How much loan can I borrow from Palmcredit for the first time?

Palmcredit is an online platform that provides short-term unsecured loans in Nigeria using Palmcredit. The company Transsnet Financial Nigeria Limited is the owner of the platform. Loans can be accessed anytime and anywhere in Nigeria through Palmcredit, and collateral is not required. The loans typically come with a low-interest rate, which is one of the reasons why it is considered one of the best providers of instant loans in Nigeria. Anyone needing financial assistance may apply for a loan; however, everyone must submit their loan request via the app, which you can download from the Google Play store.

This platform has recently gained much traction in Nigeria. It has, year after year, provided Nigerians with unsecured loans without requiring collateral. However, you must adhere to the established guidelines to be a legitimate loan provider. If you adhere to the platform’s terms and conditions, there is a good chance that you will discover this loan platform to be resourceful. They have repeatedly stated that they intend to make loans available within five minutes.

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Plamcredit loan requirement

It is possible that to obtain a loan, you will be required to provide the following:

  • Bank Verification Number (BVN)
  • Full name
  • Initial dialling sequence of a phone number
  • Details about one’s bank account
  • Details regarding jobs

Instructions on how to obtain a loan from Palmcredit

To obtain a loan from Palmcredit, please proceed as described below:

1. Download and install the app on your mobile device.

The first thing you need to do is download the app onto your mobile device. At the moment, this platform is only supported by the Android app. There is no app available for either Windows or iOS. There are two different ways to install the app. The first step is to go to the online portal, enter your phone number, and then you will be able to download the app. You can also download the application from the Google Play store. Take note that you cannot submit a loan application without the app.

2. Register

After you have downloaded the application to your mobile device, the next thing you need to do is register. Follow the instructions that appear on the screen. Please provide all of the necessary information. Take into consideration that you might also be required to verify your phone. They will send a verification code to your mobile device, which you will need to enter into the app.

3. Put in a request for a loan

You will be able to submit a loan application after you have finished registering. The procedure is straightforward. You will be able to see it displayed on the app and know exactly where to click.

4. Get approval

After you have submitted your loan application, the following step is to wait to hear whether or not you have been approved for the loan. This doesn’t take up much time at all. So long as the information that you provide is accurate.

5. Make sure you get your loan.

After the approval of your loan, you will be able to receive the funds for the loan and deposit them directly into your bank account.

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How much of a loan will be available to you?

Palm Credit will give you an instant loan of up to one hundred thousand British pounds. Please be aware that the maximum amount can be increased or decreased at any time!

The interest rate and fees associated with Palmcredit

They do not impose any rollover, transaction, or origination fees on their customers. The loan interest rate can be between 14 and 24 per cent, with a monthly interest rate of 4.6 per cent; however, the annual percentage rate (APR) on a Palmcredit loan is 56.78 per cent.

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Does Palmcredit require BVN?

For this reason, you are strongly encouraged to enter accurate information that you can find in your “Bank” information. For the same reason, we ask for a BVN-linked phone number when using the app so that we can reconcile the information. We are grateful that you have chosen PalmCredit.

Palmcredit loan repayment

Repaying a loan is a very simple process. All that is required of you is to log into the application. Select the “my loans” tab. You will then be able to choose the amount that you wish to pay back from this screen. Using your card to make the payment is an option within the application.

If you are unable to repay the loan through the app for any reason, you have the option of paying back the money by using their account number. Please be aware that you must contact their customer service before or after adding money to the account to receive proper instructions.

Palmcredit repayment

Palmcredit repayment account details

Term of the loan

The duration of the loan can be anywhere between 14 and 180 days.

The number to call if you are a Palmcredit customer.

The number to call for assistance is 017001000.

Palmcredit app

Interested person(s) can obtain the application in one of two ways. You can get the app by going to the app portal, which you can access by clicking here and entering your number. Alternatively, you can get the app by downloading it from the Google Play store onto your Android phones. The application is only downloadable for Android-based smartphones; it is not available for iOS, Windows, or Blackberry devices.

How much loan can I borrow from Palmcredit for the first time?

Palmcredit can borrow up to ₦100,000 for the first time. Take note that the maximum amount can be changed at any time, according to your preferences!

Website for Palmcredit

Palmcredit does not have website for now, They give loan via their mobile app. Reaching out to them can be done through their Palmcredit Facebook page.

Is my BVN safe with Palmcredit

The Central Bank of Nigeria (CBN) has issued a valid licence to the parent company, Newedge Finance Limited, allowing it to carry out its duties as a financial services provider in Nigeria. This indicates that their business practises adhere to all applicable regulations. So, yes. The CBN has validated Palmcredit as a legitimate financial system.

Contact email

Email correspondence can be directed to

Palmcredit login

Simply opening the app will allow you to log in. You can download the app from the Google Play store or enter your phone number in the box below to have it sent to you.

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