PalmCredit loan is one of the fastest loan app in Nigeria that gives you quick loan within 24 hours if being accepted directly to your bank account.
Yes, you heard me well, with PalmCredit, you are going to get an instant funds directly to your bank account that you submitted upon registration without any collateral. Isn’t that great? In this tutorial, am going to briefly describe what PalmCredit is all about and also how you can easily borrow money from this great company.
PalmCredit is a newly developed Android application (APK) and one of the, if not the best loan app in Nigeria that provides fast loan without collateral to individuals, businesses or organizations.
Although PalmCredit is relatively new, they have made a name for themselves and grown larger user base due to the flexibility of their app and loan structure. You can apply for your credit limit in minutes, then take as many instant loans as you wish without further approval steps. It’s a credit revolution! As soon as you repay a loan with PalmCredit, your credit score will be updated thereby allowing you to borrow up to N100,000 next time you choose to borrow.
PalmCredit is owned by Transsnet Financial Ltd and operates in Nigeria with a better plan to expand to other countries in Africa.
Types Of Loan packages On PalmCredit
There are two different types of loan you can request while using the PalmCredit app, namely: Airtime loan and Installation loan.
With PalmCredit Airtime loan, you can easily top-up/recharge your mobile line anytime you feel. The minimum amount of money you can borrow to top-up/recharge your line is N1,000 and the maximum is N10,000. You can pay back in 14 working days time.
With PalmCredit installation loan, you can borrow up to N100,000 if being accepted directly to your bank account, which can be paid back in 6 months maximum time.
As a PalmCredit user, you have a great chance to earn N600 per each friend you refer to the platform. Now let’s concentrate on how to apply for an installation loan since is the main reason why you are reading this post in the first place.
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How To Get A Loan on PalmCredit
These are the following ways you can request for a loan on PalmCredit app
- Download and install the PalmCredit loan app from Play store
- Login to the platform if you have an account with them or you can login using your Facebook details or phone number
- Fill out a form such as your name, bank details, BVN number, date of birth and gender
- Click on “confirm my identity” to proceed
- Select any amount of funds that is within your reach, up to N100,000
- Receive your funds within 24 hours if being accepted directly to your bank account.
Wait, Why Should I Provide My Bank Details And Bank Verification Number(BVN)
Your bank details and BVN is required by PalmCredit, so as to verify if the individual who is applying for the loan is the same as the owner of the provided bank account.
PalmCredit Loan Charges And Interest Rate
Firstly, you need to understand that PalmCredit loans limit ranges from N2,000 to N100,000. Secondly, loan duration is 3 – 6 months. So your loan charges and interest rate ranges from 14% to 24%. Equivalent monthly interest of 4% to 4.7%. the annual percentage rate(APR) of 48% to 56%.
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For more explanation: if you decide to borrow a loan of N100,000 to be paid in 6 months time. So let’s assume that PalmCredit charges you 4% per month. So 4% × 6 months = 24% interest in 6 months, so N100,000 × 24% = N24,000. So in 6 months time, your total amount payment is N124,000.
PalmCredit Loan Repayment Channels
There are three ways by which you can repay your loan on PalmCredit namely: Automatic Deduction, Prerepayment and Bank/Internet Transfer.
This is a methods by which PalmCredit automatically deduct your money from your bank account which you provided upon registration on your dues dates as part of your repayment structure.
This is a methods by which you decide to repay your loan earlier before your dues date.
Reasons To Trust PalmCredit
When using PalmCredit, your bank details is 100% secured, because PalmCredit uses world class standard security and encryption technology to protect your details. Your privacy is 100% secured from third party access immediately you provided your details to PalmCredit.
PalmCredit loan Contact Numbers
Incase you are finding it difficult to borrow a loan or have any other issues, please don’t hesitate to call the PalmCredit customer care service on +23470072564357. PalmCredit customer care service is always available from Mon – Fri (8am – 5pm Nigerian time).
PalmCredit Loan is a legitimate money lending app in Nigeria that gives out up to N100,000 loan to individuals, businesses and so on. For any doubt, please visit the Google play store and check all reviews from different users who are making use of the PalmCredit loan app.