Palmcredit Loan 2023: How to Borrow, Interest Rate & USSD Code

If you’re in Nigeria and need urgent cash without the hassle of documentation, Palmcredit is a well-known lender that might catch your attention. This blog post offers an honest review of the Palmcredit loan app, covering its loan offerings, requirements, application process, interest rates, fees, customer service, and more. Let’s dive in and explore the features and benefits of Palmcredit loans.

About Palmcredit Loan:

Palmcredit is one of Nigeria’s oldest and most popular loan apps, providing easy and quick credit to eligible borrowers. Owned by Newedgefinance, the app offers personal loans of up to ₦300,000 without the need for collateral or a guarantor. With flexible repayment terms and a straightforward application process, Palmcredit has gained a loyal customer base.

Features and Benefits of Palmcredit Loans:

  • No collateral required: Palmcredit offers unsecured personal loans, eliminating the need for collateral.
  • Quick approval and disbursement: Loans are approved within 24 hours, and funds are disbursed shortly after approval.
  • Flexible repayment options: Borrowers can choose a repayment plan that suits their budget.
  • Competitive interest rates: Palmcredit provides competitive interest rates compared to other lenders in Nigeria.

Palmcredit Loan Requirements:

To be eligible for a Palmcredit loan, you need to meet the following criteria:

  • Be at least 18 years old.
  • Have a valid ID card.
  • Possess a valid bank account.
  • Have a source of income.
  • Provide a phone number to receive confirmation SMS.

Palmcredit Loan Application Process:

Applying for a Palmcredit loan is a simple and online process. Here are the steps:

  1. Download the Palmcredit App from Google Play Store or App Store.
  2. Register an account with your email address or phone number.
  3. Click “Apply for Loan” and fill out the loan application form.
  4. Select your desired loan amount and view the associated interest rate.
  5. Provide your personal and financial details, including bank account number, email/phone number, address, employment status, and income.
  6. Set up your preferred repayment plan, ranging up to 365 days.
  7. Review your application details and submit it for review.
  8. Palmcredit will notify you of the outcome within a few minutes to an hour. If approved, the funds will be disbursed to your bank account shortly after.

Palmcredit Loan Interest Rates and Fees:

Interest rates for Palmcredit loans range from 14% to 24% per month, with an APR of 24% to 56%. There are no hidden fees for loan application, processing, or disbursal. However, a penalty fee may be charged on outstanding loan balances beyond the due date, so timely repayment is important.

Palmcredit Customer Service and Support:

Palmcredit offers responsive and friendly customer service through various channels like phone, email, and phone numbers. However, they do not have a dedicated website to provide detailed information about their offerings.


Palmcredit is a reputable loan app in Nigeria, offering quick cash loans without the need for collateral. With competitive interest rates and flexible repayment options, it serves as a reliable source of emergency funds for many Nigerians. Just remember to meet the eligibility criteria and repay the loan on time to avoid any additional fees.

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