Are you looking for Palmpay Loan Code that will give you a direct access to obtain 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, the 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 the short-term, quick personal loan on the internet. This is the service palmcredit provides.
Palmcredit, 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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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 palmcredit, users can receive a straightforward and quick loan in just a few minutes using their mobile application.
It is necessary to make an application through the Palmcredit mobile application.
You may be wondering what you could actually earn through the palmcredit loan app. The range of loans available for palmcredit is N2,000 to N100,000. 100 thousand naira is the maximum amount you can get while two thousand dollars is the minimum.
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.
From the details you given during registration. Palmcredit will decide if you are eligible for their loan. If you satisfy its criteria the loan request is approved and you are able to deposit the money directly to your account at the banks. 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 the loan, one things you’ll need to be aware of is the loan interest rate. What is the rate of interest for the palmcredit loan?
The interest rate for loans is 14%-24%. 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.
Repaying your loan from palmcredit 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 to “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 palmcredit loan application after reading reviews from others on the Play Store is with loan repayment. Most users complain about being unable to repay their loan, even after numerous attempts. This is why the interest rate on loans keeps increasing.
There is also a physical location is open for you to visit. The office is located in Ogunnusi road, which is next to the County Hospital, Ogba, Lagos, Nigeria.
Palmcredit USSD Code
The majority of instant loan providers offer ussd codes to allow quick accessibility to the loan program. But as of writing, Palmcredit do not offer an USSD number for loan. If you wish make an application for a loan with palmcredit then you must make an application via their mobile application.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.