When it comes to borrowing money online, PalmCredit has grown to become one of the most trusted microfinance loan apps in Nigeria. But many users still don’t understand how to extend their repayment date or calculate the exact interest on the amount they borrow.
That’s why this article will walk you through every detail about how to increase your loan repayment date on the PalmCredit app, how the interest rate calculator works, and what you should know before applying for another loan.
How PalmCredit Loan Works in 2025
PalmCredit is operated by Newedge Finance Limited, a licensed finance company under the Central Bank of Nigeria (CBN). The app allows Nigerians between 18 and 60 years old to borrow money instantly using just their smartphone and BVN.
You can borrow between ₦10,000 and ₦800,000, depending on your credit score and repayment history. The loan tenure ranges from 91 to 365 days, and everything, from application to disbursement, happens within minutes once you’re approved.
There is no need for collateral or guarantors. All you need is a valid phone number, BVN, and bank account.
How to Increase Your Loan Repayment Date on PalmCredit
Sometimes, emergencies or salary delays can make it hard to repay your loan on the due date. The good news is that PalmCredit gives room to extend your repayment period, though there are a few things you must understand before doing that.
Here’s how to do it step-by-step:
- Open the PalmCredit app on your Android or iOS phone.
- Log in to your account using your registered number.
- Tap on “My Loans” to view your active or pending loan.
- Select “Repay Now,” then check if there’s an option labeled “Extend Repayment” or “Increase Date.”
- If available, click it. You’ll see a breakdown of how many extra days you can get and what the new interest rate or penalty will be.
- Confirm and make the partial payment (if required). Your repayment date will automatically move forward in the app.
Note: If your loan is already overdue, PalmCredit may not allow a date extension until you clear part of the overdue balance. It’s always better to apply for the extension before your due date.
Tips to Get a Longer Repayment Period
If you’ve been using PalmCredit for a while and you want to qualify for longer repayment terms, follow these simple tricks:
- Repay your loans early: Early repayment improves your credit score and helps unlock the 180–365-day limit.
- Complete all in-app “credit tasks”: PalmCredit sometimes gives users missions like “repay on time for 3 months” or “update BVN details.” Completing them can unlock better limits and flexible dates.
- Avoid overdue penalties: Once your loan is overdue, your account may be temporarily frozen from getting an extension.
- Build your credit level: PalmCredit has ranks such as Bronze, Silver, Gold, and Diamond. The higher your rank, the longer repayment terms you’ll get next time.
PalmCredit Interest Rate Calculator
PalmCredit doesn’t have a separate calculator inside the app, but the interest rate is always displayed before confirming your loan. Still, it’s important to know how to calculate it yourself so you can plan your repayment.
Loan Details (as of 2025):
- Loan Amount: ₦10,000 to ₦800,000
- Repayment Tenure: 91 to 365 days
- Monthly Interest Rate: 3% – 4.7%
- Annual Percentage Rate (APR): 24% – 36%
- Late Payment Penalty: 1% – 1.5% daily (after due date)
Example Calculations
- If you borrow ₦50,000 for 6 months (180 days):
- Monthly rate = 4%
- Total interest = ₦50,000 × 4% × 6 = ₦12,000
- Total repayment = ₦62,000
- If you borrow ₦100,000 for 3 months (91 days):
- Monthly rate = 3.5%
- Total interest = ₦100,000 × 3.5% × 3 = ₦10,500
- Total repayment = ₦110,500
- If you borrow ₦10,000 for 1 month:
- Monthly rate = 4%
- Interest = ₦400
- Total repayment = ₦10,400
The longer your loan period, the higher the total interest, even if the monthly rate stays low.
Can You Reduce the PalmCredit Interest Rate?
Yes, but not directly. PalmCredit rewards good users with lower rates and higher credit limits over time. Here’s how to qualify for a rate reduction:
- Keep a clean repayment history.
- Repay early or on the exact date, this signals reliability.
- Verify your BVN, NIN, and personal info correctly.
- Avoid having any unpaid or overdue loans.
The app automatically reviews your credit behavior after each loan. Once your level increases, you’ll notice the interest rate dropping slightly in your next loan offer.
Things to Know Before Extending Your Repayment Date
- PalmCredit might charge a small service or penalty fee when you extend your repayment date.
- Extensions are not unlimited—you can only extend a loan once per cycle.
- If you delay repayment beyond the new due date, your account could still be reported to the credit bureau.
- Always check the updated interest before confirming your extension.
FAQs on PalmCredit Loan Extension & Interest
1. Can I change my PalmCredit due date after borrowing?
Yes, but only before the due date. Once the loan is overdue, the system locks automatic extensions.
2. Will I pay extra for increasing my repayment date?
Yes, a small penalty or extra interest is usually added for the extra days you take.
3. Can PalmCredit automatically deduct from my account?
Yes. If your card or account is linked, the app can auto-debit once it’s due. Always make sure your account has enough balance.
4. Does PalmCredit reduce interest if I repay early?
Yes. Early repayment helps build your credit score and can qualify you for lower rates in your next loan.
5. What happens if I ignore repayment messages?
The app will first send reminders, then may restrict your credit limit or report you to the credit bureau. It’s better to communicate with customer support before things escalate.
Final Thoughts
Extending your repayment date on PalmCredit is not difficult, but you must do it early and responsibly. Understand your interest rate before applying and use the calculator method to estimate your repayment amount. Remember, your repayment behavior today determines your future loan limit and interest rate.
