Loans have become an essential part of financial life, whether for personal or business purposes. In Nigeria, several online loan platforms offer convenience and accessibility. One such legitimate and reputable platform is PalmCredit. With PalmCredit, obtaining a collateral-free loan online is as easy as a few minutes.
An Overview of PalmCredit Loan
PalmCredit is a well-known loan app in Nigeria, operated by Newedge Finance Limited. Established a few years ago, this platform provides instant access to loans without the need for collateral. It primarily caters to the under-banked population, empowering them with quick and hassle-free loan services.
The parent company, Newedge Finance Limited, is a licensed financial institution established in 2019 and authorized by the Central Bank of Nigeria (CBN) to operate in the country. This ensures that the PalmCredit platform is fully legitimate and not a scam.
How Does PalmCredit Loan App Work?
Basically, this Credit platform offers two kinds of loans in Nigeria. They include:
1. Airtime Loan
The PalmCredit Airtime loan allows users to borrow a maximum of N10,000 worth of airtime. However, you have to pay back this airtime loan within 2 weeks. So you don’t need to worry when you run out of airtime, as you can just open the app to borrow for yourself. Failure to pay back the airtime loan will disqualify you from borrowing higher amounts.
2. Installment Loan
With the PalmCredit Installment Loan product, customers can borrow a loan amount within the range of 2000 Naira to 100, 000 Naira. You can apply for this loan through your smartphone, with no paperwork and collateral.
How Can I Get a PalmCredit Loan?
To obtain a loan from the PalmCredit app, follow these instructions:
1. First, you have to download the PalmCredit mobile app. Unfortunately, this app is only available on Google Play Store and not the App Store. Hence, you need to have an Android phone to borrow from PalmCredit.
2. Next, open the app and enter your valid phone number. They will send you a verification code for confirmation.
3. After phone number confirmation, you will see a registration form. You have to fill out the form by inputting your basic details to create an account.
4. Once you complete the form, submit it and wait for the platform to do the necessary verification of your information.
5. After the verification, you will be able to access the account you created. Login to your account and apply for a loan within your eligibility limit.
Lastly, wait a few minutes for the loan platform to assess your application and approve it. You will receive your loan a few minutes after your application is approved.
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What are the requirements to obtain a PalmCredit loan?
Before you can successfully apply for loans on this app, you must meet certain conditions. If you don’t meet these requirements, your loan application may get rejected. These conditions include:
1. You must have a functioning bank account.
2. Be a citizen of Nigeria and reside in Nigeria.
3. Have a job that brings you money regularly
4. Be above 18 years old
5. Have a good credit score. Basically, this means that you must not be indebted to any other loan platform or commercial bank.
What documents do I need to provide to apply for a PalmCredit loan?
If you want to borrow a PalmCredit loan, you’ll need to provide this information to the platform:
- Your personal details (Name, Address, Phone Number, Email Address, etc)
- Your bank verification number(BVN)
- Phone number
- A valid means of identification
- Valid bank account details.
- Your occupation information.
How can I repay PalmCredit Loan?
Paying back your loan is just as easy as applying for the loan. Here’s how you can reimburse the loan quickly through the app:
1. Open the PalmCredit mobile app on your smartphone and navigate to the “Menu“.
2. Next, tap on the “My Loan” option to proceed.
3. Thereafter, click on the “Outstanding“ tab and tap “Pay now“ to continue with the process.
Lastly, input your PalmCredit PIN to finalize your request. The platform will automatically collect the amount of loan you owe.
How Much Money Can You Borrow With PalmCredit App?
Basically, the PalmCredit app, enables you to borrow a minimum amount of #2,000 and a maximum of #100,000. Usually, the amount of loan you can obtain on this app varies based on your credit history and credit score. The higher your creditworthiness, the greater your chances of getting a better loan amount.
How Much is PalmCredit Loan Interest Rate?
The interest rate of any loan you borrow from this app is currently between 5% – 28% per month. Usually, the interest rate they charge each user varies depending on certain factors like the loan amount, loan duration, etc.
What is the loan duration?
The typical loan duration PalmCredit gives customers is between 4-26 weeks. Hence, you need to settle your loan within this period if you don’t want to get any penalty for defaulting. The platform will inform you about your loan duration and grace period so that you can pay it back before the due date.
What Happens If You Don’t Pay Your PalmCredit Loans?
If you default on your loan for long, PalmCredit will take all drastic measures to tarnish your image to the public. Also, they will report you to the Federal Credit Bureau and blacklist your number. This disqualifies you from borrowing any loans (personal or business) from any bank or other financial institution in Nigeria.
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How can I contact PalmCredit?
Here are some ways to reach the PalmCredit company:
Phone Number: 0700 7256 4357
Website: www.newedgefinance.com
Alternatively, you can reach out to them via their mobile application. There’s a support centre and customer service line you can access on the app.
Closing Thoughts
The PalmCredit loan aims to make your life easier by granting you access to collateral-free loans in a few clicks. Basically, you can access this loan via your Android smartphone. Just download the app, register and create an account, and apply for a loan. You should receive it in less than 5 minutes!
