Do you need spare cash after injecting most of your funds into your business, or you are out of pocket cash? Or do you need ‘urgent 2k’ and would rather get it discreetly? Then palmcredit loan may be what you need. Just in case you haven’t previously known what it is, or you wonder what palmcredit is, let’s break it down.
Palmcredit is one of the fintech companies in Nigeria advancing soft loans to qualifying borrowers. If you think about the credit card companies in the western world that allows you some extra dollars monthly to pay back at a later date with some fees, Palmcredit is somewhat of a similar idea. It is not a credit card company, just that the idea could somehow be similar since they allow you access to a quick loan in minutes.
How do you get a palmcredit loan?
To get palmcredit loan, you simply have to download the palmcredit app, sign up, and apply.
The system automatically detects and calculates your creditworthiness based on your provided data and previous financial activities pulled from your BVN and other information you have provided.
Then, a loan amount is determined and offered. If you are fine by terms, you apply and a loan is almost immediately approved for you.
Why is your BVN required to access the palmcredit quick loan?
Of course, you have the right to wonder why your BVN is required to apply for this loan.
Of of the major reasons it is needed is because your BVN is your identity in the financial world in Nigeria. All of your financial activities are linked one way or the other to your BVN, so, it is makes sense that any reputable financial institution you’re looking to have dealings with have a look at your previous financial activities -and this is only possible via the BVN system.
Also, since your BVN is unique to you and your financial identity, it is a form of security to the financial institutions you have business with. So, should you default on the contract terms, they would be able to track you and demand you comply or face the penalties.
It is however important to note that you should only release your BVN to institutions you are comfortable with, and not only that, these financial institutions must be reputable and properly licensed by the CBN or the other financial regulators in the country. The safety of your BVN is your responsibility.
What do you need for Palmcredit sign up
For your palmcredit sign up, you simply need to get the palmcredit loan app installed on your android phone via the Google plays store.
Open the app click on register. Complete the form. Bind your BVN, to get your loan limit.
Apply for a palmcredit loan and wait for a response. It usually comes almost instantly.
If your loan application is successful, you may then withdraw to your bank.
How to pay your palmcredit loan
After you have got the loan, you want to pay it back before the due date so as not to face a penalty. So, how do you payback? Simply link your bank card. Fund your bank, and open your palm credit loan app.
Click on the ‘repayment’ button and select your preferred method to repay your palmcredit loan -in this case, via your bank card. The loan will be repaid instantly, provided there are enough funds in your bank account to repay the loan.
So, that is it. The palm credit loan is quick, reliable and trusted. However, you should always do well to repay your loans, this will help build your credit score, and with that, you can borrow higher loans both from Palm credit, and other lending services.