Palmcredit is one of the many loan apps in Nigeria that give out quick online loan and claims you can borrow between N2,000 to N300,000 instantly without collateral or documentations once you get your profile information complete and accurate.
What is Palmcredit?
Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where you can get loan without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral.
One unique thing about Palmcredit is its attractive low interest. Perhaps this makes it a popular loan provider in the country.
You can apply for a loan by downloading the Palmcredit app from the Google play store. The company aims to make getting access to quick cash and short-term loans with a smartphone app as easy as possible.
The Palmcredit Loan App
The Palmcredit loan app is where the real lending operation takes place as it is only possible to get a loan from Palmcredit through their app on Google Playstore. You will need to have an android phone in order to access a loan or any of their services which include buying airtime, data bundles, and so on.
Features of Palmcredit Loan App
The Palmcredit loan app which says your disbursement can be executed within a business day hosts the following features:
- Approves quick loans of 2,000 – 300,000
- It is a no-collateral loan application
- Its quick loan can be ready within a day if your documents are ready
- You can’t collect more than N300,000 quick loan
- Palmcredit app do misbehave occasionally according to customers’ feedback (see bottom)
- Customer service is very poor
- Repayment can be cumbersome and sometimes not reflected real time
- No paperwork, Secure and Reliable.
- No origination fees, No rollover charge,No transaction fees.
- Repay your loans in time or complete increase limit tasks to build your credit limit and reduce on interest rate.
How To Get A Quick Loan From Palmcredit App?
To get a loan from Palmcredit loan application, do the following:
- Download Palmcredit app from Google Play Store
- Complete the registration process from your mobile device
- After completing these two processses, you can proceed to applying for your loan
- Once you have applied for the loan, you will have to wait to get approval. This usually does not take too long. Just make sure you provided the necessary information correctly.
- Once you get your approval, you will then receive the loan. You can decide to send the money to your bank account right away.
How To Register For PalmCredit Quick Loan
Here’s how to register successfully and get your loan in seconds using the Palmcredit App:
- Download Palmcredit app from Google Play Store
- Register with your phone number and a verification code will be sent to the phone number registered.
- Verify your identity by providing your Name, Surname, BVN, Birthdate, Gender.
- Can’t remember your BVN?
- Not to worry, just dial *565*0# to get your BVN.
- Keep in mind that your Name arrangement and information must be the same as on your BVN.
- Set up your ‘Bank Information’
- Fill in ‘Education and Employment’ with your details
- Click Submit and you are good to go!
Palmcredit Interest Rate
Palmcredit interest rate is between 14% to 24%, Equivalent Monthly interest 4%~4.7%, and the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan term is between 14 days to 180 days.
You can borrow up to ₦100, 000 from Palmcredit. Also, note that you can adjust the maximum amount at any time!
Palmcredit Loan App Download
The Palmcredit loan app requires about 8MB of storage to successfully install it on your device. The installation takes less than 5 minutes depending on how fast your internet is.
The Palmcredit Loan App Review
With over 70,000 downloads on the Google Play store, it is safe to say that the Palm credit app has quite a large user base.
From the reviews provided by some of the users, it’s obvious that there are technical issues with the app. The most prevalent issue has been with repayment of loans and users being tagged as ‘delinquent’ after their cards have been declined.
Is Palmcredit Licensed by the CBN?
Palmcredit is owned by Newedge Finance Limited which is fully licensed by the CBN to operate as a finance company in Nigeria. This means that their operations are fully regulated. So, yes. Palmcredit is approved by the CBN, and it’s real.
Is Palmcredit Loan App Safe and Legit?
The simple answer to this question is yes and no depending on which perspective you are assessing the loan app functionalities. Even though Palmcredit app is safe to use in terms of its loan processes and approvals, the application unfortunately practices loan app harassment and send threats and embarassing messages to its customers and their contact list.
Palmcredit Loan Repayment
Palmcredit loan repayment is as simple as getting the loan. The following are steps on how to repay Palmcredit loan:
- Log into the Palmcredit app and click ‘my loans’.
- Select the amount you want to repay. You can make the payment with your card.
- Put in your card details and make payment
- Side note: If you are unable to make the payment on the app, you can pay to their account number. Ensure you speak to their customer care before you make a direct payment to their account.
You can make payment into the Palmcredit account number – 0772692676, Access Bank. Account Name: Transsnet Financial Nig LTD – Consuming Finance.
Once you make your repayment through bank transfer, you will be required to send proof of your payment to the email address: repayment.ng.pc@transsnet.com.
Palmcredit Customer Care Contact
Palmcredit has a customer service hotline that is available from Mondays to Fridays, 8:00 am – 5:30 pm Nigerian time. You can reach them on the Palmcredit contact number – 0700 7256 4357 for your questions and complaints.
Palmcredit Loan App Harassment: Can Palmcredit block my BVN?
Yes. Palmcredit loan application can block your BVN if you refuse to pay your outstanding. Palmcredit can report your loan default to the credit bureau in Nigeria and have your BVN blacklisted. This will prevent you from accessing further loan from credit and loan institutions in Nigeria.
How Does Palmcredit Blacklist and Block Your BVN?
Have you ever thought of being blacklisted by a loan app in Nigeria? Have you been thinking about the threats and shame tactics being employed by lending platforms to retrieve loan defaults in Nigeria? Have you ever been thinking that your BVN may be blacklisted if you are owing a digital bank money and be deprived further instant loan access?
Then you are not alone! Read the painful story of this young lady whose name and BVN got blacklisted by a notorious lending platform, PalmCredit and got turned back when she wanted a loan from another platform. Read on!
A Nigerian lady has given VERY SERIAL a detailed report how she suffered harassment from Palmcredit Loan App. Thereafter she deleted the Palmcredit application from her phone and vowed never to install any loan app, operating in Nigeria or anywhere else for that matter on her phone anymore. She gave account how she suffered emotional torture and pain from the app.
The Nigerian borrower said that the digital lender, PalmCredit blacklisted her BVN, making it impossible for her to access further loan in any financial institution in Nigeria.
According to Modupe Olorunsola (not real names) who works in Lagos says: “I requested for loan in my bank, FCMB. However my account officer called me that Newedge Finance Limited that owns and manages PalmCredit app has blacklisted my name through my BVN and as a result I was denied the loan application.”
According to Modupe Olorunsola (not real names) who works in Lagos says: “I requested for loan in my bank, FCMB. However my account officer called me that Newedge Finance Limited that owns and manages PalmCredit has blacklisted my name through my BVN.”
Why I Won’t Install Any Loan App On My Phone Again — Tortured Nigerian Recounts Ordeal
Modupe says though she collected loan from PalmCredit, it was since last year and she has since repaid it. She adds that she also collected from Fairmoney last year June but has been fully paid.
She expressed disappointment over the action of PalmCredit loan app for blacklisting her name even when she wasn’t owing them any money. She says she knows many Federal government workers that have been facing hell regarding the unethical practices of these urgent loan apps in Nigeria. Some according to her collected N200k to pay back N600k.
Modupe Olorunsola is now calling on PalmCredit Loan app and its owner, Newedge Finance Ltd to lift the embargo on her BVN blacklisting so she can be able to borrow money from other financial institutions.
How PalmCredit App, Other Fake Loan Apps Blackmailed, Defamed Their Customers Over Loan default
PalmCredit, EaseMoni and other fake loans apps have been listed among applications in the habit of public shaming their customers and exposing their data to the public. We recommend every Nigerian borrowers to boycott their services.
“The existence and operations of many of these soft and quick loan agencies are largely illegal. (PalmCredit and many others are acting illegaly). Their interest rates are similarly illegal majorly under the Money lenders laws. The failure to pay loan is a contractual one remediable by action for recovery and damages but they employ crude and methods of blackmail and libel towards recovery. They are all actionable wrongs but usually the owners of these quick loan companies are unknown or “miragy”. And the victims are mostly too embarrassed to seek remedy against them in court.” – Andy Akporugo Jr, Legal Practitioner
To get funds from the traditional banks is time wasting, bureaucratic and quite procedural. As a result of this, millions of Nigerian families are downloading quick loan apps to make ends meet.
However as Nigerians are turning to loan apps for instant cash to meet biting domestic needs, many of these platforms have constituted themselves into loan sharks blackmailing and shaming customers, their families and their contact at the slightest repayment default. PalmCredit and many others are culpable.
Why Loan Apps Like PalmCredit Should Be Boycotted And Their Apps Uninstalled
Loan apps like PalmCredit are not only involving in unethical lending practices about a simple contractual agreement between them and their customers, they are overstepping their legal boundaries and involving in illegal defamatory practices that are criminal in nature.
These overriding loan apps now have already framed up threat and blackmailing messages that their staff and loan recovery agents send to their customers even in the first day of due repayment, warning them to act well else “face the disgrace of their life, and their families.”
VERY SERIAL understands that everyday, many of these shaming and blackmailing messages are sent by these loan apps to their customers over alleged loan defaults. The lending companies even go ahead to labelling as criminals families and contacts of such customers. We bring a few of such messages and we ask that these approach and resort to blackmails be halted with immediate effect.
Screen Pictures of Defamatory Messages from Palmcredit App And Other Loan Sharks Sent To Their Customers
The screenshotted blackmailing message below is from EaseMoni, a quick loan app in Nigeria, hosted on Google Play Store which has garnered over 1 million users and over 163,000 reviews. This app should not be allowed a space in Google Play Store.
The next one is from Okash, another loan app and lending platform in Nigeria, sending threat and blackmailing message to its customer for alleged default. Okash has over 5 million users on Google Play Store and with over 138,000 reviews.
Below is a threat and curse message from GGmoney, a loan app hosted on Google Play Store. GGmoney loan app has over 500,000 users and the platform has been reviewed over 2,000 times.
Yet another blackmailing and shaming message from an unethical loan app, Palm Cash that accuses its customer of being a criminal is seen below. As at the time of this report, Palm Cash seem to have been removed from Google Play Store over its serial violation of its policies.
iCredit, a loan app sent the threatening message below to a customer who have been alleged to default in a loan, As at the time of this report, iCredit seem to have been removed from Google Play Store over its serial violation of its policies.
Harassment from Palmcredit Loan App And Threat Message To Blacklist The Customer’s BVN
With all due respect Sir/Ma,
A letter of INDEBTEDNESS to PalmCredit will be forward to your bank on (13TH Oct 2021).
Your refusal to offset your loan with PALMCREDIT has left the company no choice than to upload your details to CREDIT BUREAU and your BVN will be blacklisted.
Trust you don’t want to be humiliated before making payment, as your picture will be uploaded on social media as a FRAUDSTER.
NOTE: All contacts on your are also made available to be reach out to 13TH Oct 2021.
SEPTEMBER JUST ENDED SALARY ARE BEEN PAID BUT YOU REFUSED TO PAY BACK YOUR LOAN. THIS IS A CLEAR EVIDENCE THAT YOU PURPOSELY REFUSED TO PAY But you will regret your action towards it
Pay via your App (VIRTUAL ACCOUNT ON YOUR APP) or via offline into repayment account: 0818498156-Access Bank, Account name- PalmCredit Transfer. And send me your evidence of payment for reconciliation. (From PalmCredit)
PalmCredit Loan App Hired a Fake Lawyer To Send Threat Message To An Allegedly Defaulting Customer
A scam lawyer purportedly sent a message to a PalmCredit customer claiming to be representing the loan platform on its recovery as below. He confirmed our suspicion that some of these faceless loan apps in Nigeria are owned and managed by Chinese loan sharks.
I’m Attorney JONES from TEE & Co. Law Firm, soliciting for my client PALMCREDIT, A SOFT LOAN COMPANY an internationally owned company from China.
This is in respect to the soft loan you took online from my client, after agreeing to the terms and agreement, of the loan and yet refused to clear up the loan For OVER A MONTH NOW
In line with lawful basis of THE 1999 CONSTITUTION OF THE FEDERAL REPUBLIC OF NIGERIA & CREDIT REPORTING ACT, 2017, We have 3 count charges:
1. Fraud
2. Negligence to communications
3. Tying down of the company’s business asset.
I JUST WANT TO GIVE YOU THIS BENEFIT OF DOUBT, IF THE DEBT IS NOT PAID TO MY CLIENT LATEST TOMORROW, FRIDAY(OCT. 8TH, 2021), our law firm will engage fair legal action in it’s full capacity which shall involve:
1. Forwarding customer’s profile to NATIONAL BUREAU OF STATISTICS. This means that he can’t get a visa at any embassy
2. The management will also get your NIN and ALL BANK account BLACKLISTED. which is why we took down your NIN number and the bank BVN.
3. Customer’s picture will be posted on MSM(Newspapers and TV) and also on SOCIAL MEDIA (FACEBOOK, TWITTER AND INSTAGRAM)
4. We have an arrest warrant already and court charges will follow afterwards in few days. PLS NOTE, If it gets to this, all money charged for this actions will be paid by customer as it’s binding by the law.
N.B: MAKE SURE TO FORWARD THE PROOF OF PAYMENT AFTER PAYING SO THAT YOU CAN BE CLEARED.
PalmCredit, other Loan Apps violating Google Policy
These are just few of degrading and blackmailing messages sent to borrowers all in the quest of recovering borrowed money aside threatening calls to relatives and contacts as well. We understand this is quite unetical and illegal and should not be continued in a sane society.
Mr Andy Akporugo, a renowned senior lawyer who manages his law firm in Lagos shared his views and legal perspectives with us as regards loan apps and platforms sending threatening and harassing messages to customers and their contacts unilaterally for alleged loan defaults.
Mr Akporugo has this to say: “It is wrong on many grounds. First, their (quick loan apps) existence and operations are largely illegal. Their interest rates are similarly illegal majorly under the Money lenders laws. The failure to pay loan is a contractual one remediable by action for recovery and damages but they employ methods of blackmail and libel towards recovery. They are all actionable wrongs but usually the owners of these quick loan companies are unknown or “miragy”. And the victims are mostly too embarrassed to seek remedy against them in court.”
On the strength of a court action against these lending platforms, Mr Akporugo adds: “Yes. Most certainly. But the strength or weakness of each case will depend on the actual action by each lender. These loan platforms take as much as 17% in 10 days! The money lenders law only allows 4% in 30 days maximum. Many wrongs, many many many wrongs, but they are mostly faceless and phony.”
The senior lawyer told us: “I received such a threatening message concerning a lawyer friend and the picture they added really made him look like a criminal. But it was for defaulting on N34,000.00k, and so he was too embarrassed to do anything. Everyone just said pay them let them go. I think that’s largely why they succeed and keep at it.”
Palmcredit Loan App: Reviews, Feedbacks and Customers and User Experiences
The feedback from the customer experiences of any online service platform is very vital. It’s even more important if the service has to do with money and finances. Palmcredit app with over 5 million downloads and 180,000 reviews and feedback, cannot be pushed aside. Today we shift our critical and analytical focus on this self acclaimed fast loan app.
Below are a few of the reviews on Palmcredit App:
Kingsley Ndaguba wrote on September 29, 2021
I have been using Palmcredit app until the 21st of September when after paying off my last loan offer & then reapplied for another loan which I never got but the system said loan has been disbursed. I forwarded my complains many times but nothing has been done. I can’t pay for a loan I never received. I even sent a copy of my bank statement as requested & they said they are working on it but nothing has changed yet this is really bad. I can only give one star at the moment until you fix this problem.
Emmanuel Ebong wrote on October 12, 2021
I cannot login to pay my loan. It shows incorrect password and later incorrect phone number. When I try to change the password it shows failed to upload picture. I feel very embarrassed about the application and today is the due date for payment. Please do something about it immediately or an account number should be sent to my phone number to enable me pay the debt.
Adam Yakub wrote on September 30, 2021
I regret using Palmcredit app to borrow money …after several transaction with them …there are days which I usually pay just the second or third day ..I lost my phone so I couldn’t login to the app ..on logging in i saw late fee payment which they already debited part of my account yet the late fee payment continue to increase despite the fact that have made several attempt at paying both the borrowed fee and the late fee payment ..yet the prefer to continue increasing …this app is totally bad
Dalvin Eyong wrote on October 12, 2021
App was excellent until recently. After building my loan to 50K limit,i tried to apply for a loan,i started having trouble logging in. Until i decided to uninstall and redownload. Only for the my loan limit to be dropped to 2000 naira. Mehnnn i am out of here since your system can not recognize me.. 2000 naira can not take care of the problem i want to solve.
Kofoworola Ayeriyina wrote on October 15, 2021
For More than 3 weeks now I can’t seem to log into my account . Have complained several times to your online customer care agents, followed steps I was instructed to use ,spoke through land line call. All to no avail.
Chinenye Samson wrote on September 29, 2021
At first, it was good, very easy to get loan, but to repay is a problem, 2 days before the due date, the app stop working till now, it’s very annoying, maybe you guys don’t need the money anymore, please fix this
Foresythe Emmanuel wrote on October 15, 2021
Poor Customer service. Made an offline payment but it hasn’t reflected in my account even after sending proof of payment, it takes about 4 hours before message can be replied on WhatsApp even after nothing was done and the loan was increasing, even sent email over 4 hours now, no response still
Solomon Cletus wrote on October 2, 2021
The app was good at first,after I was giving my first loan and which I paid back a week before the due date I then requested for another loan which has been disbursed but up till now I haven’t seen any credit alert on my phone,I really don’t know why.please you guys should fix this issue else I can’t pay for a loan I did not receive
Chief Sekegha Allison wrote on October 7, 2021
Your app is one of the worst i’ve come across. I’ve been trying to log in since Tuesday but its been stuck at agree and continue. Please do well to upgrade it or something.
Sufiyan Kitab wrote on October 9, 2021
This is so annoying, after filling all the necessary information, just for me to take a snapshot for face recognition, there wasn’t anywhere to captured and the system refused to captured me automatically. Seriously am tired.
Ademola Omoba wrote on October 16, 2021
What is going on, I wanted to pay a loan I received from you about a week ago and to my surprise, your app has logged me out and it keeps telling me wrong password when I tried to login and also tried doing forgot password and it’s saying…’Try too fast’ what is all this about.
Review on Palmcredit Customer Experiences
We investigated about feedback and customer experiences directly from Palmcredit facebook page and we were able to summarise the experiences below unedited.
1. Catherine Igbamosun Onaifo
Please I applied for a loan and I’m yet to be credited but the amount is already stating debit on my app. Please look into it.
Palmcredit
Hello Catherine,
Thank you for reaching out to us.
Please be informed that loans are disbursed within 24 hours from the time of application.
For further inquiries, please contact us on 017001000.
Thank you for choosing Palmcredit.
2. Akenkeglobal Ogunsina
I can’t not make repayment since yesterday. All efforts with 2 banks failed
Palmcredit
Hello Ogunsina. We regret the inconvenience experienced
Please state the challenge experienced on an attempt to make payment from the app
Alternatively, you can make payment directly into our bank account
Account Number : 0772692676
Account Name: TRANSSNET FINANCIAL NIG LTD – CONSUMING FINANCE
Bank: Access bank
Once repayment is made, please send us proof of payment/transaction receipt and your BVN linked phone number to repayment.ng.pc@transsnet.com
3. Eze Cosy
Hello palmcredit i have paid in my loan to ur account since last week Saturday becos ur app was not working and till now my app has not been updated rather its displaying delayed payment. 08037488980. Amount:#17,976.41
Palmcredit
We apologise for the delay. Please send the amount paid, date of payment and BVN linked phone number to repayment.ng.pc@transsnet.com for processing. Thank you for choosing Palmcredit.
4. Akewusola Taiwo Ahmed
I’m sending this email to you with regret, after paying back what I borrowed from you, i don’t know why you people are just removing money from my bank account at will, please how can I reclaim my money.
07084253338
Palmcredit
We apologise for the inconvenience experienced. We are unable to reach you via phone. Please send the amount paid, date of payment, BVN linked phone number and bank account details to palmcredit.service.ng@transsnet.com for a refund. Thank you for choosing Palmcredit.
5. Ify Edwards Akarachi
What is wrong with your app, didn’t see it on play store. Want to pay back my loan
Palmcredit
Hello Akarachi. We regret the inconvenience experienced
Alternatively, you can make payment directly into our bank account
Account Number : 0772692676
Account Name: TRANSSNET FINANCIAL NIG LTD – CONSUMING FINANCE
Bank: Access bank
Once repayment is made, please send us proof of payment/transaction receipt and your BVN linked phone number to repayment.ng.pc@transsnet.com
6. Oluwasegun Osunbanjo
Please a repayment was done yesterday at access bank. Name.. Osunbanjo Olatunji, phone number – 08181848484. I sent a message to the mail account but it still increased today. Please rectify.
Palmcredit
Your payment is currently being processed. Kindly ignore any increment you see. Your payment will be updated once payment is verified. Thank you.
7. Adetifa Damilola Christianah
Palmcredit is not functioning again but they are deducting any money that enter my account please help me find something to do about it
Palmcredit
Hello Christanah. We sincerely apologise for the inconvenience experienced. Please send your BVN linked phone number and summary of what your experience was to us via palmcredit.service.ng@transsnet.com for assistance. Thank you for choosing Palmcredit.
8. Chinonso
Why did you guys deduct 18k from my account when you loaned me 5k… how do you do your calculations to arrive at the amount?
Palmcredit
Hello Chinonso. We empathise with you. Please send your BVN linked phone number and complaint to us via private messenger to enable us assist you. Thank you.
Who Owns Palmcredit Loan App?
Palmcredit loan app is owned and managed by Newedge Finance Limited, who claim to be an international financial service company that focuses on inclusive personal lending available to erstwhile excluded members of the society in Nigeria. The company says it uses financial research to drive its product to all strata of society
and assisted by an in-house effective risk responsibility analysis to make recommendations for financial performance. However Palmcredit customer experiences are poor, flooded by terrible reviews and feedback.
How To Borrow Money from PalmCredit App?
The lending app through which it conduct its quick loans operations to borrowers is Palmcredit and hosted only on Google Play Store. Palmcredit app is not hosted on Apple Store which limits access for those on iOS devices. You can borrow money online with Palmcredit app without the need of collateral or documents. In paper, the platform claims their loan is instant with a flexible repayment plan and favorable interest rate, but how true is this in practice?
Palmcredit Contacts and Customer Service Information
Palmcredit App do not have a dedicated website for its operations and that to us is a red flag though the platform parent company, Newedge Finance Ltd has an unsecured website as shown below, another red flag for customers filling very sensitive billing information into their portal:
Palmcredit App has quite formidable contact details and social media prresence as shown below:
• Palmcredit available available 24/7 to assist you with your request
• Service Hotlines: 017001000 and 018888188 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Email: Palmcredit.support@newedgefinance.com
• Facebook : https://www.facebook.com/palmcredit/
• Linkedin: https://www.linkedin.com/company/palmcreditNG/
• Instagram: https://www.instagram.com/palmcreditofficial/
• Office Address: 45c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria
What is Loan Amount and Interest of Palmcredit Loan App?
The loan app also illustrates its product with a representative example as follows:
Loans Interest Rate for Palmcredit is 4% to 24%, Equivalent Monthly interest 4%~4.7%, while the Annual Percentage Rate (APR) on the app is 24%~56%. Maximum loan amount is N300,000.
How Do You Get A Loan From Palmcredit App?
1 Download and register an account
2 Fill out basic information and submit
3 Apply loan online and easy to get approved
4 Get your loan disbursed into your bank account.
Conclusion
Newedge Finance Ltd, please fix the problems with your loan app, improve not just your customer experiences and services, but also your app client user experiences.
