These days, nobody wants to queue or start filling out forms before collecting a small loan again. Everything is now fast and digital, and that’s why apps like Alend, CashX, and PalmCredit have become very popular in Nigeria.
If you’ve been hearing about PalmCredit and you’re wondering how to create an account or start using the app for quick loans, this guide will walk you through everything step by step, from download and registration to how it works.
PalmCredit is one of the few legit loan apps approved by the Central Bank of Nigeria (CBN) through Newedge Finance Limited, and they’ve been helping thousands of Nigerians get fast loans without collateral or paperwork.
So before you rush to borrow, take a few minutes to read this, you’ll understand how PalmCredit works and how to use it safely to avoid any issues later.
You can also check our other detailed guides on the Lapo Microfinance Loan, the Renmoney Mobile App Loan, and the AidaCredit Mobile App Loan to understand how each works before you apply for any loan.
About the PalmCredit App
PalmCredit is a trusted online loan platform owned by Newedge Finance Limited, licensed by the Central Bank of Nigeria (CBN).
It allows Nigerians to borrow money instantly with no collateral or paperwork, all from their smartphone.
The app is lightweight (about 20 MB), easy to use, and has over 10 million downloads on Google Play with a 4.5 rating from over 200,000 reviews.
Users can borrow up to ₦800,000, and repayment terms range from 91 days to 365 days depending on your loan amount and history.
Why Choose PalmCredit?
- Borrow between ₦10,000 and ₦800,000 instantly.
- No collateral, no hidden charges, and no paperwork.
- Fast approval, get the loan credited within minutes.
- Flexible repayment between 91 and 365 days.
- APR (Annual Percentage Rate) ranges from 24% to 36% depending on your credit score.
- Low service charge and no rollover fees.
- Build your credit limit when you repay early.
How to Create an Account on the PalmCredit App
Follow these simple steps to set up your PalmCredit account and access quick loans:
Step 1 – Download the App
- Go to the Google Play Store and search for “PalmCredit – instant loan online.”
- Click Install and wait for the download to complete.
- Open the app once installed.
Step 2 – Register Your Phone Number
- Click on “Register / Login” on the homepage.
- Enter your mobile number (must be linked to your BVN).
- Tap Get Verification Code—you’ll receive an SMS or voice call with a 4-digit code.
- Enter the code to verify your number.
Step 3 – Fill Out Basic Details
- Provide your full name, date of birth, BVN, and valid ID (NIN, driver’s license, or international passport).
- You’ll also need to input your bank details (account number and bank name) for loan disbursement.
Step 4 – Submit for Credit Check
- PalmCredit uses your BVN and phone data to determine your credit score.
- Once you submit, the app runs an instant background check to know your borrowing limit.
Step 5 – Get Your Credit Limit
- If approved, you’ll see your available loan limit (usually starts from ₦5,000–₦30,000 for new users).
- This limit increases automatically as you repay on time.
Step 6 – Start Using PalmCredit
- After creating your account, you can now apply for a loan, check your repayment history, or access your credit score directly from the app.
Loan Example and Interest Breakdown
If you borrow ₦100,000 for 6 months, PalmCredit charges about 3% monthly interest, which means:
- Interest = ₦18,000
- Total repayment = ₦118,000
- APR = 36%
If you borrow ₦10,000 for 3 months, the total repayment is about ₦11,200 depending on your score.
PalmCredit App Requirements
To successfully create an account and get approved, you must:
- Be a Nigerian resident aged 18–60 years.
- Have a valid BVN and linked phone number.
- Have an active bank account.
- Use a smartphone (Android 5.0 and above).
PalmCredit App Features
- Instant Loan – get approved and disbursed in minutes.
- Account Dashboard – see available limit, repayment, and history.
- Auto-Repay – repay automatically on the due date.
- Credit Boost – complete tasks to increase your credit limit.
- Support—in-app chat and email support for help anytime.
FAQs (Frequently Asked Questions)
Q1: How long does it take to get approved?
Usually within minutes. Once your BVN and phone number are verified, your first loan can be approved instantly.
Q2: Can I create more than one account?
No. PalmCredit allows only one account per BVN and phone number.
Q3: What are the minimum and maximum loan limits?
₦10,000 minimum and ₦800,000 maximum (depends on your credit record).
Q4: Can I apply for another loan while one is still running?
You must repay your current loan before applying for another, except for users eligible for top-up.
Q5: Does PalmCredit work on iPhone?
Yes. The iOS version is called PalmCredit Plus, available on the App Store.
Conclusion
PalmCredit remains one of the most trusted loan apps in Nigeria for instant online loans without collateral.
The registration process is straightforward and doesn’t take more than a few minutes.
Once you have your BVN, valid ID, and smartphone, you’re good to go.
Just ensure you repay on time and build your credit record, and PalmCredit will keep increasing your loan limit and reducing your interest over time.
