Do you need an instant loan to quickly take care of an unexpected need? Is it house rent? School fees? Birthdays? Childbirth? If you’re not a salary earner who can quickly borrow payday loans, I think your best bet is to turn to giant short instant loan houses like Palmcredit.
Palmcredit is an online platform that gives quick loans in Nigeria without collateral. Nigerians can access loans on Palmcredit anytime and anywhere without collateral. If you keep to its terms and conditions, you will likely find this loan platform resourceful. They have consistently stated their plan to give loans in 5 minutes.
This article focuses on how to apply for a Palmcredit loan from the comfort of your home. With a simple visit to the Palmcredit app, you can apply for an instant personal online loan within minutes and get a credit alert instantly.
What are the requirements to apply for a loan from Palmcredit?
Applying for a Palmcredit loan is arguably one of the simplest things you can do with your smartphone. However, before you get anything from them, you must have some things in place. The following must be really available before you can get an instant Palmcredit loan:
An active bank account
You must have a standard bank account in any of the CBN-approved commercial banks in Nigeria. Your bank account must be at least 3 months old.
The Bank Verification Number (BVN) is an 11-digit unique code assigned to one person and is verifiable through biodata (thumbprints, faceprints).
Palmcredit needs you to have a phone number. You must also have access to the same line that’s on your BVN.
Be 18 and above
Only legal adults are allowed to borrow from Palmcredit. Hence, you have to be at least 18 years old to apply for a Palmcredit loan.
How to Apply for a Palmcredit Loan
Okay. Have you been asking yourself ‘how do I apply for and get this Palmcredit loan?’ Well, you’re just about to know that right now. The process of borrowing from start to finish should not take you more than 10 minutes.
Here is a step-by-step procedure on how to apply for a Palmcredit loan:
Register/Sign-Up for Palmcredit
- Download your Palmcredit App.
- Enter your personal details
- Input your phone number
- Respond with the OTP sent to your phone
- Enter your bank account number and other details
- Agree to terms and conditions
Apply for a Loan
- Click Apply to get a loan
- Enter your preferred amount (N2,000 – N300,000)
The loan request goes to the Palmcredit Credit Appraisal bots for a quick review. The review process will take about 15-20 minutes. Once your request is approved, you will get an instant bank credit alert. No paperwork, no collateral, no long talks.
How to Pay Back Palmcredit Loan
Have you been asking yourself “how do I pay back my Palmcredit loan?” There are a few methods to paying back your Palmcredit loan with ease. It is important that you pay your Palmcredit loan on time so you can qualify the next time you come.
- Login to your Palmcredit App
- Go to My Loan
- Select the loan you wish to pay for
- Enter your debit card details (Card number, expiration date, CVV)
- Click Make Payment
Frequently asked questions on Palmcredit Loan
You can borrow up to ₦100, 000 from Palmcredit. Also, note that you can adjust the maximum amount at any time!
This PalmCredit Loan is an initiative that gives instant and reliable loans to Nigerians from the comfort of their home. With palmcredit, you can get a minimum of N15,0000 and a Maximum loan of N100,000.
You do not need any paperwork or collateral before borrowing. This makes the borrowing process a lot easier and seamless. As a new borrower, you are eligible for a loan amount of 10k on this platform.
Loan disbursement is within 5 to 24 working hours
The total interest rate may be between 14% – 24%. Equivalent monthly interest rates are around 4% to 4.5%.
This means if you borrow N10,000 for 6 months at a rate of 4% per month, the cumulative interest rate at the end of 6 months is 24%. 24% of N10,000 is N2,400. That means you will have to pay back N12,400.
Repayment of a loan is as important as taking it in the first place. You may be blacklisted from taking further loans and your CRMS profile will get a dent.