Here’s a quick look at the Palm credit app for quick cash. It is one of the 24-hour loan apps in Nigeria that can be used to borrow money online instantaneously.
Whether we like it or not, there are times when we need money, and we need it to get us out of whatever emergency scenario we may find ourselves in.
The palm credit loan app is one of the best mobile loan apps in Nigeria, ideal for a variety of uses. It could be personal or small company loans that are available to almost everyone, including entrepreneurs, students, and salaried workers.
Unsecured loans are the type of loans offered by the palm credit app, as they are supplied systematically based on your creditworthiness and history rather than collateral.
This basically implies you won’t have to put up any collateral in order to borrow money from the app.
We’ll go over all you need to know about Palm credit loan financing and how you may get a loan through the platform in this article.
What Is Palm Credit App
The Palm credit app is created to make it simple for Nigerians to get a loan without having to fill out a lot of paperwork or put up any collateral.
Palm Credit’s services are quick and simple to use, making it simple for customers to explore and receive loans.
According to their app, Palm Credit is a part of the Transsnet group of enterprises, which is also a subsidiary of Transsion Holdings. Palmpay and Palmsave are two of the group’s other businesses.
Transsion Holdings is a parent company that oversees the manufacturing of phone brands such as TECNO Mobile, Infinix Mobility, and Itel Mobile.
It is simple to secure loans ranging from N15,000 to N100,000 using the Palm credit app. Their loans, on the other hand, are only available to those aged 18 and up.
Register Through this image now, get up to 100k loan as you qualify, even earn as you inform others!
Who Is the Owner of Palmcredit App?
The proprietor of the Palm credit app is unknown, but we do know that it is run by Trannsnet, a subsidiary of Transsion Holdings, the parent company of TECNO Mobile, Infinix Mobility, and Itel Mobile.
Transsnet is a joint venture between Transsion and another company called NetEase.
How Does Palmcredit Work?
The Palm app offers just two types of loans in Nigeria today:
Palm credit Airtime Loan which allows customers to borrow up to N10, 000 worth of airtime to repay within 2 weeks and;
Palm credit 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 palm credit app, you have to meet requirements set up by the platform.
Failure to meet these requirements will lead to an unsuccessful Palm Credit loan application. These requirements include:
You bank verification number(BVN)
Your personal details
Valid bank account details.
Your occupation information.
If you satisfy all of these requirements, then you can proceed to download the palm credit app and apply for the loan.
We will give you a guide to doing all these subsequently in this article.
Palmcredit App For iPhone, and Android
To apply for Palm credit loan, you are required to first download the mobile application. This can be done by downloading the palm credit app on the Google play store app on your Android phone.Then use the search space box and input Palm credit. Click on the application and install it on your smartphone. And that’s all about it.
The palm credit app, however, is not yet available for IOS devices like the iPhone and iPad. Whenever it is available, we will definitely be the first to update you.
PalmCredit Signup – How Can I Get a Palm Credit 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.
BONUS: Register Through this image now, get up to 100k loan as you qualify, even earn as you inform others!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 Palm credit app. The loan amount will then be deposited in the account you provided.
Palm Credit Loan Repayment
There are two ways by which you can repay the Palm credit 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 Palm credit PIN
The other option is by cash deposit into the Palm credit 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 repaym[email protected] for verification of your loan repayment.
How Much Can You Borrow With Palm Credit 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 Palm credit app varies depending on your credit score and history. The higher your credit score, the better.
How Much is Palmcredit Loan Interest Rate?
At the time of writing of this article, Palm credit app loan interest rate stands at 14-24%.
The interest rate varies depending on a lot of factors such as loan amount, loan tenor and so on.
For example, if you borrow #100, 000 for six months, the amount to be repaid at the end of six months is equivalent to #124, 000.
Did you know you can also make money by referring friends and family to download and use palm credit app?
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 Happens When You Don’t Pay Your Loans?
It is advisable to pay your loan and also on time to avoid any embarrassing occurrence that may arise from the non-repayment of loans.
If you fail to pay your loans, a message will be sent to your loved ones on your contact list which will be very embarrassing for anyone.
Just like Carbon loan app, further actions might be taken against you as you will be reported to the Federal Credit bureau so that you will be unable to obtain loans from any other loan platform in Nigeria.
If you have questions or further inquiries on the Palm credit app, You can contact the Palm credit loan hotline 080700 7256 4357.
Concluding Notes On Palm Credit Loan
The palm credit loan app is one of the best fintech companies 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 palm credit loan and also how to pay back.
Please share your opinions with us on this article and how useful this information is for you.
You can also share this information on your various social media platforms like Facebook, Twitter, Instagram, and so on, to let others also gain this useful information.