Palmcredit loan app is an online loan platform where you can access quick loans to sort your urgent needs.
Just like other loan apps, Palmcredit has their own terms and policies, which may be different from others. In fact, every loan platform has their mode of operation, which may be different from another. This is why it is always important to do research about a loan platform and review every aspect you need to understand about the platform before taking a loan from them.
So in this article, we are going to share vital information you may need to know about Palmcredit, so you can make your decision about taking a loan from them.
1. How Much Can I Borrow From Palmcredit?
On Palmcredit loan app, you can borrow from N10,000 to N300,000. The amount a customer qualifies to get depends their credit score and how long they have been using Palmcredit loan. This means that an older customer with a good credit score will qualify to take high amount of loan than the other way round.
2. Palcredit Loan Interest Rate
Palmcredit loan interest may vary depending on some factors. According to Palmcredit loan app, interest is based on the loan amount and duration approved to a customer.
However, on average, Palmcredit loan interest rate ranges from 14% to 24% per month. Their Equivalent Monthly Interest is 4 percent to 4.75 percent, and the Annual Percentage Rate (APR) is 48.6 percent to 56.6 percent (annual percentage rate).
3. Palmcredit Loan Term
Palmcredit loan term is from 14 days to 180 days; that’s a period of 6 months. While taking a loan on Palmcreidt, you will have option to choose how long you want the loan to stay, before repayment.
4. Requirements To Get A Loan From Palmcredit Loan App
There are a few requirements that you must meet before you are allowed to get a loan on Palmcredit. Without meeting all of these requirements, you may not be able to get a loan from them.
- Must be 18+ years old.
- Must have a bank account.
- Must have a phone number.
- Must have the Bank Verification Number (BVN).
- You must have a job, or a known source of income.
5. How To Repay Palmcredit Loan
Just like every other loan app, it is expected that a customer repays their loan on or before the due date. To repay your loan, you may follow the guide below:
- Open the Palmcredit loan app on your device.
- Log in to your Palmcredit account.
- On the menu, click on “My Loans”.
- Select the amount of Palmcredit loan that you want to repay.
- Enter the method that you wish to repay.
- Whatever method that you choose, you must click on “Confirm”.
6. Does Palmcredit Call Contacts?
Palmcredit does not call your contacts as long as you repay your loan on or before the due date. But if you happen to default their loan agreement, they would first call you to know why you have not paid your loan. They may call your contacts only if you didn’t pay the loan after a long time, and they are not getting a good feedback from you.
To avoid all these kinds of embarrassment, we always advise that you don’t take a loan unless you have any sure means of getting money to pay back on or before the due date.
7. Palmcredit Loan Review
We gathered a lot of reviews from Palmcredit custmoers; including from Nairaland, Google playstore, etc. Just like most other loan platform, there would always be diverse views from customers. While some customers shared their good experiences with the platform, there still some that lamented on the bad experience they had with the platform.
According to our check on Trustpilot as at the time of writing this post, there was no reviews about Palmcredit loan app on Trustpilot.
However, on Google play store, Palmcredit has 3.8 star rating, with a total of 152,223 reviews from customers. One of the customers, ATADOGA said: “I have been using Palmcredit for quite a while and I am really delighted about being able to get money instantly at times of urgent needs. However, there are issues I have with the app; 1. It is impossible to pay back on installments. 2. There is this feature that makes it impossible to borrow lesser amounts when one has borrowed a bigger amount before. Even if a limit must be set, it should be on the highest amount one can take and not the lowest. 3. The interest on the loan is just too high.”
Palmcredit replied to the above review and said: “Hi, appologies, note that you can repay in installments into your virtual account generated on the app on or before your due date. Also, you are required to withdraw a minimum of 80% of your credit limit to enable you proceed. Finally interest is based on the loan amount and duration approved to you.”
Another customer, GODWIN said: “The negative reviews of this app aren’t wrong. Run from Palmcredit! When you try to repay your loan via credit card, it won’t work, so you’ll be forced to use their bank transfer option. That’s where they get you. The app will say you’re still owing even after transferring your repayment to their bank account. Your late fees will continue to pile up, and they will be debiting it everyday automatically from your account. That’s what they did to me. Don’t ever use their bank transfer option!!!”
Palmcredit replied to the above review and said: “Thank you for contacting Palmcredit. We sincerely apologize for any inconvinience experienced. Kindly be informed that there are other means of repayment on the app. Also note that once payment is done via our account, you need to notify us to enable us reconcile your account and once your payment is confirm all excess charges will be reversed.”
