Palm credit Online Loan App is one of the latest apps in Nigeria that provides a fast loan without collateral.
The platform is owned by Transsnet Financial Nigeria Limited. Their brand is made up of Palmpay and Palmsave. Also, Transsnet is a subsidiary of Transsion Holdings.
Palm credit app is aimed at users in Nigeria to get loan easily, without stress or collateral. It is fast and accessible to everyone using a smartphone.
For more information on palm credit loan application, please click Here
It operates in Nigeria and plans to expand to other Africa countries.
With palm credit app getting a mobile loan is simple. Nigerians can access loans on Palmcredit app anytime and anywhere
It’s best to pay back on time and watch your limit grow to N100, 000. Once you repay, your credit score is updated. It’s a credit revolution!
With Palmcredit app, you can get a loan ranging from N15, 000 – N100, 000. Also, your Bank details are needed when borrowing from Palmcredit.
Click here to download palmcredit loan app.
Palm Credit App Benefits
- Firstly, you can get up to 100, 000 loans with Palm credit app.
- Secondly, you can borrow as much as you like, within your credit limit.
- Thirdly, you can get zero interest if you pay back your loan in 2 days.
Reason Why People Apply For Loans / Borrow Money
Loans are borrowed money that can be used to lessen financial hardships, for large purchases, or even as add-on to an expensive occurrence.
Repaying these loans is usually done in monthly installments of two to six years.
At times, it can take a longer time depending on your conditions and how good you are with making payments.
Even though it may seem like reckless borrowing in some cases to take out a personal loan, it can be greatly helpful in certain cases especially when used and paid back in the approved manner.
Let’s have a closer look at some of the reasons why people decide to borrow money rather than save for a long time.
Here Are the Top Ten Reasons for Loan Requests
- Accommodation – buying or moving into a new house
- Unplanned emergency expenses like urgent medicals
- Make a large purchase
- Wages spent and urgent cash needed to last until payday
- Household/utility bills/ car repairs
- Clothes/online purchases
- Entertainment (Nights out /Tickets to events)
- Children – medicals, school fees, etc.
- Special occasions (Birthdays, weddings, Christmas, etc.)
- Topping up mobile phone credits
Hence, people turn to companies like palmcredit for help.
A-List of Things You Should Not Borrow Money to Do
There are a few times when borrowing is not the answer. So, unless you are borrowing to generate further income or to meet a pressing need, then you have no business borrowing at all.
If you’re taking a loan, make sure you are not spending on any of these things:
Borrowing money for vacations (to sponsor a leisure trip), Jewelries, to finance a wedding, to upgrade your wardrobe, phones, and nights out are a few examples.
Now it’s obvious that there are good reasons to borrow money and take out loans, as well as a few not so good reasons to be borrowing and taking out a loan.
5 Things about Palm credit Loan App
Here are the top 5 things you need to know about Palm Credit app loans.
- Firstly, you need to know that loans limit range from ₦ 2,000 to ₦100,000
- Secondly, loans duration ranging from 91 days to 180 days
- Thirdly thing is the loans interest rate: 14% to 24%, Equivalent Monthly interest 4%~4.7%, the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%
- Also, Palmcredit charges an interest rate of 4.7% per month. Borrow ₦ Interest Rate: 24% and The APR is 56%. 180 days Repayments of ₦24, 000. Total amount payment is ₦124, 000
- Lastly no paper work, no collateral and get quick loans up to ₦100, 000 within 3-5 minutes.