Want to know more about Palmcredit Loan App: Application, Interest Rate, Repayment & Benefits? Then keep reading!
If you’ve been trying to access loans from traditional banks in the past here in Nigeria and it’s been quite a tough call, stress no more.
There are numerous loan apps available for downloads at the moment that you can use to your advantage. One of such and indeed one of the best is the PalmCredit loan app.
With this app you can get instant access to loans up to an N100, 000 and you can pay back within a stipulated time.
In contrast to traditional bank methods where you will have to undergo series of scrutiny, bulky paperwork, looking for a shortee and waiting for days before your loan is approved, this one is digital and instant.
No hassles, get the app, install and get access to loans within minutes.
Now that’s not just all about, do you know that you can get access to loans for up to an N100, 000 without any collateral?
CHECK OUT: KiaKia Loan App
Yeah right. No collateral whatsoever and that makes it a steal.
This app has been saving people from lots of mini financial woes and the number of downloads it has received lends credence to the fact that it is legitimate and super awesome.
Enough of the Intro, in this post, you’ll learn about everything you need to know about the PalmCredit loan and the subheadings below will do justice to that.
Table of Contents
The PalmCredit Loan – an Overview
Financial crisis can arise at any moment, they don’t give warnings, they just pop out of the blues and slam you on the face.
Beyond surprises like that, there are times you’ll need to invest in a profitable business but lack funds and the process of going through traditional banks is even scary to attempt.
The PalmCredit Loan is an initiative of Transnnet company that offers instant and reliable loans to Nigerians right at the comfort of their home.
With your smartphone, you can access loans at ease. Transnnet is a subsidiary of Transsion holdings, the mother company of Tecno Mobile, Infinix Mobility, and Itel Mobile.
On the loan platform, you can get a minimum of N15, 0000, and a Maximum loan of N100, 000.
The PalmCredit Loan App and How it works
The app can be downloaded across all android enabled smartphones from its google play store.
After downloading, you’ll install it, and then it is ready to use.
The app has two loan options:
The Airtime Loan Option
Here you are free to borrow airtime whenever you want and repay back in 14 days’ time.
You can borrow up to N10, 000 airtime here but that’s the least of our concerns.
Money is and that leads us to
Installment loan
Here you can borrow the money you’ve been looking for all those months that banks have been tossing you up and down in a matter of minutes.
No collateral is required and you can pay back in 6 months’ time at maximum.
If you can pay within two days’ time, you’ll do so without interest of any sort.
You can also make some small money off the platform by referrals.
You earn N600 each time you refer someone to the PalmCredit Loan App and the person registers.
The more referrals the more you earn.
How to Apply for the loan
Let’s assume you’ve downloaded the app from Google Play Store (it’s unclear if the app is available for IOS and Windows users at the moment).
After downloading, install the app, open it, and register on the platform.
First, you’ll be required to input your phone number, provide a working phone number.
A verification code will be sent to it so you can verify that it’s indeed you.
Next is a form where you’ll be required to fill in some of your details which includes your gender, surname, BVN and a few others.
You’ll also need to provide your bank account details, at the competition of each step the next one follows immediately, instructing you of what to do.
So just fill in all your bank account details as instructed
Your educational and employment profile will also be required.
Supply them accurately.
In the end, click on submit, then you are good to go.
If this is successful, you’ll receive a congratulatory message from Palm Credit and then you’ll get the loan you asked for wired directly into your bank account which is why you need to provide your bank details.
Requirements for obtaining a Palm Credit
There are some basic requirements you need to meet before you are granted the loan.
Don’t sweat it, you have them already.
Here are the requirements
You must be up to 18 years and below 60 years
Your bank account details including your BVN
Your phone number
Your occupation
Benefits of PalmCredit Loan
Here are some very tangible benefits of the PalmCredit loan
You can have access to emergency funds within minutes
You can borrow up to N100, 000 and payback within 1 to 6 months
You are at liberty to choose your loan duration
No interests will be added to your loan if you can pay back within two days
Repaying the Loan
There are two options to repay a loan from PalmCredit. Here’s the first.
Pay Directly with the PalmCredit App
In this option, you can simply pay via the same app you borrowed from. Follow the process below
Go to the menu button and tap it
Next, you tap the “my loan” button
Click on “outstanding”
Then click on “Pay now”
Input your PalmCredit pin and the money would be withdrawn from your account
The second option
Pay via Bank Deposit to the Bank Credit Account
To pay via bank deposit, go with your cash to the nearest Access Bank and pay into the account
Account name: TRANSSNET FINANCIAL NIG LTD – CONSUMING FINANCE
Account number: 0772692676
If you have a mobile app, you can make a transfer to the account without stressing yourself
After making the payment, send a proof of payment to [email protected] for verification
Some other things to note about using the PalmCredit loan
Failure to pay within the payment window which can expand to as much as 6 months gives you a bad credit score and will disqualify you from accessing further loans
There’s no assigned customer care agent for the PalmCredit loan but in the event of any difficulty in accessing the loans, you can contact their help desk at 234 700 7256 4357 the line is available from (8 am – 5 pm, Mon-Fri).
If you’ve forgotten your BVN number, you can simply get it back by dialing *565*0# on your mobile phone.
This comes with a small token of your airtime balance
After applying for a loan, you’ll have to wait for a couple of minutes and be certain it has been approved.
The system goes through a certain process to ascertain your eligibility for obtaining a loan after which, it can then grant you the loan.