HOW TO GET A LOAN FROM PALM CREDIT
As a result of the fact that at one point or the other one would fall into a trying time and might want to think of obtaining a form of a loan or the other. Palm credit is one of these loan offering platforms.
Palm credit does not request collateral before giving out loans. Their loan is flexible to manage and when you apply for a loan and you’re eligible, you receive it within minutes. These features are those that add to the reasons why it is well known. including the fact that it operates on a low-interest rate. The only way to make use of palm credit is by downloading the app on Google play. With this, you enjoy the privileges of buying airtime among others
Palm credit has become very popular in Nigeria. It has consistently given loans to Nigerians every year without collateral. But like every loan provider, to enjoy Palm credit, you have to play by the rules. There are laid down terms and conditions that you would initially have to agree upon, if you keep to its terms and conditions, you most possibly find this loan platform resourceful. Their loan disbursement takes place within five minutes.
Do you know the most interesting thing? You can get a loan even if you’re still seeking a job. Of course, if you’re not yet employed, you’ll still be able to get a loan from the Palm credit app. That is, there are various categories of workers with various categories of loans. Palm credit offers loans based on your earning strength. For people with high profile jobs, a high loan is usually offered to them. The following points are worthy to be noted before considering obtaining a loan with palm credit.
First and foremost, you need to know that loans limit range between 2,000 to 100,000 naira.
In addition, loan duration ranges between 14 to 180 days. That is, your repayment is between at least 2 weeks upward.
Thirdly, the loans interest rate ranges from 14% to 24%, and equivalently, Monthly interest is between 4% and 4.7%, the Annual Percentage Rate (APR) on a Palm credit loan is between 48% and 56%
For example, if you choose a 6-month loan and borrow NGN100,000.
Palm credit charges an interest rate of 4.7% per month. Borrow NGN Interest Rate: 24% and The APR is 56%. 180 days Repayments of NGN 24,000. The total amount paid is NGN124,000
No paperwork, no collateral and get quick loans up to ₦100,00 within 3 – 5 minutes
To obtain a loan from Palm credit, you must have prepared and got your details ready for registration. This registration entails giving your basic details which include your name, occupation, residential address, primary telephone number, work telephone number, bank verification number (BVN). Note that your details should correspond with the ones registered with your BVN. If not, you might encounter some challenges with obtaining your loan. Also, it’s advisable to register with your BVN linked number.
Steps To Get A Loan From Palm Credit
These are the steps you’ll follow when you want to register.
- The very first step you follow is to download and install the app on your mobile phone. For now, this platform only has the android version of the app. There is no app for iOS or windows. There are two major ways to install the app in two different ways. The first way is to visit the online portal and input your phone number and you get the app. The other is downloading the app from the Google play store. Please note that you cannot apply for a loan without the app.
- Another step to take is that once you have installed the app on your phone, follow the on-screen instruction. Give all information that is required. Note that you will also have to verify your phone. A time password will be sent to your phone which you will input into the app to verify that you registered with your actual number.
- Once you’ve registered, the application will automatically offer you a loan amount range. Then you can apply for a loan. The process is easy. You will see it right there on the app where to click
- The next step is to wait till you get loan approval. This does not take much time at all. As long as you have provided accurate information, your loan would be approved ASAP and you would receive your money sent into your account.
As said earlier, you can attempt to obtain a loan from Palm credit because its interest rate is not too much to bear. Palm credit does not charge origination fees, transaction fees, or rollover fees. The loan interest rate ranges from 14% to 24%, equivalent Monthly interest 4.6%, and the Annual Percentage Rate (APR) on a Palm credit loan is 56.78%.
Palm credit loan repayment is very easy. All you have to do is log in to the app. Click on ‘my loans’. From there you can select how much you want to pay back. You can make this payment right away with your card right there on the app. If for any reason you could not repay the loan on the app, you can pay back using their account number. Please note that you should connect with customer care before and after paying into the account and also have evidence of payment. This could be in the form of a screenshot or a snapped image (receipt). Palm credit loan term ranges from 14 days to 180 days.
With the above explanation, one can easily conclude on taking up a loan with Palm credit. However, it requires discretion and prudence. You have to carefully brood over the loan you want to take. You must be sure you are not requesting for what is higher than your source of income. Therefore, kindly take a loan amount you can repay in time and without delay. Don’t take what you’ll not be able to pay back. If you’re not employed, reason the loan well first.
Also, your Credit risk management system will be checked before a loan will be given to you. That is to say that if you’ve defaulted on a particular loan scheme and your payment is overdue without payment, you would have been reported and this will affect your credit history in such a way that you would not have access to other loan lending platforms including palm credit because they would be notified of the fact that you have defaulted at one loan borrowing scheme and refuse to give out.