Are you looking for Palmpay Loan Code that will give you direct access to obtain a loan without downloading the loan app, then this post is for you.
Do you require a fast loan to meet your financial needs?
Sometimes, we are confronted with an unexpected and urgent financial situation and require an immediate loan to pay for the cost of urgent expenses. In such situations, a traditional bank loan may not be the best option.
Instead of visiting an institution to get the loan, and all the paperwork involved it could be easier to get a short-term, quick personal loan on the Internet. This is the service palm credit provides.
Palmcredit is an online lender of money offering an instant personal loan up to N100,000. Customers who require a larger loan must look into other lenders who exceed the limit.
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About palm credit
Palmcredit is a fast loan application where users can obtain an amount of up to N100,000. This is without the need for collateral. Palmpay has introduced the Palmpay Loan Code.
They operate an online platform for lending that is owned by Newedge Finance Limited, a fintech company certified and licensed from CBN. Central Bank of Nigeria (CBN) with its headquarters located in Lagos, Nigeria.
With palm credit, users can receive a straightforward and quick loan in just a few minutes using their mobile application.
The mobile app lets you make other transactions such as purchasing airtime, data bundles, etc.
Requirements For a Loan
The borrower must satisfy certain requirements before being qualified to receive a loan from palm credit. These include the following
- You must be at least 18 years old or older
- You need to have a bank account
- You need to be able to provide a BVN number
- It is necessary to make an application through the Palmcredit mobile application.
Loan Amount
You may be wondering what you could earn through the palm credit loan app. The range of loans available for palm credit is N2,000 to N100,000. 100 thousand naira is the maximum amount you can get while two thousand dollars is the minimum.
As you can see, the highest loan amount is one million nairas. If you’re seeking a loan application that can offer more loans, look into our article about the most popular 10 loan applications that are available in Nigeria.
How To Apply For A Loan using Palmpay Loan Code
For an application for a loan using palm credit:
Get the Palmcredit mobile application.
The Palmcredit mobile app is downloaded from the Google Play Store. It’s light in weight and the file size is less than 15 MB.
Sign Up Or Register for Palmpay Loan Code
After installing the Palmcredit mobile application on your device Next step is to register to the app by providing all the necessary information in the form for registration.
When you register, you may require verification of your phone number using an OTP that will be transmitted to your mobile.
You can apply for a loan
In this section, you should specify the amount you wish to borrow, which will vary from N2,000 to 100,000. The interest rate for the loan as well as the due date will be provided to you as you make your application.
Wait For Approval
From the details, you gave during registration. Palmcredit will decide if you are eligible for their loan. If you satisfy its criteria the loan request is approved and you can deposit the money directly into your account at the bank.
The loan approval process usually takes less than 15 minutes.
The duration of the loan and interest rate
If you’re looking to apply for a loan, one thing you’ll need to be aware of is the loan interest rate. What is the rate of interest for the palm credit loan?
The interest rate for loans is 14%-24%. The equivalent monthly rate is 4.7% x 4.7 percent, Annual Percentage rate (APR) equals 48% 56%.
For instance, if you take out a loan of N100,000 for an interest rate of six months, you’ll be charged the rate of 4 per month. This is equivalent to 24 percent. After six months you will have to pay back N124,000.
The loan term is 91 days up until 180 days.
Repayment
Repaying your loan from palm credit is fairly simple. you can pay either with your credit card using the app or pay in person directly to the bank account of the borrower.
For payment with your credit card,
- login to your account on the Palmcredit mobile app and then click on “my loan”.
- Choose the amount you wish to pay and then input your card information.
- Pay the bill
One of the main issues I have observed in the palm credit loan application after reading reviews from others on the Play Store is with loan repayment. Most users complain about being unable to repay their loans, even after numerous attempts. This is why the interest rate on loans keeps increasing.
In this case, the best thing to do is call the customer service of palm credit for help.
Palmcredit also has an offline payment option that allows direct deposit into the bank account of their customers.
It is important to contact customer service at palm credit for account information before making a payment offline.
Palmcredit Customer Care
Would you like to reach palm credit?
palm credit customer care is available on Facebook https://www.facebook.com/palmcredit/
Linkedin: https://www.linkedin.com/company/palmcredit/
Instagram:Â https://www.instagram.com/palmcreditofficial/
or via their hotline to service or at their hotline 017001000 (8 am to 5 pm, Monday through Friday)
There is also a physical location open for you to visit. The office is located on Ogunnusi Road, which is next to the County Hospital, Ogba, Lagos, Nigeria.
Palmcredit USSD Code
The majority of instant loan providers offer used codes to allow quick access to the loan program. But as of writing, Palmcredit does not offer a USSD number for a loan. If you wish to make an application for a loan with palm credit then you must make an application via their mobile application.