Palmcredit Loan App Nigeria: Is Palmcredit Loan legit? How to Apply for Palmcredit Loan? (Login & Repayment)

Updated on August 28, 2023

Palmcredit is a loan app in Nigeria offering collateral-free personal loans. Palmcredit is a loan product owned by Newedge Finance Limited.

Palmcredit loans usually have low interest rates, making it one of the best apps for mobile loans in NIgeria. Anyone above 18 in Nigeria can apply for a Palmcredit loan, you just have to download the Palmcredit app from the Google Play Store.

However, there have been recent allegations of Palmcredit unethical practices where the loan company’s telesales agents apply for loans using customers’ names and details, thereby forcing customers to repay a loan they never applied for, making some people categorise Palmcredit as a fake loan app.

Nevertheless, Nigerians continue to use the loan app, so please be careful when taking out a loan from this loan app. Here’s a list of legit loan apps in Nigeria you can use.

With this loan company, you can get access to quick cash and short-term loans in 3 minutes using your smartphone as it has a simple registration process.

Palmcredit offers loan amounts that range from ₦2,500 to ₦300,000 with loan durations of 3/6/9/12 Months and monthly interest rates from 5% – 28%.

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Is Palmcredit Loan Legit?

Yes, the Palcredit loan app is real and is used by thousands of people in Nigeria who have gotten short-term loans from the lending app.

Is Palmcredit Approved by the CBN?

Palmcredit’s owner which is Newedge Finance Limited is licensed by the CBN (Central Bank of Nigeria) to operate as a financial company in Nigeria. This means that their operations are fully regulated. So, yes. Palmcredit is approved by the CBN, and it’s real.

PalmCredit Loan Review

Palmcredit loan gets a rating of 4 out of 5 because it has relatively low interest rates (5% – 28%) applying for a Palmcredit loan process is fast and reliable. As well as flexible repayment options for users. If you are looking for New Loan apps in Nigeria, Palmcredit is definitely worth a try. The Palmcredit App has over 5 million Play Store downloads and currently has a Play Store rating of 4.3.

Palmcredit App (Download)

Palmcredit offers its loan via its Andriod app. At the moment there’s no iOS App version for Palmcredit yet. You can download the Palmcredit loan app on Google Playstore. You can also buy airtime, data bundles, access coupons and so much more on the Palmcredit app.

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Palmcredit Loan Requirement

To get a Palmcredit loan, you will be required to provide the following information:

• BVN (Bank Verification Number)
• Full name
• Primary telephone number (Tat will be linked to your Palmcredit account)
• Bank account information
• Occupation & other personal information required for KYC

Palmcredit Interest rate

Loans from Palmpay incur a monthly interest rate from 5% to 28%.

See: How to Qualify for an ALAT Loan

How Do I Get A Loan From Palmcredit?

To aply and get a loan from Palmcredit, follow these steps:

• Download The Palmcredit App from the  Google play store.
• After successfully installing the App, then sign up and complete your registration by following the instructions and prompts by providing all the necessary details requested.
• Next, you’ll need to verify your phone number. Palmcredit will send a token code to the phone number you signed up with, which you’ll need to enter into the Palcredit App app to complete the verification process.
• Then Apply for a Palmcredit Loan by going to the “My Loans” option and clicking Request for loan.
• After applying for the loan, you’ll have to wait to get loan approval, which takes a 1to 2 minutes. Once your loan is approved, your bank account will be funded with the loan.

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Palmcredit Customer Care

Palmcredit customer care is available from Mondays to Fridays (8:00 am – 5:30 pm) Nigerian time.

The Palmcredit contact number is 0700 7256 4357. While the Palmcrdit customer care email is support@newedgefinance.com.

You can also reach Palcredit via its social media handles; Facebook, Linkedin, and Instagram.

Palmcredit USSD code

Currently, Palcredit doesn’t have a USSd Code service. Here’s a list of available USSD Codes for Loans in Nigeria.

Palmcredit Account Number

To get the Palmcrdit Account Number to make repayments for your loan, you should definitely contact Palmcredit and get the account number from them before you make any payment for security reasons.

After you repay your Palcredit loan, send the repayment details (login mobile phone number/repayment time/repayment amount/payment proof) to Palmcredit WhatsApp number +2349120143389.

Checkout: How to be Eligible for First Bank Loan

Palmcredit Loan Repayment

Repaying your Palmpay loan is easy. Pay back your loan from Palmcredit by following these steps:

• Log in to the Palmcredit app. Click on ‘My loans’.
• Then choose how much you want to pay back.
• You can make payment with your card right there on the app. Or you can request for Palmcredit’s account number and then pay it back using their account number.
• You can speak with Palmcredit’s customer care before paying into the account or after paying into the account.
• Make sure you send your proof of payment to Palmcredit as well.