You cannot talk about any app in Nigeria that lends out money without collateral and not mention the Palmcredit Loan App, because they are one of the best loan apps in Nigeria.
However, do not click off now and go borrow from the app now because we said they are one of the best, you need to know everything about them, their pros and cons, what borrowers are saying about them, and a whole lot of stuff before you can finally decide if it is worth borrowing from or not.
So if you are looking to borrow from the Palmcredit Loan App but want to be sure it is not a scam and other things, then read this Palmcredit Loan App review till the end.
About the Palmcredit Loan App
The Palmcredit Laon app is an app developed by Newedge Finance Limited to help people who are in need of money borrow without having to worry about going through the stress of the bank or using collateral.
Palmcredit loan app has about 5 million plus active installations from the Google Play store and about 175,000 average of 4.2-star ratings from its users making it one of the best loan apps in Nigeria.
The app has been existing and in the business of lending out money for more than three years now which is another proof of how legitimate the platform is.
Just like every other loan app, the Palmcredit Laon app also charges an interest rate for every money borrowed, however, unlike other loan apps, the Palmcredit Laon app’s interest rate is relatively low and the company is not the type that goes about shaming customers by sending defamatory messages to contacts.
All you have to do is download the app and apply for a loan, if you are eligible, you will get credited immediately.
Below, you will find a step-by-step guide on how to download the app, borrow money, repay back your loan, and every other thing you need to know, so continue reading.
How to Apply for Palmcredit Quick Loan
The application process for Palmcredit quick loan is very simple because it is just a three steps process which we have explained below.
Remember that they don’t require any documents or collateral for your loan to be processed and they have a 90 percent acceptance rate which means you have a high chance of getting the loan.
The three steps to getting a loan from Palmcredit are
- Download the app from the Google Play store
- Create an account and fill in your details accurately.
- Apply for the loan
Palmcredit will go through your credit profit to see if you qualify for the loan and you will be credited, Note; Palmcredit will decide how much they can lend you based on your credit profile for the first time.
Steps to Palmcredit Loan App Download
If you have the google play store on your Android device, then you can easily download the Palmcredit loan app from Playstore. To download the Palmcredit loan app, follow the steps below
- Open your Google play store app on your Android device.
- Search for Palmcredit and click on it.
- Click the download button and wait for it to finish downloading.
Congratulations, you have successfully downloaded the Palmcredit app to your mobile device, you can start your loan application process. Alternatively, you can use to link to go directly to the download page and download the Plamcredit app.
Palmcredit Loan Requirements
We mentioned that you do not need any documents or collateral to get a loan from Palmcredit, however, they are some requirements needed for you to get the loan, and below are the requirements needed to get a loan from Palmcredit.
- A Palmcredit account
- A functional Android smartphone, not an iOS or Windows device.
- A valid BVN
- Valid bank details
- Valid Mobile Number
- And 2 guarantor’s phone numbers
If you have and meet all the requirements, then you can be sure that you have a 90% chance of getting the loan with Palmcredit.
Is My BVN Safe with Palmcredit?
Most people get scared anytime their BVN is required for any reason online because they believe that they can get scammed with that.
However, we can’t totally say how true this is but we can tell that with Palmcredit, your BVN is totally safe and the only time your BVN can be used against you is if you refuse to pay back your loan for a very long time after your loan tenure then it could be submitted to the CNB for blacklisting and for other activities to be taken against.
With that being said, you can now believe that your BVN is safe with Palmcredit and cannot be used to withdraw money from your account.
Palmcredit Loan Repayment Options
After borrowing from Palmcredit, the next thing you need to know is how to repay your loan with Palmcredit which is what we will be explaining step by step below.
Before I go into explaining how you can repay your loan with Palmcredit, I want to also add that repaying your loan on time will increase the amount you can borrow the next time you apply.
Here are some of the ways you can pay back your loan with Palmcredit.
- Pay directly with your ATM card on the app.
- Pay with a bank transfer to the account number generated on the platform.
- Login to your Palmcredit app
- Locate the MY LOANS tab and click on it
- Select your payment method, bank transfer, or ATM card.
- Make your payment.
Palmcredit Interest Rates
On Palmcredit, the interest rate is not as exorbitant as it is on certain loan applications. The range of their interest rates is 14% to 24%. The best thing is that a Palmcredit loan can be taken out for a period of 14 to 180 days.
You’ll be eligible for discount coupons and larger loan amounts when you repay the loan. You won’t be able to borrow loans right away as a new user of the Palmcredit app for 180 days.
Depending on how frequently you pay back what you owe, the period of days will gradually lengthen.
Palmcredit Loan App Pros And Cons
- No documentation and Collateral is required to get a loan
- You’ll get your loan approved and delivered into your account in seconds.
- You will receive a discount bonus and coupons that will occasionally lower the amount you must repay.
- The short repayment duration of less than a month
- The maximum amount you can get from PAlmcredit is N100,000
Loan defaulters on Palmcredit would be prohibited from applying for a loan the following time they needed one. If you don’t pay back your loan on time, the lender has the right to take all actions necessary to get their money back.
In order to prevent being a defaulter who won’t be given a loan opportunity the next time you need one quickly, try to pay back your loan as soon as you can when you borrow from Palmcredit.
Palmcredit Customer Care Number and Office Address
In Nigeria, Palmcredit’s Customer care numbers are 0700-PALMHELP (0700 7256 4357) Monday – Friday 8 am-5:30 pm.
Is Palmcredit Loan Legit or Scam?
Palmcredit is definitely not a scam as they have over 5m+ downloads and positive reviews on the play store. They do not do anything with your personal information such as your BVN and other bank stuff.
If you are looking for an app to borrow money and don’t get scammed in the process or get shammed to your contacts like other loan sharks, then you should consider using the Palmcredit Loan app.
Palmcredit USSD Code to apply for a loan
You cannot use any USSD code to apply for a loan with Palmcredit because everything about Palmcredit is done with their mobile app. So to borrow money from Palmcredit, download the app and follow the steps in this article as we earlier discussed.
How much interest does Palmcredit charge?
The Palmcredit Loan app has a relatively high-interest rate compared to other loan apps, with Palmcredit, you get to pay an interest rate of about 14% to 24%. While this is fair to many, there are some other loan apps that charge less than a 14% interest rate at the end of your loan tenure.
Why is Palmcredit not giving me Loan?
If you have tried to get a loan from Palmcredit and failed, it means that you have not qualified. this is mostly because you have a bad loan repayment record or your credit profit is not good enough to get a loan yet. You can always try again after some time.
Is there a Palmcredit loan app for iPhone?
At the time of writing this article, the PAlmcredit Loan app is not available for iOS / iPhone users. However, the company is working on making it available soon as promised in their publications.
Apple privacy has not allowed many Nigerian loan apps to publish their apps there. These loan apps usually require that the user gives them permission to access contacts, messages, and calls. This way, anytime you default to repay your loan, they have the right to start harassing your contacts.
Does Palmcredit require BVN?
Yes, Plamcredit requires your BVN during the registration and verification process, however, you have nothing to worry about because your BVN is safe with Palmcredit.
Palmcredit Loan App Reviews from Real Users
Here are some of our featured reviews from Google Playstore as left by their respective users.
Babajide Taiwo who left a review in October 2020 said that the app requires a few more updates from the developers to give its users a smooth experience.
Its quite good but the app still needs some serious upgrades. I have been trying to log in since 7 days. Its always bouncing back once it gets to the point of verification code. Each time I enter what was sent to me, it will say “abnormal network”, next thing will be “code is expired”. I have done this over and over again but the same result. I guess its a technical fault that hasn’t been looked into for over a week
He rated the app with a 3 star and assumed it to be a technical fault which is probably right.
In November 17, 2021, Henry Isichei said that the Palmcredit loan app remains his best loan app in Nigeria and testified he’s been using it to get quick and emmergency loans from the company for the past 3 years. Here’s what he said.
Palmcredit remains my best loan app for close to three years. Though I paid back and reapplied only to be denied access for the first time. I have never defaulted, my bank transactions are alright and my records with credit bureau are excellent. Probably the company is having some challenges, but I still give the app 5 stars for having been there for me all this while. Kudos to the team!
So with all these being said, we can tell that Palmcredit loan app is truly legit and safe for you to collect a loan without being dragged into the mud as the loan sharks would do.