A mobile lending platform called PalmCredit gives Nigerians quick and simple access to credit. Transnet Financial, one of Nigeria’s top fintech firms, is the parent company of PalmCredit. Loans from NGN1,000 to NGN300,000 are available from PalmCredit with repayment terms ranging from 91 to 365 days. Since PalmCredit loans are unsecured, you can apply for one without putting up any security.
You only need to download the PalmCredit app and set up an account to apply for a loan through the service. You can apply for a loan after creating an account by giving some basic details about yourself, including your name, email address, phone number, and employment situation.
PalmCredit will use this data to evaluate your creditworthiness. and figure out how much you are qualified to borrow. Within 24 hours of receiving approval for a PalmCredit loan, the money will be wired to your account. The loan can then be repaid over a maximum of 12 months.
On its loans, PalmCredit assesses interest rates ranging from 24% to 56% annually. Each loan application is subject to a processing fee of NGN 1,000 from PalmCredit.
The quick and simple application process, the moderate interest rates, and the flexible repayment options of PalmCredit have all received praise. PalmCredit has faced criticism for both its high-interest rates and aggressive marketing tactics, though.
In general, Nigerians who require quick and simple access to credit should consider PalmCredit. The USSD code for PalmCredit is 225500*0#. Simply dial the code on your phone and follow the instructions to use it. You can view the status of your loan, look up your repayment schedule, and send a payment.
How to use the PalmCredit USSD code
- On your phone, enter 225500*0#.
- Specify your PalmCredit PIN here.
- Choose the choice you want to make.
- Heed the directions
The following should be considered when using the PalmCredit USSD code:
- To use the code, you must have a PalmCredit account.
- To use the code, you must have your PalmCredit PIN on hand.
- If you are not using a Nigerian mobile phone number, the code might not function
The procedure for obtaining a loan from Palmcredit
- In the interim, you must make sure that all of your paperwork is in order and that you are eligible for the loan.
- Use the Google Play Store to download the Palmcredit loan app, or go to the company’s official website and follow the download instructions there.
- Sign up for the app. Launching the app and entering the necessary data, such as name, phone number, and email address, will enable you to do this.
- Fill out the loan application form to request a loan. You can do this by adhering to the on-screen instructions.
- The management team will accept your application once they determine that you are qualified. And if the situation is the opposite, you will be rejected.
Palmcredit will immediately release your funds after approving your loan, which takes only a few minutes. The PalmCredit USSD code can be used to check the status of your loan, as well as the amount obtained, the interest rate, and the plan for repayment. The code can be used to check your installment payment schedule and the dates of each installment’s due dates.