Palmcredit account details 0772692676, Access Bank. Account Name: Transnet Financial Nig LTD – Consuming Finance.

What Are The Procs Of Palmcredit Loan? 

The advantages below are associated with the Palmcredit loan;

1.The repayment plan is flexible, between 91 and 365 days.

2. There is no collateral, or paperwork needed. Also, a guarantor is not also needed.

3 .The loan is reliable and well secured. 

4. There are no hidden or registration charges, rollover charges, or transaction fees.

What Are The Cons Of Palmcredit Loan? 

The cons of Palmcredit loan app are; 

1.You must be living in Nigeria

2. And a smartphone with a strong internet connection is compulsory. 

How To Contact Palmcredit 

For more information, reach out via; 

Service Hotline: 017001000 (9 am – 6 pm (Mon-Fri), Sat-9 am-5 pm).

• Service Email: Palmcredit.support@newedgefinance.com 

Frequently Asked Questions 

How do I borrow money from Palmcredit? 

Borrowing money from Palmcredit is easy; 

  1. Download the app from Google Play Store with at least 10 MB.
  2. Register on the app with your basic details.
  3. Apply for a loan on the app by filling the loan application form.
  4. Get paid upon the approval of your loan.

How much can I borrow from Palmcredit for the first time? 

You can borrow a minimum of N10,000 and a maximum of N300,000 from Palmcredit. Most importantly, ensure that you are qualified for it. 

How long does it take Palmcredit to approve a loan? 

After submitting your loan application, it takes between 5 hours and 24 hours for Palmcredit to approve loan applications. 

Why is Palmcredit not giving me a loan? 

If your loan application is not approving your loan application, it means that you have probably failed the card binding stage– linking your active ATM card. 

Conclusion 

Palmcredit is a digital lending platform that is worth the try for your personal loans. Collateral or much paperwork is not required to obtain a Palmcredit loan.  

We are confident that this article was helpful to you. Feel free to share your thoughts and ask your questions in the comments section.