The truth is that borrowing money online in Nigeria has become very common, and the good thing is that most of the apps offering these loans are now more transparent than before. Still, not every app is reliable, which is why it’s always best to go for verified ones that are properly registered under the Central Bank of Nigeria (CBN).
Your best move should always be to check from a verified site like TechManly, where we share real reviews from users and verify every microfinance bank or loan app before writing about it. Many of these apps are good but can turn strict once you delay repayment after your grace period and we’ve also hear about loan apps disbursing amounts for people that didn’t borrow from them directly, like an app glitch.
You can also check our other detailed guides on FairMoney Loan, Alend Loan App, and AidaCredit Loan App to understand how each one works.
In this post, we’ll walk you through how to borrow money from PalmCredit, the loan requirements, and everything else you need to know about it.
About PalmCredit Microfinance Loan App
PalmCredit is one of Nigeria’s most popular online loan platforms, operated by Newedge Finance Limited, a company licensed and regulated by the Central Bank of Nigeria (CBN). The app is mainly available on the Google Play Store (Android) and has a newer version for iPhone users called PalmCredit Plus.
PalmCredit allows users to borrow money instantly without collateral or long paperwork. All you need is your smartphone, BVN, and a valid bank account. The entire process takes only a few minutes, from registration to disbursement.
PalmCredit Loan Features
- Loan Range: ₦10,000 – ₦800,000
- Repayment Term: 91 to 365 days
- Interest Rate (APR): 24%–36% yearly
- Collateral: Not required
- Hidden Fees: None (no transaction or rollover charge)
- Processing Time: Within minutes after approval
PalmCredit’s biggest advantage is its flexibility, the more you repay on time, the more your credit limit increases, and your interest rate drops with time.
PalmCredit Loan Requirements
Before applying, make sure you meet the following basic conditions:
- Must be a Nigerian resident.
- Age limit: Between 18 and 60 years old.
- Have a valid BVN (Bank Verification Number).
- Have a working smartphone and internet connection.
- Must have a linked bank account in your name.
No guarantor or collateral is required, and first-time users usually get smaller limits (₦10,000 – ₦35,000) before their credit grows with time.
How to Create a PalmCredit Account
Creating an account on PalmCredit is very simple and takes only a few minutes.
Steps to register:
- Download the app from the Google Play Store (search for PalmCredit—instant loan online).
- Open the app and tap on “Create Account.”
- Enter your phone number (must be linked to your BVN).
- You’ll receive a 4-digit verification code—input it to verify your phone.
- Fill in your personal details—name, date of birth, ID number (NIN, driver’s license, or passport), BVN, and bank account.
- Tap Submit, and your PalmCredit profile will be created instantly.
How to Borrow Money on the PalmCredit App
Once your account is set up, you can apply for a loan right away. Follow these steps:
- Log in to the PalmCredit app.
- On the home screen, you’ll see your available credit limit.
- Tap “Get Loan”.
- Enter the amount you want to borrow (within your limit).
- Choose your repayment period (between 91 and 365 days).
- Review the loan terms and tap Submit.
- Once approved, the loan will be sent directly to your bank account in a few minutes.
PalmCredit usually approves instantly if your BVN and data history show a good credit record.
PalmCredit Loan Terms and Interest Rates (2025 Update)
PalmCredit loans are straightforward with clear breakdowns inside the app before approval.
Here’s an example of how the interest rate works:
- If you borrow ₦100,000 for 6 months, PalmCredit charges 3% monthly.
- That’s 18% total interest for 6 months.
- Your total repayment will be ₦118,000.
Quick breakdown:
Loan Amount Duration Interest Total Repayment ₦10,000 91 days ₦1,000 ₦11,000 ₦50,000 180 days ₦9,000 ₦59,000 ₦100,000 365 days ₦18,000 ₦118,000
Interest rates may slightly differ based on your credit score and repayment history.
PalmCredit Loan Disbursement and Repayment
Once approved, the money goes directly into your bank account.
For repayment, PalmCredit provides different options:
- In-App Payment:
- Open the PalmCredit app and tap Repay Loan.
- Choose your loan and tap Repay Now.
- Pay via your debit card or PalmCredit wallet.
- Bank Transfer:
- Each loan has a unique PalmCredit account number shown inside the app.
- Send the exact repayment amount there.
- Auto Debit:
- If you added your card during setup, PalmCredit will automatically deduct your repayment on the due date.
PalmCredit Loan Approval Tips
If you want your loan to get approved faster or get a higher amount:
- Always use your real BVN and correct information.
- Ensure your phone number matches the one used for your bank and BVN.
- Repay previous loans before or on time.
- Avoid applying multiple times a day; it can delay approval.
FAQs About PalmCredit Loan
Q1. How long does PalmCredit loan approval take?
Approval usually takes less than 5 minutes once you complete your registration and apply.
Q2. Can I borrow again after repaying?
Yes. As soon as you repay fully, your credit limit increases automatically, and you can borrow again immediately.
Q3. Is PalmCredit a real and safe loan app?
Yes, PalmCredit is operated by Newedge Finance Limited, a licensed CBN financial institution.
Q4. What happens if I don’t repay my loan?
PalmCredit will add penalty fees, report your BVN to credit bureaus, and restrict you from future borrowing.
Q5. Can I use PalmCredit without BVN?
No, BVN is required for verification and loan disbursement.
Conclusion
PalmCredit has built a strong reputation as one of Nigeria’s most reliable and fast loan apps. It’s easy to use, requires no collateral, and gives instant approval if your details are correct.
If you’re a first-time user, start with smaller amounts, repay early, and build your credit score, that’s how to qualify for higher loans and lower interest rates later.
