If you’ve ever searched for “quick loan apps in Nigeria,” PalmCredit is one of the first names you’ll see. But the question most people still ask is, is PalmCredit really a good app to borrow money from?
In this article, we’ll go through everything about the PalmCredit loan app, what users are saying in 2025, its major complaints, the pros and cons, and what you must know before using it to borrow money.
Overview of PalmCredit Loan App
PalmCredit is owned by Newedge Finance Limited, a licensed microfinance and digital loan company under the supervision of the Central Bank of Nigeria (CBN).
It’s available on both the Google Play Store and the App Store (as PalmCredit Plus). The app allows users to apply for instant loans ranging from ₦10,000 to ₦800,000 with repayment periods between 91 and 365 days.
You don’t need collateral or paperwork, just your smartphone, BVN, and a valid bank account. The app analyzes your credit history, income pattern, and phone data to determine how much you qualify for.
Is PalmCredit Legit or a Scam?
PalmCredit is legit, not a scam. It’s been operating in Nigeria since 2018 and has over 10 million downloads on Google Play alone. The company is registered under Newedge Finance Limited, which is CBN-approved.
That said, being legit doesn’t mean it’s perfect. Many users still complain about high interest rates, harsh recovery tactics, and limited customer support, which we’ll discuss below.
PalmCredit Loan Requirements (2025)
To qualify for a loan on PalmCredit, here’s what you’ll need:
- Nigerian resident aged 18–60 years
- Active phone number (linked to your BVN)
- Valid BVN
- Bank account for disbursement
- Smartphone with the PalmCredit app installed
Once these are ready, your loan can be approved in minutes, no collateral or physical documents required.
PalmCredit Loan Interest Rate and Tenure
PalmCredit uses flexible repayment plans. Below are the updated interest rates and terms for 2025:
| Category | Details |
|---|---|
| Loan Amount | ₦10,000 – ₦800,000 |
| Tenure | 91 – 365 days |
| Monthly Interest | 3% – 4.7% |
| APR (Annual Percentage Rate) | 24% – 36% |
| Late Payment Fee | 1% – 1.5% daily |
Example:
If you borrow ₦50,000 for 6 months at 4% monthly interest:
₦50,000 × 4% × 6 = ₦12,000 interest
Total repayment = ₦62,000
PalmCredit also adds a small service charge depending on your loan term, but there are no hidden rollover or transaction fees.
What Makes PalmCredit Good for Borrowing
- Instant Approval – You can apply and get money in your account within minutes.
- No Collateral – You don’t need any guarantor or property.
- User-Friendly App – The interface is clean and easy to navigate.
- Flexible Repayment—Terms range from 3 months to 12 months.
- Credit Limit Growth – Repaying early increases your credit limit up to ₦800,000 or ₦1,000,000 (on PalmCredit Plus).
- Transparent Interest Display – The app shows your total repayment before you confirm any loan.
Common Complaints About the PalmCredit App
Even though PalmCredit is fast and reliable, it has its downsides. Here are the main issues users have reported in 2025:
- High Interest Rate: Some users say the interest feels too high for short-term loans.“I borrowed ₦30k and repaid ₦36k in less than two months—too expensive.”
- Aggressive Recovery Messages: Defaulting users sometimes receive threatening calls or texts.“They sent me messages like ‘Your BVN will be blacklisted.’ It’s not friendly.”
- Customer Care Delay: Their response time on email or hotline can be slow during busy periods.“Tried reaching support for three days—no reply until I tagged them on Facebook.”
- Short Loan Duration: Some users want longer repayment options beyond 3 months.“I got ₦20k, but repayment was just 60 days. Would’ve been better with 4–6 months.”
- Inconsistent Credit Limit: Some users complain their limit reduces suddenly after repayment.
Verified User Reviews (2025)
Here’s a mix of real user feedback from Google Play and other forums:
Positive Reviews:
- “I’ve been using PalmCredit since 2022. They are fast and reliable. Once I repaid early, my limit moved from ₦15k to ₦100k.”
- “Perfect app for emergency funds. Got ₦50k in 10 minutes.”
- “Very easy to use. I like that they show my total interest before approving.”
Negative Reviews:
- “Their interest is too high. I borrowed ₦10k and repaid ₦12k.”
- “Recovery agents can be rude when you delay payment.”
- “The support team needs to improve—I had to message them on Instagram before they fixed my issue.”
Is PalmCredit Safe?
Yes, PalmCredit is secure and verified. The app uses strong encryption to protect your data. However, always download only from official stores, never from third-party links or WhatsApp groups to avoid fake or hack versions.
They also clearly state in their policy that they don’t access private contacts or share BVN details with others, though users are advised to read their permission list before installation.
How to Contact PalmCredit Support
If you ever have issues with repayment, credit limit, or login, here’s how to reach them:
- 📞 Customer Care Number: 017001000
- 📧 Email: support@newedgefinance.com
- 📍 Office Address: 17 Oguchi Okorie Street, off AIT Road, Lagos
- 🌐 Website: https://web.newedgefinance.com/palmcredit-en.html
- 💬 Facebook: facebook.com/palmcredit
Final Verdict: Is PalmCredit Worth It?
Yes, PalmCredit is a good option for urgent loans, especially if you need quick money without collateral. The process is smooth, legitimate, and trusted by millions of Nigerians.
However, it’s not for everyone. If you can’t repay on time or you’re sensitive to high interest, you might want to look for lower-interest microfinance options like Renmoney or FairMoney.
FAQs on PalmCredit Reviews and Complaints
1. Can I borrow again after repaying?
Yes. Once your repayment is confirmed, you can reapply immediately, often with a higher limit.
2. How long does it take for PalmCredit to approve a loan?
Usually within 5–10 minutes, depending on network and verification.
3. Can PalmCredit block my BVN?
They can only report your BVN for default to the credit bureau, not block it directly.
4. Is PalmCredit interest high?
It’s higher than traditional banks but still fair for online microloans. Rates range from 3% to 4.7% monthly.
5. What if I can’t repay on time?
You can use the Extend Repayment Date feature or contact customer support for a flexible arrangement.
