So many loan platforms have gone from bad to worse and many people are beginning to wonder, are there still any good loan platforms? If you have ever heard about PalmCredit, you begin to wonder, is the PalmCredit loan app a legit app or just another loan app that tries to make money from you?
The Plamcredit Loan is provided by Newedge Finance Limited and they are approved by the Nigerian government. This platform has been providing loans to Nigerians for quite some time now. Newedge Finance Limited is also the Company that established EasyBuy, where they loan phones to users.
In this article, we will get to know if the PalmCredit loan app is a good one.
PalmCredit Loan Review
Before anything, you should know that PalmCredit does not have a physical address where you could lodge any complaint. But they do have good online customer care.
You can contact them by phone call, WhatsApp message, email, or Facebook. Their customer rating is by far one of the best because they try to respond to any queries you might be facing.
We actually included PalmCredit in our list of the best loan apps in Nigeria. The PalmCredit loan has a good reputation, with the loan they provide and how they handle their customers. Loan disbursement takes less than 5min into your bank account and they also have a good interest rate and late penalty repayment.
At the time of writing, the PalmCredit loan app has a Google rating of 4.5/5.0 and over 170,000 reviews with over 1 million installs. They respond to every review on the Google Play store, doing everything to satisfy their customers.
The website also has a wide audience on social media. They have over 400,000 followers on Facebook, 1361 followers on LinkedIn, and over 28,000 followers on Facebook. This shows that PalmCredit is a reputable loan provider. They also have a website where you can view the company and all its activities.
Interest rate, repayment duration, requirements, amount limit, repayment penalty, and attitude toward customers who refuse to pay back loans on time are some of the criteria that determine a good loan provider. We have explained all these criteria below to help you decide if you should borrow loans from PalmCredit.
PalmCredit Loan Requirement
All that is required to get a loan from PalmCredit is your Android Smartphone, BVN, and phone number. Also, you must be between 18 – 60 years old and a Nigerian citizen.
You will have to install the PalmCredit loan app on your mobile phone to get access to their loans and must also give the app permission to your phone’s data.
How to Apply For PalmCredit Loan
Follow the steps below to apply for Palmcredit loans.
1. Download the PalmCredit Loan App
First, you will need to download the PalmCredit loan app on your mobile phone. To download the app, you have to head over to the Play Store and search for PalmCredit Loan. Visit the Play Store here and install the app.
When you first launch the app, you will have to allow the phone to have access to many apps on your phone.
2. Register For a PalmCredit Loan
Launch the PalmCredit loan app, then enter your phone number and password to register. You will receive a confirmation code to verify your phone number.
You will be asked to enter your full name, BVN number, bank details, national identity number, and your address. Once you enter all these details, you can now request a loan.
Other details for registration include your education information, income, family name, work information, date of birth, next of kin information, and so on.
3. Apply for a Loan
Once registration is complete, you can request a loan. Just go to request a loan, and enter the loan you would like to receive and the repayment period and your loan will be disbursed into your account in less than 5 minutes.
Generally, your phone’s data, including your SMS, apps installed, location, and details on your phone, are used to calculate your loanworthiness. Don’t be afraid that someone might steal your data; PalmCredit uses end-to-end encryption, and they do not share your information.
PalmCredit USSD Code
Unfortunately, Palm Credit does not offer any USSD Code services for its loans. The only way to borrow a loan is through their mobile app.
PalmCredit Loan Interest Rate
PalmCredit has one of the best interest rates on its loans. That means the amount you will be paying back is not big.
The PalmCredit loan interest rate is between 4% to 24%. For Example, If you choose a 6-month loan and borrow NGN200,000, Plamcredit charges an interest rate of 4% per month. If you do your calculation, your interest for the whole 6 months is NGN48,000. So, you are paying a total of NGN 248,000 after 180 days.
You should note that the longer the period you choose, the higher the amount to be paid back. For example, if you borrowed just NGN 10,000 for a one-month term and the interest rate is 20%, your interest will be just NGN2,000. So, you are paying back NGN 12,000. However, the difference for the longer term is not that much because the interest rate is reduced.
PalmCredit Loan Amount Limit
The PalmCredit Loan app’s minimum loan amount is NGN 10,000, and the maximum loan amount is NGN 300,000 in Nigeria.
PalmCredit Loan Repayment Duration
PalmCredit offers loan terms ranging from 7 – 180 days. So, the loan is repayable for a week, a month, two months, or six months.
PalmCredit Late Repayment Penalties
PalmCredit does have late repayment charges that apply to your loans when you do not pay back on time. The amount could be up to 2% daily till you repay your loans.
I do not recommend exceeding your repayment period before repaying your loan. If you do not repay your loan on time, your creditworthiness will suffer, and the maximum amount you can borrow will be reduced.
PalmCredit Loan OverPayment
If you overpay your loans, especially those that use bank transfer, you have to notify PalmCredit customer service in order to return the money back to you. If you notify them and they verify the transaction, you will receive a refund back in your dashboard and you can withdraw this amount anytime.
How to repay your PalmCredit Loan App
You’ve got many options when it comes to repaying your loan. You can either pay via bank transfer, debit card, or USSD code.
PalmCredit Loan App Permission
Again, like many other loan apps, the app will ask for permission to so much information on your phone. The information and apps include:
- Read your Contacts
- Access Camera
- Access Calendar
- Get phone info, like the name of your phone and other details
- Get SMS Info, that is they will be able to read all SMS on your phone
- Get Location Info