People need loans for various purposes. Most of the time, it’s for business or home needs. There are various ways by which Nigerians can source for loans but securing loans is often not very easy due to the factors involved. These factors include repayment date/time frame, interest rate, collateral etc. Some loan givers like banks do require more legal incentives and all of this makes it difficult for one to get an instant loan.
Nevertheless, there are loan platforms for Nigerians who need quick loans. One of such platforms is Palm Credit. Here, you will find out how to apply for a quick loan in Nigeria with Palm Credit.
What is Palm Credit?
Palm Credit is an online loan platform for Nigerians who need fast cash and instant loans. The platform is available as a mobile application which is only available to Android devices. With its quick and responsive interface, you’ll find it very easy requesting loans with Palm Credit.
The loans available on Palm Credit are flexible. This means that you can select your preferred loan size and payment duration. Also, Palm Credit offers relatively low interest rates compared to what you get from banks and other financial institutions. The interest rates available are as low as 4% per month.
Palm Credit allows multiple loans simultaneously so long as they do not exceed your credit limit. No transaction fees or rollover fees are charged, you only pay back your loan along with the interests at the selected period. As a Palm credit user, you can make money via bonuses by referring others to use the mobile app. You can earn up to N80,000 cash.
How to apply for a Palm Credit loan
To apply for a Palm Credit loan, you need to;
- Be up to 18
- Own a bank account
- Own an Android smartphone
Follow the below steps if the above requirements are met;
- Download the Palm Credit app from the Google Play Store.
- Register an account by entering all required details (Your bank details are the most important)
- Apply for your desired loan
- Wait for your application to get approved
- The money gets paid into your bank account upon approval
- Repay your loan when due
Here are the application factors involved with requesting for a Palm Credit Loan;
- Loan Amount: minimum of N2,000 and maximum of N100,000
- Loan Duration: minimum of 91 days and maximum of 180 days.
- Loan Interest Rate: minimum of 4% and maximum of 4.7% per month
Now you can apply for quick loans with Palm Credit. The platform is recommended by many Nigerians who have used it with 4.1 out of 5 star ratings from over 60 thousand people. The major fall back is that Palm Credit is yet to launch an iOS mobile app so iPhone users in Nigeria cannot request for loans. Hopefully, this will be fixed soon.