Palmcredit is one of the loan apps that are providing easier access to loans compared with commercial banks in Nigeria. While many of them have come under heavy criticism in recent times, especially based on their unconventional means of loan recovery, many Nigerians continue to patronise them for emergency fund needs.
For a fact, the operation of loan apps such as Palmcredit has been the saving grace for many Nigerians facing financial difficulties. Yet, it has not been all rosy for users when it comes to the functionalities of the app that gives them access to instant loans.
But first, the Palmcredit app has many things going for it. One is the fact that the app is very light at 9.6 MB, thus fast to download and occupies less space on the users’ phones. The blue and white design of the app also looks beautiful and the interface is quite easy to navigate.
It is not surprising that the app has been downloaded over 5 million times by Nigerians seeking easy and instant loans. Surprisingly, the app is not available on the Apple Store, meaning that only Android users can use it.
Accessing credit on the app
To access credit on the app requires registration on the app after download. During registration, you will be required to provide:
- Your personal details
- Your Biometric Verification Number (BVN)
- Your Bank Account Details
- Your phone number
- Your occupation
In addition, you may have to verify your phone number. Palmcredit will send a code to your mobile phone. All you have to do is input the code in the app to complete the verification process.
After these, you can then apply for a loan. According to the company, users can get an instant loan ringing from NGN10,000 to NGN300,000 and the app offers a flexible repayment between 91days to 365days.
Interest rate
Palmcredit’s monthly interest rate ranges from 4%-4.7% while Loans Interest Rate ranges from 14%-24%. The Annual Percentage Rate (APR) on a Palmcredit loan is 48%-56%.
Users’ complaints
While this app continues to meet the financial needs of many Nigerians, the user experience on the app has not been 100% smooth. Some of the complaints by the users include unauthorised debits on their accounts and app showing debt even after the lender has paid their loans.
Some are frustrated that their accounts were being debited even after their loans had been paid, while customer care kept shifting days to resolve the issue. For others, their grouse is that the app has not kept to its promise of extending their credit limit beyond N35,000, despite being faithful users for more than two years and the app’s promise of up to N300,000 loan for its customers.
The app is also being criticized for increasing its interest rate arbitrarily. However, the app’s customer care response to such complaints has been that “the interest rate is generated by the system based on your credit score.
Bottomline
Going by the large number of downloads at over 5 million and a 4.3 rating by 171, 947 users of the app, it is safe to say that Palmcredit is meeting the needs of its customers. However, the app will need to be more transparent about its loan offers. Users also need to be well acquainted with its interest rate mechanism beforehand, rather than explaining the terms after loans have been taken and deductions have been made.
The is a fraud loan app called kashcash, strong believe this loan app should be shut down by Government. When you download the app and registered the app will display the amount you can borrow and before You know it they will deposit 50% of that amount into your bank account and ask you to pay the full borrowable amount and interest..example or in my case they display 12,000 and as i was searching thru to see their interest rate, i just received 7800 in my account without requesting for the loan and i was now told to pay 12,500 back in 7days…that is what they do at kashcash and they must be stoped…thanks
Hello sir/ma have you paid them back because it happened to me and i swearugad I’m not planning to pay for their scam.
This happened to me on Palmcredit too
Is palmcredit the same thing as newcredit