Palmcredit Loan Review: Repayment, How To Get Loan With Out Collateral

It’s a fallen world, and sometimes when you try to get too prepared, you might encounter certain things that might throw you off guard, crippling your finances in the process.

When that happens, you’ll need a quick fix, especially financially. Now, imagine if you were low on cash and your mom needed to get surgery or you developed severe symptoms for something you didn’t knew you were suffering from.

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Then, all of a sudden, you have to get a test done. At first you think that the tests shouldn’t be too expensive but once you see the bills, it almost makes you lose your minds, especially because you do not have a sponsor; you are your sugar daddy! Where do you start to address the financial impromptu from?

A quick and easy way is to use Loan apps. Loan apps are digital products that borrow short-term loans to Nigerians who go through financial crises with a strict promise to pay back what they owe within the stipulated period.

With too many Loan apps in Nigeria, you want to be sure that you only get involved with Loan apps that are lenient and generous with the amount they give you and the interest.

One of such loan apps you can try with fair interest rate is Palmcredit.

What Is Palmcredit Loan?

Palmcredit is a financial platform that offers financial assistance to Nigerians in the form of short-term loans with fair interest rates.

It is one of the digital finance products of Newedge Finance Limited that’s licensed to legally operate in Nigeria.

Palmcredit didn’t just spring out of the blue- it has been in operation for three years, saving Nigerians financially.

Accessing their services is as easy as messing around on your phone and boom! You get money in your bank account. There are numerous testimonies from customers of Palmcredit about their interest rates and their response time.

If you’re thinking of using Palmcredit, ensure you have a means of repayment. If you’re looking for a sign to use this loan app, I guess this article is the sign you need to proceed with applying for any amount of money on the platform.

Keep reading as we’ll talk you through the application process.

How Do You Apply?

Since it is a form of digital product, you do not need documentation, collateral, etc. to apply for a loan on Palmcredit.

You won’t be subjected to long bureaucratic [processes either. Applying for loans with Plamcredit is as easy as breathing.

More so, they have 90% approval ratings, so anyone can apply for a loan with Palmcredit and get it. Curious about how to apply for your Palmcredit loan? Here it goes;

• Get the App: The first step in applying for Pamcredit loan is to head over to your mobile device’s app market to download the app. For instance, if you use an android device, you’ll need to head over to Google Playstore to get the Pamcredit app. If you use an iOS device, we’re not sure you’ll get the Palmcredit app on App store. The app doesn’t require too much space on your phone as you’ll only need about 8mb to download it.
• Create an Account: The next step is to create an account. The app would need you to grant access and permission to your private data on your phone like your contacts, message history, location, camera, phone data, and the likes. Once you grant it permission, you can continue with the account creation. The good news is, you don’t need to add a picture. Simply fill in valid data from your name, email address, phone number, full name, and secure password.
• Fill in Your Details: After creating an account with Palmcredit, you’ll have to fill in more details about your monthly income, where you work, drop about three guarantors, your BVN, etc. all these information would enable Palmcredit run an identity and risk analysis on you so that they can decide the amount of money fits your financial profile.
• Loan Offer: After they’ve successfully analyze your credit profile, they’ll decide the amount they’ll make available to you from eleven thousand naira, upward. Once you get a loan offer, apply for the amount your need.

Palmcredit Loan Requirements

Palmcredit loan has some requirements that you have to meet before they can grant you any loan. Some of the requirements include;

• A Palmcredit account
• A functional android smartphone, not an iOS or Windows device.
• A valid BVN
• Valid bank details
• Valid Mobile Number

If you fulfill these requirements, proceed to go through the application process above.

Palmcredit Interest Rates

The interest rate on Palmcredit is not as outrageous as you’ll find on certain loan apps. Their interest rates ranges from 14%- 24%. The best part is that you can borrow Palmcredit loan for as long as 14-180 days.

As you repay the loan, you’ll be entitled to discount vouchers and more loan amount. As a new customer on the Palmcredit app, you won’t be able to borrow loans for 180 days instantly.

The number of days would gradually increase based on how often you payback what you owe.

Pros And Cons Of Palmcredit App

PROS

• Zero documentation and Collateral
• You’ll get your loan approved and delivered into your account in seconds.
• You’ll get discount bonus and vouchers that’ll reduce the amount you’re supposed to payback from time to time.

CONS

• Short repayment duration.
• The maximum amount you can get from Xcredit is N100,000

Palmcredit Repayment

Repaying Palmcredit loan is as easy as borrowing the amount. Note that you don’t need to wait till you can repay the loan to pay back what you owe.

With Palmcredit, you can simply offset the amount you owe as soon as you get the money to payback. Fun fact; it would increase your loan amount limit and the duration you can borrow money for faster than you imagine.

Here are some of the ways you can payback Palmcredit loan.

• Pay directly with your ATM card on the app.
• Pay with bank transfer to the account number generated on the platform.

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