If you choose a 6-month loan and borrow NGN100,000,Plamcredit charges an interest rate of 4% per month.
Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of NGN24,000.Total amount payment is NGN124,000.
This is a Loan Example of a mobile loan app in Nigeria called PalmCredit. We started with its loan example because we want you to see how the loan app works.
What is PalmCredit?
PalmCredit is a virtual credit card that makes it easy for you to access a loan anytime and anywhere. Palmcredit offers loans of up to. ₦100,000 within minutes on your mobile phone.
How much loan Amount does PalmCredit offer for its users?
The amount you can borrow from Palmcredit ranges from 10,000 NGN to 300,000 NGN with no collateral.
Who can apply for PalmCredit instant loan online?
If you are between 18 and 60 years old and a Nigerian citizen, then you may apply for a loan.
1. An applicant of PalmCredit loan should be between the age of 18 to 60 years
2. You should also be a Nigerian citizen
3 Have a source of monthly income
With this, you can access a loan easily and faster without stress.
What is the Loan interest rate of PalmCredit?
If you’ve considered using PalmCredit loan app to borrow money in time of need, they charges you on average 14% – 24% which on a Monthly basis equates 4.6% Interest rate for any Amount of Loan you take, if you take a loan of N100,000 for an average of 180 Days, you will be entitled to pay back a 24% interest rate which equals N24,000
Their Annual Percentage Rate (APR) is 56.78%.
How to Contact PalmCredit
When the need arise to contact PalmCredit, here’s the Customer Care on +234 700 7256 4357 if you run into problem applying for a Soft Loan through their App.
Most times you might be having issues repaying or making inquiries. Their Calling times are 8am to 5pm, Mondays through Fridays.
How to apply for PalmCredit?
- Download the palmcredit app on Google Play Store ( Click here to download the PalmCredit app)
- Register for an account
- Complete your application by filling in your personal information
- Apply for a loan
- Getting Loan Approval
- Lastly getting your Loan Disbursed to your Account
How to Repay Palmcredit Loan
- Open the Palmcredit app on your phone.
- Find and click on “Repayment”
- Then choose “Repay Only” or “Repay and Re-loan”.
- Click on “Confirm”
- Now, choose from the available repayment options that includes
To this end, I think you can easily borrow money from Palmcredit based on the guide given.
Moreover, there’s a related loan app (GOCASH) in Nigeria that you can try your hands on.
GoCash loan app
This is a mobile application that users can download , connect their financial source ( bank or mobile wallet ) and use their agents for withdraw / deposits in their bank account
How much loan Amount does Gocash offers for Borrowers?
The amount you can quickly obtain from Gocash starts from ₦5,000 to ₦300,000
When to Repay Gocash Quick online loan?
When you borrow from Gocash, you are entitled to make repayment between the period starting from three to six months (90 days to 180 days)
What is the interest rate of Gocash loan?
the interest ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%.
If you borrow ₦1,000 by choosing a 6-months loan term, GoCash charges an interest rate of 4.4% per month. And the interest rate is 26.4%, you would be charged ₦263 as the interest for a 6-month repayment period. The total amount of repayment is ₦1,263.
How to apply ?
Qualify for a loan and the requirements listed above, to borrow money from Gocash is very simple
- Download the GoCash app (scroll down to agree to the terms and conditions of the app ).[ Click on the link to download the app]
- Sign up/Register a new account.
- Now, click on the “Borrow” button.
- Then, fill in the required information accurately.
- Now, enter the amount you would like to loan.
- Enter your preferred loan term/duration.
- And the loan will be credited into your bank account if your application is accepted. You can try again if it was rejected
GoCash online loan Requirements
- Age: You must be at least 18 years old to apply for a loan.
- BVN (Bank Verification Number): You will need a valid BVN card.
- Source of Income: You are required to provide proof of a stable source of income.
- Bank Account: You must have an active bank account in your name.
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