Mobile Loans

Palmcredit Online Loan App: Download & Reviews (2024)

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Palmcredit is a digital lending solution available in Nigeria. It is operated by Newedge Finance Limited. It’s primarily a loan app that provides quick loans without collateral.

This feature has made it particularly appealing in the Nigerian market. Palmcredit’s services are aimed at individuals who need fast financial solutions. This includes personal and small business needs.

Palmcredit Loan

Palmcredit loans are notable for not requiring collateral, making them accessible to many users. They offer rapid loan approval, often within 24 hours, and quick disbursement of funds.

To apply, users must download the Palmcredit app. Then, they complete the registration, select the loan amount, and submit the application for approval.

Palmcredit Loan App

The Palmcredit loan app is a major player in Nigerian digital lending. It is operated by Newedge Finance Limited. The app offers loans without requiring collateral.

It is especially appealing for its quick loan approval and disbursement process. It often takes less than 24 hours. This speed and convenience have attracted a large user base.

The app has witnessed over 70,000 downloads on the Google Play Store.

However, Palmcredit has faced criticism regarding customer experiences and satisfaction. Users have reported issues with the app. For example, they’ve had poor customer service and technical problems.

They’ve had particular trouble with loan repayment and challenges with the login process. There are also concerns about unethical practices. For example, public shaming and blacklisting of customers over loan defaults raise questions about the application’s operational ethics. Despite these challenges, the app continues to be a widely used platform for quick loans in Nigeria.​

Read also: How to borrow money from Palmpay in 2024

How to Get a Loan From Palmcredit?

Step 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.

Step 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 and finish the KYC process. 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

Step 3: Apply for Your Loan

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

Step 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 provide 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.

Palmcredit Interest Rate

Their interest rates are competitive compared to other lenders in Nigeria. Rates range from 14% to 24% per month. The Annual Percentage Rate (APR) is 24% to 56%.

The loan terms range from 14 to 180 days; users can borrow up to ₦100,000.

Palmcredit Login

  1. Firstly, ensure you have the Palmcredit app installed on your Android device. You can download it from the Google Play Store.
  2. Once installed, open the Palmcredit app on your device.
  3. The primary method of logging in involves entering your registered phone number. This phone number is the one you used when registering for Palmcredit.
  4. After entering your phone number, you will receive a verification code via SMS. Enter this code in the app to verify your identity.
  5. Upon successful verification, you’ll be prompted to enter your password. Make sure to enter the password that you set during the registration process.

However, if you’ve forgotten your password, there’s a process to reset it:

  1. In the login screen, look for the option that says ‘Forgot Password’ or a similar phrase.
  2. You’ll be asked to enter your registered phone number for verification purposes.
  3. Palmcredit will send a password reset code to your phone via SMS.
  4. Use the code you received to proceed with resetting your password.
  5. Finally, you can set a new password for your account.

How to Withdraw From Palmcredit

  1. Access your Palmcredit account by opening the app on your Android device.
  2. Once logged in, go to the section of the app where your approved loan is displayed. This is usually clearly marked and easy to find.
  3. Choose the amount of money you want to withdraw. This amount can be up to the maximum loan limit you have been granted.
  4. Ensure that your bank details are correctly entered in the app. This is where Palmcredit will send the loan amount.
  5. Follow the prompts in the app to initiate the withdrawal of the loan amount.
  6. After you have confirmed the withdrawal, the funds should be disbursed to your bank account. The time it takes for the funds to appear in your account can vary, but it is usually quite swift.
  7. Finally, check your bank account to confirm the funds have been deposited.

Learn more: How to borrow money from Opay in 2024

Palmcredit Loan Repayment

To repay loans on Palmcredit, users can log into the app, select the amount to repay, and complete the payment using their card. Users can make direct payments to Palmcredit’s bank account if there are issues with app-based repayment.

You would also need to provide proof of payment for reconciliation. Customer support is available for assistance with repayment and other inquiries​​.

Palmcredit Customer Care

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.

Conclusion

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.

FAQs

Is Palmcredit approved by CBN?

Yes, Palmcredit is approved by the Central Bank of Nigeria (CBN). The parent company of Palmcredit is Newedge Finance Limited. It is fully authorized by the CBN to operate as a finance company in Nigeria.

How much can I borrow from Palmcredit?

The maximum amount you can borrow from Palmcredit varies, but users can borrow up to ₦100,000. The exact amount that each individual can borrow may depend on various factors. These may include their credit history and repayment capacity.

Is my BVN safe with Palmcredit?

Yes, your Bank Verification Number (BVN) is generally safe with Palmcredit. Palmcredit requires your BVN to verify your identity and credit records. They assure you that they do not access your bank account funds. The BVN is used primarily for verification. It ensures the security of the transaction.

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