Do you know that with Palm Credit loan, you can stay within the comfort of your home and apply for a loan from Palm Credit? You do not need to be afraid as the Palm Credit loan application has been approved by the Central Bank of Nigeria.
If you are struggling with only one source of income, or you are finding it hard to settle Children’s school fees, house rent, and other bills, you can now do that using the Palm Credit app without stress
You will be enlightened here in this article on how to apply for the Palm Credit loan, the maximum loan tenor, the interest rate on Palm Credit, the eligibility of applying for a loan on Palm Credit and many more.
What is Palm Credit maximum loan tenor?
If you intend borrowing cash from Palm Credit, you should note that the maximum loan tenor is 14 – 180 days
What is the minimum or maximum loan I can get on Palmcredit?
The amount of loan you can get Palm Credit is a minimum of N2,000 and a maximum of N300,000
What are the interest rates for Palmcredit loans?
Palm Credit loan offers a total interest rate which ranged between 14% – 24%. Equivalent monthly interest rates are around 4% to 4.5%.
This is to say that, 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.
Is there a USSD code to request for a loan on Palmcredit?
There is no USSD code for loan on Palm Credit. Palmcredit ONLY offers their loan services via their mobile app.
Requirements for applying for a loan on Palm Credit
To get your Palm Credit loan application approved, you will need to meet the following criteria necessary for application:
- An active bank account: If you are applying for a Palm Credit loan, 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.
- BVN: The next thing you should consider having is a Bank Verification Number (BVN). This BVN is an 11-digit unique code assigned to one person and is verifiable through biodata (thumbprints, faceprints).
- A smartphone: This is one factor you cannot do without when applying for a Palm credit loan. Palm credit loan needs you to have a phone number. You must also have access to the same line that’s on your BVN.
- Applicants must be 18 years 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 register for a Palm Credit loan
Follow these steps carefully to apply for a loan from Palm Credit:
- Download your Palmcredit App. You can find the Palm Credit application on the PlayStore in your device
- 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 on Palm Credit by clicking “Apply” to get a loan
- Enter your preferred amount (N2,000 – N300,000)
We trust that this information on Palm Credit loan has been useful to you, please do well to share to someone who might need it