Here’s a quick review of the PalmCredit loan app for instant loans. It is one of the 24hrs loan apps which can be utilized to borrow money online instantly in Nigeria.
Whether we like it or not, there are time needs arises and we need spare cash to save us from whatever emergency situations we might find ourselves in.
The PalmCredit loan app is one of the best mobile loan apps in Nigeria suitable for many purposes.
It could be personal or small business loans that can be accessed by virtually everyone; ranging from entrepreneurs, students, salary earners, and so on.
The type of loans provided by the PalmCredit app is called unsecured loans, as the loan is issued systematically by accessing your creditworthiness and history instead of collateral.
This simply means you get to avoid putting up collateral before you can obtain any loans from the platform.
In this article, we will be accessing all you need to know about PalmCredit loan financing and how you can obtain loans through the platform.
What Is PalmCredit Loan App
PalmCredit app is designed to allow Nigerians to obtain a loan easily, without the need for any heavy paperwork or collateral.
The services of PalmCredit is efficient and easy for users to navigate and obtain loans.
PalmCredit is a subsidiary of the group of companies named Transsnet which is also a subsidiary of Transsion Holdings according to information on their website. Other subsidiaries under this group include Palmpay and Palmsave.
Overall, Transsion Holdings is a mother corporation in charge of the production of phone brands like TECNO Mobile, Infinix Mobility and Itel Mobile.
Through the PalmCredit loan app, it is easy to obtain loans ranging from N15,000 – N100,000. Their loans, however, have age restrictions which are of people aged 18 and above.
Who Is the Owner of Palmcredit App?
Information about the owner of PalmCredit app is unavailable but what we can tell you is that the app is operating under Trannsnet which is a subsidiary of Transsion Holdings, the overseeing corporation behind TECNO Mobile, Infinix Mobility and Itel Mobile.
More accurately, Transsnet is a partnership between Transsion and another company named NetEase.
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How Does Palmcredit Loan App Work?
The Palm app offers just two types of loan in Nigeria today:
- PalmCredit Airtime Loan which allows customers to borrow up to N10, 000 worth of airtime to repay within 2 weeks and;
- PalmCredit Installment Loan where customers you can borrow within the range of N2000 to N100, 000.
All these loans can be acquired simply by applying through your smartphone, Android specifically.
Before you can apply for loans through the PalmCredit app, you have to meet the requirements set up by the platform.
Failure to meet these requirements will lead to an unsuccessful PalmCredit loan application. These requirements include:
- You bank verification number(BVN)
- Your personal details
- Phone number
- Valid bank account details.
- Your occupation information.
If you satisfy all of these requirements, then you can proceed to download the PalmCredit app and apply for the loan.
We will give you a guide to doing all these subsequently in this article.
Palmcredit App Download For iPhone and Website
To apply for PalmCredit loan, you are required to first download the mobile application. This can be done by downloading the PalmCredit loan app on the Google play store app on your Android phone.
Then use the search space box and input PalmCredit. Click on the application and install it on your smartphone. And that’s all about it.
The PalmCredit app, however, is not yet available for IOS devices like the iPhone and iPad.
How Can I Get a PalmCredit Loan?
After you have downloaded the loan app as stated above, you can then proceed to launch the application.
After launching, follow the guides listed below for a successful loan application.
- Provide the correct functioning phone number. A verification code will be sent to the number through the app. This happens within seconds.
- A form pops up afterward and you will be required to provide personal information like your surname, name, birthday, BVN, and gender.
- Provide a valid Bank account details where you’ll receive the money.
- Fill in where your education and employment are required.
- When you’re done, click on “submit” to send your application.
- You will then wait for minutes for your loan to be processed and approved. Once approved, you will receive a congratulation message from the PalmCredit app. The loan amount will then be deposited in the account you provided.
PalmCredit Loan Repayment
There are two ways by which you can repay the PalmCredit loan. You can repay the loan directly through the app.
- Launch the app and navigate to the “menu“
- Click the “my loan” button to proceed.
- Tap on the “Outstanding“ button
- Now, click on “Pay now“.
- Finally, enter your PalmCredit PIN
The other option is by cash deposit into the PalmCredit bank account.
To utilize this method of loan repayment, visit any Access Bank branch nearest to you and pay in according to the account description below:
- Account name: Transsnet Financial Nig LTD – Consuming Finance
- Account number: 0772692676
After successfully making the bank deposit, send evidence of the receipt like the teller to [email protected] for verification of your loan repayment.
How Much Can You Borrow With PalmCredit App?
Through the app, you are allowed to borrow cash in the range of #2, 000 – #100, 000.
The amount of money you can borrow through the PalmCredit app varies depending on your credit score and history. The higher your credit score, the better.
How Much is Palmcredit Loan Interest Rate?
PalmCredit app loan interest rate is currently at 14-24%. The interest rate varies depending on a lot of factors such as loan amount, loan tenure, etc.
How Long Does Palmcredit Take to Process a Loan
After a successful loan application, it takes a maximum of 24 hours for you’re your loan to be processed and completed successfully.
What is Palmcredit Contact
If you have questions or further inquiries on the PalmCredit app, You can contact the PalmCredit loan hotline +234 700 7256 4357.
What Happens If You Don’t Pay Your PalmCredit Loans?
PalmCredit will take all measures they can against you including sending messages to all your contacts and reporting you to the Federal Credit Bureau which will disqualify you from ever obtaining any loans from any Financial institution in Nigeria.
The PalmCredit loan app is one of the best mobile loan apps you can obtain loans from without any hitches.
This is evident in the number of downloads and reviews they got on the Google play store where we see more than 150,000 people downloading the app for use.
Now you do know how to apply for your PalmCredit loan and also how to pay it back.
NB: Make sure you pay back your loans on time to avoid any embarrassment.