Do you know that you can get Loan at a very low-interest rate on PalmCredit? What is Palmcredit and how does it work?
Palmcredit is a loan app like Opay, Palmpay, Branch and many other loan apps in Nigeria. However, there are lots of different apps with promising interest rates and repayment periods. Now, the question here is Palmcredit legit?
In this app review, we are going to find out more about the Palmcredit loan app and how it works. we will go deep by also showing the Palmcredit USSD code and how to get the Palmcredit app.
So, let’s dive in.
How To Get PalmCredit Loan App
Palmcredit is available only on the Google Play store and can be accessed on other devices through the web app, it has over 5M+ downloads on the Google Play store and 159k+ reviews, rated 3.9 top loan app.
The app is published under Newedge Finance Limited.
To download the Palmcredit app;
- Go to the “Google play store” on your Android device.
- Search for the “Palmcredit” loan app.
- Click on the “install’ button.
- After installation, open the app to create an account.
Next, we show you how to create a Palmcredit account to be eligible to borrow a loan from the app.
How To Create A PalmCredit Account
After installation of the app, another thing you need to do is to create an account on the Palmcredit app.
To create an account,
- Open the PalmCredit app you have downloaded.
- Register with your phone number and a verification code will be sent to the phone number registered.
- Verify your identity by providing your Name, Surname, BVN, Birthdate, and Gender.
Can’t remember your BVN? Not to worry, just dial *565*0# to get your BVN.
- Keep in mind that your Name arrangement and information must be the same as on your BVN.
- Set up your ‘Bank Information
- Fill in ‘Education and Employment’ with your details
- Click Submit.
Now you have a Palmcredit account, how can you borrow a loan, interest rate and repayment method?
How To Borrow A Loan From PalmCredit
After you have successfully created an account, you are eligible to borrow some amount of money depending on your account verification and status.
Loan Requirement
✔︎Nigeria resident
✔︎18-60 years old
Quickly, let’s the Loan interest rate and repayment method.
Loan Interest Rate
The annual Percentage Rate is also known as A.P.R
Annual Percentage Rate from 24% to 56%.
-Example: If you choose a 6-month loan and borrow NGN100,000, Plamcredit charges an interest rate of 4% per month. Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of NGN24,000. The total amount of payment is NGN124,000.
How To Repay Palmcredit Loan
If you have borrowed money from palmcredit and you want to repay back, you can do so only from the in-app payment method.
The Palmcredit app has an in-built payment gateway that accepts payment, to avoid being a loan defaulter, use the app to repay your loan and not fake the palmcredit customer care number.
Conclusion
If you can’t borrow money from PalmCredit for any reason, you can try using an alternative method called the Palmpay loan app.
Hope you find this guide helpful, do leave a comment here.
cheers.
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