Palmcredit is an online platform that gives quick loans in Nigeria without collateral. The platform is owned by Transsnet Financial Nigeria Limited. Nigerians can access loans on Palmcredit anytime and anywhere without collateral. The loans usually attract low interest rate which is what has made it one of the best instant loan provider in Nigeria. Any individual with need can apply for a loan but everyone is required to apply for loan through the app which can be downloaded from Google play store.
This platform has become very popular in Nigeria. It has consistently given loans to Nigerians every year without collateral. But like every loan provider, you have to play by the rules. If you keep to its terms and conditions, you will likely find this loan platform resourceful. They have consistently stated their plan to give loans in 5 minutes.
Plamcredit loan requirement
To get a loan, you maybe be required to provide the following:
Bank Verification Number (BVN)
Full name
Primary telephone number
Bank account information
Occupation information
Generally, the requirements are not much. They are just basic information.
How to get a loan from Palmcredit
Follow these steps to get a loan from Palmcredit:
1. Install the app on your phone
The first step is to install the app on your phone. Currently, this platform only has the android app. There is no app for iOS or windows. You can install the app in two ways. First, you can visit the online portal and input your phone number and you get the app. Alternatively, you can download the app from the Google play store. Please note that you cannot apply for a loan without the app.
2. Register
Once you have installed the app on your phone. The next step is to register. Just follow the on-screen instruction. Give all information that is required. Note that you may also have to verify your phone. They will send a code to your phone which you will input into the app to verify.
3. Apply for loan
Once you have completed your registration you can apply for loan. The process is easy. You will see it right there on the app where to click
4. Get approval
Once you have applied for loan, the next step is to wait till you get a loan approval. This does not take much time. As long as you provide accurate information.
5. Receive your loan
Once your loan as been approved, you can receive the loan and send it straight to your bank account.
How much loan can you get?
You can get up to ₦100, 000 instant loan from Palm credit. Kindly note the the maximum amount can be adjusted at anytime!
Palmcredit interest rate and fees
They do not charge origination fees, transaction fees or roll over fees. The loan interest rate ranges from 14% to 24%, equivalent Monthly interest 4.6%, the Annual Percentage Rate (APR) on a Palmcredit loan is 56.78%.
Palmcredit loan repayment
Loan repayment is very easy. All you have to do is login to the app. Click on ‘my loans’. From there you can select how much you want to pay back. The payment can be done with your card right there on the app.If for any reason you are unable to repay loan on the app, then you can payback using their account number. Please note that you should speak to their customer care before paying into the account or after paying into the account.
