Palmcredit is an online platform that gives quick loans in Nigeria without collateral. Just like Jumia One type of loan, you can borrow up to N100,000 in just 3 minutes and without collateral from Palmcredit.
We are quite familiar with the act of collecting loans from banks, however, with the ever-increasing need to develop easier means to do things online, a countless number of platforms have been integrated into the online system and this has enabled the collection of the loan(s) to be much easier and faster.
With Palmcredit, you can apply for a loan amount between N2000 – N100,000, the equivalent monthly interest is about4%~4.7% while the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%.
Reasons why you should consider Palmcredit
- You can apply for a loan by your credit. Don’t need any deposits or guarantees.
- You can get up to NGN100,000 loan. Disburse to your bank account in a while.
- A paperless and digital process on your mobile. All the steps can be done online.
How to apply for a loan from Palmcredit
All you need to do is to download Palmcredit app from Google Playstore (7 MB), register with your phone number, verify the number using the OTP code that was sent to your device and login to your Palmcredit account.
Now launch the app, register your bank account details and BVN by going to the Palmpay Wallet area. When you type in your BVN, a code would be sent to the phone number linked to the BVN, verify that you own the BVN by typing in the code in the empty box provided on your device.
The reason why your BVN is requested is that it is used to verify that the individual applying for a Palmcredit loan is the same as the owner of the provided bank account. This is to ensure that your details cannot be used to apply for a loan without your authorisation if someone else has access to your account details.
After registration, you can apply to receive a credit limit and their automated system will review your application and you will receive a decision within minutes.
After your credit limit is approved, you will be able to instantly take a loan within your credit limit. You can choose to borrow for cash or airtime and once you pay off your previous loan, you can apply for a new loan immediately.
What is the credit limit?
Palmcredit provides a revolving line of credit. Instead of applying for an individual loan, you apply for a credit limit. After your credit limit is approved, you will be able to instantly take a loan within your credit limit.
How to repay Palmcredit loan
1. Automatic deduction
On your due date(s), your repayment will be conveniently deducted from the account linked to the bank card provided during your loan application. A partial deduction is supported.
If you prefer to make a repayment before your due date, you can open the Palmcredit app and click repayments on the homepage. Choose the contract that you want to repay and enter your Palmcredit PIN.
What is the penalty for default on a loan?
A penal charge is applied to your account and accrues on a daily basis until it is settled. It is also important to note that continuous default of a loan also adversely affects your credit rating with the Credit Bureau agencies and your ability to apply for a loan in the future from Palmcredit or any other Financial institution.
Having known all of this, you can easily apply for credit loans from Palmcredit but know that you can get a maximum of N100,000 so don’t expect anything more than that. Please don’t forget to share this info with your friends.