Categories: Term Loans

Palmcredit Review: Things You Should Know

I will start this article by saying words of appreciation is not enough for whoever introduced the Idea of loan apps in Nigeria. I know you will ask yourself why? Well, if you are not looking for a loan to borrow you will not encounter this post.

Loan apps have helped many Nigerians from embarrassing situations that might result from financial hurdles. Now, when there is an urgent need for money, they can just easily get it from loan apps. They won’t have to go and beg for money from other people. They will save their faces and also be avoid stories that touch.

But we also need to be wary of these loan apps because as they are becoming more popular and people are starting to accept and use them, the scam rate is also increasing. Why is it so? We recently have been seeing many fake loan apps scamming people up and down and some are even charging outrageous interest rates and complicating the debt position of Nigerians.

The only way to avoid this is to know which loan apps to patronize or use. This is why we have been regularly updating our site to keep you updated with everything happening in the loan industry.

In this particular article, we will talk about PalmCredit. You will know after reading whether they are legit or not. Whether or not it is safe to use them. I know you may be thinking that maybe this loan app is owned by Palmpay microfinance bank. Well, we will find out in this page.

Overview of PalmCredit loan

Palmcredit is yet another giant loan-providing platform that has gained popularity among Nigerians. Palmcredit loan app is a digital loan platform and it is sponsored by Newedge Finance limited. The PalmCredit loan is provided to their customers without collateral. Applying for the loan is very easy and without stress. They won’t require you to start filling some unnecessary forms.

Most importantly, palmcredit loan is available at a very low interest rate. With this, they won’t further complicate the debt of their customers.

Requirements to Get Palmcredit loan

The requirements are cheap but you still have to meet them before you can get loan. They are:

  • You must have a smartphone
  • You must be at least 22 years old and at most 59 years old
  • You must have an active bank account
  • You must have a stable source of income

How Do I apply for PalmCredit loan?

To apply for the loan, you have to provide the following steps.

Install the App

You need to first download and install the loan app on your phone. What you need to do is head Straight to play store on your phone, search from palmcredit, you will see a prompt with different apps, just choose tbe right one then download. Tbe app will automatically install afterthought download.

Sign up an Account

After installing the account, you need to open the app to create an account with them. Click on sign up new profile. Fill out all the important details and information.

Apply for the loan

After creating your personal account or profile, you will see the loan options on the profile dashboard. Make sure you also set your profile pin. Choose your preferred loan option and Suitable repayment term. Then, enter the amount you wish to borrow. After this, review your application to see if all the details you entered are correct, then submit.

Loan Review and Approval

After applying, you wait for the review process. Palmcredit will review all the information you have provided. They will verify the authenticity of all your details and also, your credit record. If you satisfy all requirements, your loan request will be approved and  the loan will be disbursed into your bank account. This stage should take 1-4 hours.

How much can I get from Palmcredit loan app?

As a regular customer, you can get as high as ₦100k. But in the case of first time customers, the amount you will be eligible to collect will be small. You have to prove to them you can be trusted by improving your credit score. Payback loans before they are due and subsequently, tbe amount you can borrow will be increased.

What is the interest rate charged on Palmcredit loan?

The Interest rate ranges from 14-28% per repayment term.

What is the repayment period of PalmCredit loan?

The repayment period is between 14 days to 180 days

Is PalmCredit loan app legit?

Yes, we will say it is. Palmcredit is fully registered and licenced by CBN to provide loan services in Nigeria. They also have thousands of positive reviews written about them on google play store. So, you can trust them.

How do I repay my loan?

You can pay back your loan just like you collected it.  You also have to initiate the process on the app

  • Open the PalmCredit loan app and go to “my loan” options on the dashboard
  • Choose repay loan and enter the amount you want to repay
  • Enter your ATM card details correctly
  • You will receive am OTP code, insert the code
  • After this your bank account will be debited.

You can also make repayment through bank transfer. All you need to do is transfer the amount you want to payback to their bank account number 0772692676, Access Bank. Account Name: Transsnet Financial Nig LTD – Consuming Finance.

After confirming that it is successful, send an evidence of payment to their email via

Does PalmCredit offer USSD code transaction?

No, they do not. You can only obtain PalmCredit loan on their loan app.


Palmcredit loan app is a very reliable loan app in Nigeria. They will always turn up when you need them. Also, what they provide is a personal loan plan and as such charge minimal interest rate.




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