PalmCash Loan App Review: Personal loan apps in Nigeria
PalmCash is a Personal Loan Platform which offers short-term credit without collateral to Nigerian mobile users. The app operates 7*24 & completely online. The application process takes just a few steps with minimal documentation and the approved loan amount will be immediately transferred to your applicant’s bank account
PalmCash makes banking and loan application easy for both banked and rural Nigerians by providing collateral free and 100% online loans. No paperwork, with just your mobile phone and a few documents you can access revolving loans with higher amounts every time you repay.
How to Download and Apply for PalmCash loan?
To get a PalmCash loan, all you need to do is:
- Download and install the PalmCash Loan App from Google play store
- Register for an account using your 11 digit BVN number
- Provide some information about yourself.
- Verify your identity and that the information you’ve entered is correct.
- Bind your ATM card to your account with N20.
- Get money sent directly to your bank account.
What are the requirements for a customer to get a PalmCash Loan?
- Be a Nigerian citizen or legal Resident.
- Be between the ages of 20-55 years old.
- Have a Monthly income source.
PalmCash loan interest rate?
All PalmCash Loan attracts an interest charge of 1.083% charged once and a facilitation fee of 5% of the amount borrowed for a term of 30 days.
For example:
If a customer borrows ₦10,000 for 180 days (6 months), the APR is 18%
So the total Interest would be 10,000 NGN 18%180/365 = 887 NGN.
The monthly payment would be (10,000 NGN +887 NGN )/6 = 1,962 NGN.
The total repayment amount would be 10,887 NGN.
Is PalmCash loans legit?
Yes PalmCash loans are legit and the app does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s reviews on play store before you apply for a loan.
What PalmCash can improve?
The loan interest rate on the app is extremely high especially for first time borrowers. The app can also trick borrowers into taking the extremely high interest. for example, when you apply for a loan the app will calculate how much you qualify for and make you a loan offer.
But your loan offer already contains the interest. You might qualify for 11,000 but only 7,000 will be disbursed to your account for a seven day tenure and the remaining 4,000 calculated as interest.
PalmCash customer service number
If you have any issues or enquiry – Email: [email protected]
