Are you looking for how to get palmcredit loan? palmcredit loan works for people that are above18 years who also reside and work in Nigeria.
Palmcredit offers flexible loan products with Loans Duration Ranging Between 91days to 180days
In this article, you will learn how to get a palmcredit loan in less than 20 minutes without wasting time provided you meet all their requirements.
what is palmcredit loan all about?
palmcredit loan is a Nigerian lending platform that allows you as an individual to borrow money using your Android phone with No collateral, documentation, or paperwork needed before your loan will be approved.
palmcredit loan can be accessed through the app that is downloaded from the google play store.
is palmcredit loan real?
palmcredit loan is not a scam. palmcredit loan is an approved and licensed platform, and their operation is regulated and approved by the Central Bank Of Nigeria (CBN) to carry out loan business in Nigeria.
The Palm credit App Review
Over 1M+ downloads have been downloaded on the google play store with 81k reviews, The Requires Android version for palm credit app is 4.3 and Above.
Why palmcredit loan?
palmcredit has some amazing features which make the app suitable for customers to use.
- No hidden charges;
- No collateral needed;
- You can borrow from N2000 up to300,000;
- option to choose your loan payment tenure;
- seeking a loan from palmcredit is fast, secure, reliable, and easy to use;
- palmcredit make use of artificial intelligence algorithms to run credit scoring;
- palmcredit provide an instant credit decision;
- palmcredit services are available 24 hours, every day of the week.
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Palmcredit Loan Eligibility
1. Nigeria Resident
2.18 to 55 years old
3. source of income
Requirements for palmcredit loan
Getting a loan from palmcredit requires the following information which includes
1. Bank Verification Number (BVN)
The BVN which is known as Bank Verification Number was implemented by the central bank of Nigeria is a biometric identification system that is used to curb and reduce fraud in the banking system
2. Full name
This is a personal name by which an individual is known. This can be written in the order of your first name, followed by middle name and last name
3. Primary telephone number
This is a random digit of numbers assigned to a telephone line for a specific person.
4. Bank account information
A bank account information are details such as bank names, account numbers which is usually 10 digits that is uniquely assigned to an individual for making or receiving money transactions.
5. Occupation information
This is a detail about your employment outlook, salary, and educational background.
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Palmcredit loan interest rate
Palmcredit loan interest rate is between: 14% to 24%, Equivalent Monthly interest 4%~4.7%, the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%.
Example:If you choose a 6-month loan and borrow NGN100,000, Plamcredit charges an interest rate of 4.7% per month. Borrow NGN Interest Rate: 24% and The APR is 56%. 180 days Repayments of NGN 24,000. Total amount payment is NGN124,000
How much can I borrow from palmcredit loan? You can borrow as little as From NGN 2,000 and as much as NGN 300,000 with a Loans Duration Ranging Between 91days to 180days.
How To Get A Loan From Palmcredit?
1. Download The Palmcredit App:
Getting a loan from palmcredit is simple and easy. All you need to do is to visit the official website of palmcredit and all you need to do is to input your phone number to get the app. Second option is to visit the google playstore and search for palmcredit loan app and download.
It requires about 8MB of storage space to install on your device. It takes less than 2 minutes for it to install if you have a good and strong internet network.
2. Complete Your Registration:
If you have installed the palmcredit loan app successfully, all you need to do is to register the app. You will be guided on how to register on your phone screen. Make sure you provide all information that will be asked from you and you will also verify your phone number. A code will be sent to your phone number by palmcredit so you should input the code in the downloaded app so as to complete the verification process.
3. Apply for Your Loan:
You can now apply for a loan after the completion of your registration. This is easy and simple.
4. Get approval
After applying for the loan, you will need to exercise little patience to get an approval as this doesn’t take too long to get approval as long as you provided a correct information. Once your process has been approved, your loan will be sent to you. You can then choose to send the money into your bank account immediately.
How to repay palmcredit loan
There are different ways you can repay your palmcredit loan, carefully Follow these for offline repayment steps.
- On your dashboard, you will see “Repayment” then click on it.
- Your total outstanding balance will be shown then all you have to do is to click next installment.
- “Pay Now” will appear, make sure you click on it and also click on “confirm” on the next page
- Click “OFFLINE REPAYMENT”
- An account number and a unique code will be provided, make sure you copy it
- Your Mobile banking app will be the next place to visit so you can make cash deposit or transfer using Electronic Banking.
- Offline Repayment Code can be used as narration or description
Now you can visit the palmcredit loan app after making your payment to confirm your payment and make sure your BVN that is linked with the phone number is forwarded with your proof of payment to undergo any further processing.
Note: If you are having challenge on how to make payment on palmcredit loan app, you have an option of paying to their account number. Before paying into their account, please make sure you contact any of their customer care representatives before making any payment into their account.
The palmcredit loan account number is 0772692676
Account Name: Transsnet Financial Nigeria Ltd
Bank: Access Bank
You will need to send proof of payment if you made repayment through bank transfer to the email address: firstname.lastname@example.org
Why you should pay back your palmcredit loan on time
It is advisable you pay your palmcredit loan on time. each time you pay your loan on time, it boosts your credibility and unlocks your chances of getting a higher loan earlier.
Failure to pay your palmcredit loan on time reduces your chances of getting a loan from palmcredit or other loan lending company may become hard as you will be reported to the National Credit Bureau agency. Apart from that, legal actions will be taken against you.
5 things that will happen to palmcredit loan defaulters
If you fail to repay your palmcredit loan, there will be consequences for defaulting. These are the common punishment I want to discuss:
1. Drop in credit score
When you simply fail to repay your palmcredit loan, this could result in significant drop in your credit score history and this could amount up to 100 points in just one missed payment.
2. You can be sued
In this case, the lender can sue you as a result of defaulting the repayment of your palmcredit loan. If they eventually win, the court will enter an order or judgement against you and you will be asked to pay the amount including interest you owe.
3. High charges incurred
The lender will charge you for not paying at due date and the money will skyrocket to a higher amount but you will be given some extra days to meet up with your payment.
4. You will be blacklisted
You will not be able to access any other loan in future and even from other loan institutions. Your BVN will be sent to all financial institutions for proper monitoring.
What we like about palmcredit loan
While their interest rates may be relatively on the high side, their application process is fast and reliable. Furthermore, there are flexible payment options to make your loan repayments more convenient.
Palmcredit Customer Care Contact
Palmcredit has a customer service hotline that is available from Mondays to Fridays, 8:00 am – 5:30 pm Nigerian time. You can reach them on the Palmcredit contact number – 0700 7256 4357 for your questions and complaints.
Palmcredit customer care WhatsApp number
FREQUENTLY ASKED QUESTION ON HOW TO GET A LOAN FROM PALMCREDIT
Palmcredit Loan term
Palm credit loan tenure ranges from 14 days to 180 days.
Palmcredit customer contact phone number
you can contact palm credit on this phone number 017001000 for all inquiries and complain.
The site is www.palmcredit.co but currently it has been offline. This is irrelevant as they operate the loan from the app. You can use their Facebook page to reach-out.
The contact email is email@example.com
To login, simply open the app. You can get the app from the Google play store or input your phone number here to get it.