PalmCredit Instant Loan Online: How to Apply

If you need an instant loan to meet your urgent financial needs, Palmcredit Quick Loan is one of the loan apps that offers such support. Palmcredit is an online loan app that is managed by Newedge Finance Limited, which offers collateral-free loans to its users to give them temporary financial relief.

Applying for the Palmcredit instant loan is not difficult since the application process can be completed online and the loan term is relatively flexible. However, there are certain eligibility criteria that you must meet before you can qualify for the loan.

Palmcredit Loan Requirements

PalmCredit Instant Loan Online

To qualify for the Palmcredit loan, applicants are required to meet certain eligibility criteria, The requirements are outlined below:

  • Applicants must be residents of Nigeria.
  • Must be between the age range of 18 and 60 years old
  • Must have valid means of identification such as a national ID, voter’s card, or driver’s license.
  • Must have an active phone number with a functional BVN.
  • Applicants must also have a reliable and stable income source.

Palmcredit Loanable Amount

The amount of loan that a borrower can take from Palmcredit is not fixed; it varies depending on the borrower’s creditworthiness. New users can only be qualified to take a small amount, while existing users can take a higher loan amount.

The loan amount that a borrower can take from Palmcredit ranges from ₦10,000 to ₦300,000.

Palmcredit Loan Term

The repayment plan of a Palmcredit loan is flexible; it is designed so that borrowers can pay off their loan with ease. The tenure of a Palmcredit loan ranges from 91 to 365 days.

Palmcredit Loan Interest Rate

The interest rate of Palmcredit varies; it is not fixed since it is dependent on the loan term chosen and the loan amount opted for. The longer the loan tenure chosen, the higher the interest rate, and vice versa.

The annual percentage interest rate of a Palmcredit loan is between 24% and 56%. While they charge a monthly interest rate of 4%.

Representative Example of a Palm Credit Loan Interest Rate

  • Let’s assume you take a Palmcredit loan with the terms below:
  • Loan amount: ₦100,000
  • Loan tenure: 6 months
  • Interest Rate: 4/100 * 6 * 100,000 = ₦24,000
  • Therefore, the total amount of money repayable will be loan amount + interest rate = ₦100,000 + ₦24,000 = ₦124,000.

How to Apply For a Palm Credit Loan

Applying for a Palmcredit loan is very simple and seamless. Follow the simple steps below to apply:

  • Download and install the app from the official app store.
  • Create an account with your details, such as full name, phone number, address, etc.
  • After creating an account, submit your details.
  • Apply for the Palmcredit loan by completing the online loan application process.
  • Review your loan application and submit it.
  • After submission, wait for review; if approved, the loan amount will be disbursed to your nominated account, and if rejected, you will be informed too.

Palmcredit Loan Customer Support

If you have any issues accessing the Palmcredit lending services, you can reach out to their customer care unit for assistance. You can contact them via the following channels:

  • Call:  017001000
  • Email: Palmcredit.support@newedgefinance.com
  • Office Address: AIT road, 17 Oguchi Okorie street, off A. I. T. Rd., Lagos, Nigeria
  • Social media handles: Facebook, LinkedIn, and Instagram.

Palmcredit Loan Code

Although most online lending platforms in Nigeria have short codes for easy access to their lending services, As of the time of compiling this article, Palmcredit doesn’t have a short or USSD code through which you can access their loan services. This simply means that the only way you can access a Palmcredit loan is via their mobile app.

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