Palmcredit is a quick loan app where borrowers can get a loan of up to ₦100,000 without the requirements of a collateral.
They are an online lending platform owned by Newedge Finance Limited, a fintech company that is licensed and approved by the Central Bank of Nigeria (CBN) with location in lagos, Nigeria.
With palmcredit, borrowers can get a simple and fast loan within minutes through the mobile app.
The mobile app also allows you perform other transactions like buying of airtime, data bundle etc.
Before you can get a loan from palmcredit, You must be at least 18 years, You must have a bank account with a Nigeria bank, You must have a BVN, and
You must apply through the Palmcredit mobile app.
By now you may be wondering how much you can actually get from palmcredit loan app. The loan range for palmcredit loan starts from ₦2,000 – ₦100,000.
To Apply For A Loan On Palmcredit follow this 4 easy steps.
1. Download the Palmcredit mobile app.
The Palmcredit mobile app can be downloaded from the Google play store. it is light weight and has a file size less than 15mb.
2. Sign Up Or Register
After downloading the Palmcredit mobile app on your device, the next step is to sign up on the app by providing all necessary details on the registration form.
During registration, you might need to verify your phone number by entering an OTP that would be sent to your phone.
If you are already a registered user then you can just login.
3. Apply for a loan
Here you will state how much you want to borrow. The loan interest rate and due date will also be shown to you while you apply
4. Wait For Approval
From the information you have provided during sign up. Palmcredit will determine if you are eligible for its loan. if you meet its requirements, your loan request will be approved and you can send the said amount directly into your bank account.
Loan approval usually takes less than 15 mins.
So how much is a palmcredit loan interest rate and how long is the Loan Duration?
The loan interest rate is 14% to 24%, with Equivalent monthly interest of 4% ~ 4.7%, and an Annual percentage Rate (APR) of 48% ~ 56%.
So for example, if you borrow ₦100,000 with a loan duration of 6 months, you will be charged at an interest rate of 4% per month. Which is equivalent to 24% at the end of six months. this means that for borrowing ₦100,000 for a duration of six months, you will be required to payback ₦124,000 at the due date.
The loan duration ranges from 91 days to 180 days.
Now let's talk about paying back your loan.
you can either pay with your card through the app or pay offline via direct bank deposit. if you decide to use the offline payment method, be sure to contact palmcredit customer care for details on how to go about it.
if you would like to contact palmcredit, they are available on all social media platform including
Facebook, linkedin, and
you can also contact them via
They also have a physical address that you can visit. Their office is located at Ogunnusi road besides county hospital, Ogba, Lagos, Nigeria.
Most instant loan providers now provide a ussd code for quick access to their loan service. but as at the time of writing, palmcredit do not have a USSD code service for their loan. If you want to apply for a palmcredit loan then you will need to apply from the mobile app