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.
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.
The mobile app lets you to make other transactions such as purchasing airtime, data bundles etc.
Requirements For a Loan
The borrower must satisfy certain requirements prior to being qualified to receive a loan from palmcredit. 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 an BVN number
- 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.
As you can see, the highest loan amount is one million naira. If you’re seeking a loan application that can offers 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 palmcredit:
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 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.
In this case the best thing to do is call the customer service of palmcredit 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 palmcredit for the account information prior to making a payment offline.
Palmcredit Customer Care
Would you like to reach palmcredit?
palmcredit customer care are available on Facebook https://www.facebook.com/palmcredit/
or via their hotline to service or at their hotline 017001000 (8am to 5pm, Monday through Friday)
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.
You can Apply For Quick Loan Using These Loan Apps
These loan apps are only for urgent loan for personal needs, they are all genuine loan apps