Palmcredit: How to get up to N100,000 from Palmcredit, everything you need to know about the loan provider loan for small businesses in Nigeria.
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Do you know that you can get instant N100,000 loans from this particular loan provider without any collateral just with your mobile phone?
This is a financial institution that provides quick and easy loans for business and personal purposes.
They are focused on putting an end to financial problems of Nigerians by providing loans which will suit their immediate need.
What is Palmcredit?
Palmcredit is a financial institute/app which is designed to provide loans to Nigerians without any stress and collateral-free.
According to users it is easy, fast, reliable and accessible to every smartphone user in Nigeria.
The company is sponsored by Transsnet. Palmcredit brand is made up of Pampay and Palmsave.
They are the mother corporation that is behind some mobile phone companies in Nigeria like TECNO Mobile, Infinix Mobile and itel mobile.
They provides loans ranging from N1000 to N100, 000 and application is made via their mobile app which can be seen on Google.
Advantages of Palmcredit
- You can access up to N100, 000 loans.
- You can borrow as much as you like, provided it meets your credit limit.
- You can choose your loan duration.
- You can get a zero interest rate if you pay back within 2 days of the loan disbursement.
Reasons why people apply for a loan on Palmcredit
There are several reasons why you can apply for a loan on palmcredit in Nigeria;
- Medical reasons: People do apply for a loan when they are, or any member of their family is seriously ill. Some sickness that needs immediate treated or urgent attention.
- Business start-up: Every business in Nigeria needs capital to start up. Looking at the economic condition of Nigeria, getting a loan to start up a business may be a little bit difficult and that is why you should go to Pamlcredit.
- Travel expenses: Travelling is an expense which virtually every Nigerian cant afford. There are many Nigerian who desire to travel out of the country may be going on vacation, going for a tour but almost 99% of them can’t afford a flight ticket. That’s the most reason why you should rush to get a loan from this loan provider.
- Accommodation: Virtually every Nigerian can’t afford to pay their house rent. There must be a house or an apartment you so much desire but can’t afford it. If you are experiencing such a problem, think of getting a loan from them.
- Want to buy a car: Everyone has their own dream car but can’t make it come to past. If you find yourself in such a condition think of their loan. Thou they won’t give you the exact amount you need but at least they can give you a head state
- Wedding expense: With this particular loan provider, you can achieve your dream wedding. Note that they won’t give you everything you need for your wedding but at least they will give you a head start.
- Phone credit top-up: We know that not everyone can afford to top-up there phone when they want it that’s one of the reasons why we recommend the Palmcredit loan because they have designed a special loan system for it which is called airtime loan.
How does Palmcredit work?
First, install the Palmcredit loan app and after you have successfully installed the app on your smartphone, you will see2 options;
- Airtime loan.
- Installment loan.
Airtime loan: Here Palmcredit will provide you with the option of getting a mobile airtime loan when you run out of airtime.
You can borrow up to N10,000, which must be repaid within 14 days of the airtime disbursement.
Installment loan: In this installment loan, you can get any amount of your choice and will be automatically disbursed to your bank account. Here you have the option of borrowing from N1000 to N100,000 to be repaid back within 1-6months of the loan disbursement.
The Palmcredit app also made provision for its users to earn as an affiliate marketer. Palmcredit will send you N600 for each user that registered through your affiliate link.
Palmcredit loan requirements
There are some cure requirements for accessing the loan in Nigeria, they are listed below;
- You must fall into the range of 18-6 years old.
- A valid phone number.
- Your bank account.
- Your bank verification number (BVN).
How to apply for a Palmcredit loan using your mobile phone
- Go to Google play store and download the official loan app
- Provide a valid phone number to Palmcredit, where they will send an SMS verification number.
- They will provide you with a form where you will be asked to submit your name, surname, date of the date of birth, gender and your BVN( You can dial *565*0# if you have forgotten your BVN)
- Provide your bank account details where you will receive the money.
- Fill in your education and employment status.
- When you are done, click on the submit button for your application to be submitted.
Palmcredit will send you a congratulation message (If your loan is approved). They will also disburse the loan to the account number you provided.
Palmcredit loan App
You can download the Palmcredit app on your Google play store, just visit Google play store on your mobile device, search for Palmcredit download, install, fill in the required field then finally wait for their response which can be an approval or disapproval
How to repay a Palmcredit loan
There are two major ways by which you can make a repayment on your loan, they are;
- Direct repayment on the Palmcredit loan app.
- Pay by a cash deposit to the Palmcredit account.
How to make a direct payment on the Palmcredit loan app
- Go to the “menu”.
- Go to the “my loan” button.
- Click on “outstanding”.
- Also, click on “pay now”
- Then put in your Palmcredit PIN.
How to make cash repayment on Palmcredit loan.
Visit any of the nearest supported banks and make a deposit to the Palmcredit bank account provided below.
Account name: Transsnet Financial NIG, LTD – Consuming Finance.
Account number: 0772692676
Bank: Access bank.
After a successful repayment, send a proof of receipt to email@example.com for proper verification.
Palmcredit account number
You can deposit directly to Palmcredit through their official bank account number below
Account name: Transsnet Financial NIG, LTG – Consuming Finance.
Account number: 0772692676.
Bank: Access Bank.
Palmcredit contact number/ customer care
If you encounter any problem while applying for a Palmcredit loan, you can contact any of their customer care through;
Phone number: 070072564357(8 am – 5 pm, Monday to Friday).
What happens if you make a late repayment?
According to the research we made before writing this Palmcredit loan review, we gathered that they don’t allow a late repayment, so you should endeavor to pay off your loan on time to avoid getting messages, calls, and some other penalty from Palmcredit.