All Things Fintech in Africa

Palmcredit Interest Rate and How Easily Apply For Palmcredit Loan

This article focuses on how to apply for a Palmcredit loan, Palmcredit interest rate and more.

Do you need an instant loan to quickly take care of an unexpected need? Is it house rent? School fees? Birthdays? Childbirth? The best bet is to turn take a loan from Palmcredit.

The best thing about Palmcredit is not only the convenience, but it’s also the availability and ease of getting credited.

Owned and developed by Newedge Finance Limited, Palmcredit is an instant online personal loan provider that gives new and old borrowers up to N300,000. Palmcredit uses the interconnected relationships between itself, telcos, and banks to provide convenient and instant credit to its users without any paperwork or collateral.

What Is Palmcredit Interest Rate?

The total interest rate may be between 14% – 24%. Equivalent monthly interest rates are around 4% to 4.5%.

This means if you borrow N10,000 for 6 months at a rate of 4% per month, the cumulative interest rate at the end of 6 months is 24%. 24% of N10,000 is N2,400. That means you will have to pay back N12,400.

Criteria and Requirements to Apply for Palmcredit Loan

Applying for a Palmcredit loan is arguably one of the simplest things you can do with your smartphone. However, before you get anything from them, you must have some things in place. The following must be really available before you can get an instant Palmcredit loan:

An active bank account

You must have a standard bank account in any of the CBN-approved commercial banks in Nigeria. Your bank account must be at least 3 months old.

BVN 

The Bank Verification Number (BVN) is an 11-digit unique code assigned to one person and is verifiable through biodata (thumbprints, faceprints).

A smartphone

Palmcredit needs you to have a phone number. You must also have access to the same line that’s on your BVN.

Be 18 and above

Only legal adults are allowed to borrow from Palmcredit. Hence, you have to be at least 18 years old to apply for a Palmcredit loan.

How to Apply for a Palmcredit Loan

Okay. Have you been asking yourself ‘how do I apply for and get this Palmcredit loan?’ Well, you’re just about to know that right now. The process of borrowing from start to finish should not take you more than 10 minutes.

Here is a step-by-step procedure on how to apply for a Palmcredit loan:

Palmcredit Interest Rate

Register/Sign-Up

  1. Download your Palmcredit App. Here is the PlayStore Download Link
  2. Enter your personal details
  3. Input your phone number
  4. Respond with the OTP sent to your phone
  5. Enter your bank account number and other details
  6. Agree to terms and conditions
  7. Submit

Apply for a Loan

  1. Click Apply to get a loan
  2. Enter your preferred amount (N2,000 – N300,000)
  3. Submit

The loan request goes to the Palmcredit Credit Appraisal bots for a quick review. The review process will take about 15-20 minutes.

Once your request is approved, you will get an instant bank credit alert. No paperwork, no collateral, no long talks.

Note that your Credit Risk Management System (CRMS) profile/history will be checked this will help Palmcredit determine your credit limit, and if they can actually lend to you.

How to Pay Back Palmcredit Loan

Have you been asking yourself “how do I pay back my Palmcredit loan?” There are a few methods to paying back your Palmcredit loan with ease. It is important that you pay your Palmcredit loan on time so you can qualify next time you come.

Make direct bank deposit/transfer

You can make a direct deposit or transfer into Palmcredit’s Access Bank Account

Account: ******3491. (We strongly advise that you call/email/chat Palmcredit DIRECTLY and get the account number from them before you make any payment).

After you make your payment, send (login mobile phone number/repayment time/repayment amount/payment proof) to +2349120143389 on WhatsApp.

Via your debit card

  1. Login to your Palmcredit App
  2. Go to My Loan
  3. Select the loan you wish to pay for
  4. Enter your debit card details (Card number, expiration date, CVV)
  5. Click Make Payment

Frequently Asked Questions

What is the maximum loan tenor?

14 – 180 days

What is the minimum or maximum loan I can get on Palmcredit?

N2,000 – N300,000

Is Palmcredit approved by CBN?

Palmcredit is owned by Newedge Finance Limited (RC1585793) is fully licensed by the CBN to operate as a finance company in Nigeria. Palmcredit is CBN-approved.

If I don’t repay the Palmcredit loan, what will happen?

Repayment of a loan is as important as taking it in the first place. You may be blacklisted from taking further loans and your CRMS profile will get a dent.

What is the USSD code to request for a loan on Palmcredit?

Palmcredit ONLY offers their loan services via their mobile app.

What is Palmcredit website?

Palmcredit does not operate through the Web either. Palmcredit ONLY offers their loan services via their mobile app.

How do I contact Palmcredit if I have challenges?

You can call them on 017001000 (Mon – Fri, 8 am-5 pm). Shoot them an email at [email protected].

You can also contact them on their social media pages: TwitterInstagramYouTubeLinked In, or Facebook.