How to Loan Money from PalmCredit – Find Out!

Whether you want to set up a business or pay some fees, taking loans is one of the best ways to raise funds. Moreover, some loan platforms give their customers much freedom and help them quickly kick-start whatever they want. Among the best loan platforms that you can use is PalmCredit. 

This platform allows people to take loans without stress and collateral, which is not common with most loan platforms. More so, PalmCredit allows everyone to apply for loans quickly and get them instantly from anywhere in Nigeria, thus making it one of the best platforms for getting loans. 

In this article, we shall discuss how to loan money from PalmCredit easily so that you can apply for loans and kick-start your business instantly.

How to loan money from PalmCredit

To use PalmCredit to get loans, you need to follow these steps.

1. Install PalmCredit mobile app

PalmCredit allows you to do any transaction or get loans only by using their mobile app. Therefore, you must first install the mobile app from Google Play Store.

2. Register

Register on their app by entering your details. You will also be required to enter your phone number. 

After that, an OTP will be sent to your phone to confirm it; enter the OTP code in the appropriate field on the app. Your bank account information and other information will also need to be entered.

After reading the terms and conditions, click “Submit” to confirm that you accept them.

3. Apply for a loan

You should see an option to apply for a loan on your dashboard. Select that option to get started. Next, you should set the amount you want to apply for. 

Finally, click on “Submit.”

4. Wait for approval

After applying for a loan on the app, your details need to be verified, after which your application will be approved if you’re not violating any of their terms and conditions. The process of approval doesn’t take a long time to be done, so you can rest assured that it’ll be done in a short time.

5. Get credited with your loan

After your application has been approved, you’ll be credited with the loan you’ve applied for. No collateral or paperwork needs to be done, follow the steps above and get approved, and you’ll be credited as soon as possible.

PalmCredit loan requirements

1. BVN

Your BVN is a unique number that contains 11 digits. These BVN helps to identify every bank account owner uniquely.

2. Android phone

The PalmCredit app is only available for use on Android devices. Therefore, if you’re using an iOS device, you need to get an Android phone before you can use the PalmCredit app.

3. Bank Account

Your bank account is what will be used to receive the loan you’ve applied for. Moreover, it will be used for repaying your loans. Your bank account must be at least three months old before you apply for a loan on the app.

4. 18+ years

Most loan apps require everyone who wants to take a loan to be 18 years old. That is also the case with PalmCredit. You must be 18 years before signing up for their loan app.

How much loan can you get?

If you’re using the PalmCredit app for the first time, you’ll be allowed to apply for a loan of up to 100,000 naira, and a minimum of 2,000 naira, which you’ll get almost instantly. But if you can repay your loans quickly and before the deadline for repayment, you will be allowed to apply for bigger loans such as 200,000 and 300,000 naira, and you’ll get them sent to you faster as you apply for the subsequent loans. Meanwhile, you should also know that the platform may decide to adjust how much you can apply for at any given time.

Palm credit interest rate

The total interest rate from PalmCredit ranges from 14%–24%, while, on average, the monthly interest rate is 4%–4.6%. So, if you take a loan of 100,000 naira for four months at a monthly interest rate of 4.5%, your cumulative interest on the 100,000 naira loan will be 18,000. Therefore, the total amount you’ll be repaying is 118,000 naira. 

PalmCredit loan term

Currently, PalmCredit customers are only allowed to take a loan and repay it within 14–180 days. Although regular customers may be considered for extending their repayment period, there’s no guarantee that the period will be extended for you.

How to repay your PalmCredit loan

If you’ve been asking yourself how to repay your PalmCredit loan, you’ll find out how to do it below. You can easily repay any loan from the PalmCredit platform in two ways:

1. Using your Bank Card on the app

To repay your loan using your bank app, follow these steps. 

* log in to the PalmCredit app

* Navigate to the “My Loan” section on the dashboard

* Select the loan you’d like to repay from the list of loans you see. 

* Next, you must enter your card details, such as CVV and expiry date.

* Finally, click on the “Make Payment” button.

You must know that it may take a little while for your payment to be confirmed.

2. Making a direct bank transfer to PalmCredit’s bank account

You can easily make a bank transfer to PalmCredit to repay your loan. To do that, you need to contact PalmCredit directly through email or phone and request their bank account details. When you get the bank details, go to a bank and make the transfer to them from there. 

Next, you must send your payment proof and mobile number to +2349120143389. When your payment proof has been verified, the amount you deposited for the loan reflects on your PalmCredit app.

Meanwhile, it would be best if you endeavored to repay the loan on time so that you will be granted more loans in subsequent times.

PalmCredit head office

PalmCredit’s head office is situated in Lagos, Nigeria:

45c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria

PalmCredit customer care

If you have any complaints or want to connect directly with the platform, you can call them on their hotline: 017001000. However, their hotline is only active Mondays–Fridays, between 8 am and 5 pm. You can also send them an email at support@palmcredit.loans or PalmCredit.service.ng@transsnet.com.

PalmCredit app

Unfortunately, the app is not yet available for IOS devices — it is only for Android devices. You can visit the Play Store app to download the official PalmCredit app and get started with applying for loans. 

PalmCredit website

PalmCredit’s website address is www.palmcredit.co, but the platform only operates on their app. So, if you plan to contact them through their website or find out more about them, you should only use their app. 

Conclusion

Many people are aware of PalmCredit but find it difficult to apply for loans on the platform. This article discusses everything you need to know about how to loan money from PalmCredit. You can successfully go for loans and be assured that you’ll get them instantly, without hitches.

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