Palmcredit Loan Review: Everything You Need to Know About Palmcredit

Nov 26th, 2020

About Palmcredit

Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where you can get a loan without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral. 

One unique thing about Palmcredit is its attractive low interest. Perhaps this makes it a popular loan provider in the country.

You can apply for a loan by downloading the Palcredit app from the Google play store. The company aims to make getting access to quick cash and short-term loans with a smartphone app as easy as possible.

You can click to jump to any of the sections:


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Palmcredit App

The Palmcredit app is where the magic happens. As earlier mentioned it is only possible to get a loan from Palmcredit through their app on Google Playstore. You will need to have an android phone in order to access a loan or any of their services which include buying airtime, data bundles, and so on.

palmcredit app
Palmcredit App from Google Play Sore

Palmcredit Loan App Download

The Palmcredit loan app requires about 8MB of storage to successfully install it on your device. The installation takes less than 5 minutes depending on how fast your internet is.

The Palm credit App Review

With over 70k downloads on the Google Play store, it is safe to say that the Palm credit app has quite a large user base.

From the reviews provided by some of the users, it’s obvious that there are technical issues with the app. The most prevalent issue has been with repayment of loans and users being tagged as ‘delinquent’ after their cards have been declined.


How Do I Get A Loan From Palmcredit?

1. Download The Palmcredit App: There are two ways to download the Palmcredit app. The first option is to visit their official website. For this, you will need to input your mobile number to get the app. The second way is to download the app straight from the  Google play store.

2. Complete Your Registration: After your successful installation, the next thing to do is to register. There will be on-screen instructions that you will have to follow. Provide all the necessary details the platform asks for. In addition, you may have to verify your phone number. Palmcredit will send a code to your mobile phone. All you have to do is input the code in the app to complete the verification process

3. Apply for Your Loan: Having completed your registration process, you can then apply for a loan. It’s as simple as ABC. 

4. Get approval
Once you have applied for the loan, you just have to wait to get loan approval. This usually does not take too long. Just make sure you provided the correct information. Once you get your approval, you will then receive the loan. You can decide to send the money to your bank account right away.

You can also check out how to get a Branch loan, Carbon loan, Sokoloan, Quickteller loan, Specta loan, Page Financials loan, and Renmoney loan.

Palmcredit Interest Rate

Palmcredit 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%. The loan term is between 14 days to 180 days.

You can borrow up to ₦100, 000 from Palmcredit. Also, note that you can adjust the maximum amount at any time!


Palmcredit Loan Repayment

Palmcredit loan repayment is as simple as getting the loan. The following are steps on how to repay Palmcredit loan:

  1. Log into the  Palmcredit app and click ‘my loans’.
  2. Select the amount you want to repay. You can make the payment with your card.
  3. Put in your card details and make payment

Side note: If you are unable to make the payment on the app, you can pay to their account number. Ensure you speak to their customer care before you make a direct payment to their account.

You can make payment into the Palmcredit account number – 0772692676, Access Bank. Account Name: Transsnet Financial Nig LTD – Consuming Finance.

Once you make your repayment through bank transfer, you will be required to send proof of your payment to the email address: repayment.ng.pc@transsnet.com.

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.


Get a loan up to N100,000 at the best affordable rates in Nigeria

Now you can compare interest rates from different lenders with our loan simulator and get the best deal. Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today


Is Palmcredit Real?

Is Palmcredit approved by the CBN? The parent company – Newedge Finance Limited is fully licensed by the CBN to operate as a finance company in Nigeria. This means that their operations are fully regulated. So, yes. Palmcredit is approved by the CBN, and it’s real.

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Our Verdict on 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. All in all, Palmcredit is a loan platform that is worth the try.

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