How to make money with Palmcredit, also get loan without collateral
October 8, 2020
Palmcredit loan – Do you know you can get a loan without collateral, not only that, you can as well make money while paying back your loan in peace.
This guide will show you particularly Palmcredit loan, as it distorts the loan market to ensure you have access to funds and further take care of your financial and pressing needs.
It’s a no brainer that securing the least loan with a commercial bank in Nigeria will make you go through Herculean Mountain of paper works, which after your loan application may be rejected and thrown out in the end.
With Palmcredit, the dream of the Central Bank of Nigeria in achieving deeper financial inclusion in Nigeria is a fundamental reality, Nigerians are getting loans in minutes to help themselves out as well step up their business tides, be it for expansion or setup to say the least.
You may also like: How to Apply and receive First Bank Personal Loan against Salary (PLAS)
Away from that, I will show you how you can make real money on this platform continuously, so you gain either ways, stick and read to the end and thank me later.
What is Palmcredit Loan?
Palcredit is an online platform that helps you with quick loan whenever and however, it ensures you do not need to provide traditional collateral to access such loans, unlike that acquired from your conventional commercial banks.
The essence is to ensure you have access to money at all times, which you’ve got to pay back with a very flexible and friendly repayment plan. Palmcredit is owned by Transsnet Financial Nigeria Limited.
Benefits of Palmcredit Loan
- It makes money available at all times
- You will not have to pay pocket breaking interest
- The repayment plan is very flexible
- Access cuts across all
Requirements to access Palmcredit loan
- You ought to be at least 18 to 60 years
- Have a bank account with BVN
- Valid phone number for verification
- You may be required to have a valid means of identification
How to access Palmcredit loan
To access Palmcredit loan it’s very important to understand that this can only happen on the Palmcredit app, so
- Download the app HERE
- The next step is to register by providing your valid phone number, click the get “code”, visit your cell phone SMS to retrieve the code, input in the column provided and continue.
- Having registered successfully, the next step is to apply for loan, fill in your 11 digit BVN as required, your first, middle and last name.
- Fill in your bank details; Account number, bank name and loan amount
- Your loan application will be verified, when approved you’ll be credited accordingly, then start spending your loan.
For the record, you can access up to N100,000 on this platform, the amount is however adjustable to suit your credit status.
Palmcredit loan interest rate?
You will have to pay an interest ranging from 12-24% on borrowings
How to Repay Palmcredit Loan
Log in to the app, click on “my loans” select how much you want to pay, you can effect this payment with your ATM card using the Palmcredit app.
You may also like: How to access up to N5 million Zedvance loan in Nigeria
For any reason you couldn’t pay back via the app, you can pay them offline via their account number, however you will need to contact and speak with their customer care before or after the lodgment.
What are their account details?
Account name: Tanssnet Financial Nigeria Ltd
Account number: 0772693491
Bank: Access Bank
Remember to include your offline repayment code in details sent to them, this will help to match your payment confirmation request.
To get this detail, just log in to the app, click on Offline Repayment.
How to make money with Palmcredit
You can make money on Palmcredit using the referral effect, this method involves sharing your referral link with friends on WhatsApp, email, SMS etc.
To do this,
- Log on to your app
- Click on the menu button
- Tap the “Refer a friend column”
- Select the medium you wish to disseminate and invite.
Once your friends starts signing up via your link you’ll start making money in the following arrangements:
- If they download the app via your link and verify their phone numbers, you will earn N300
- If they went a step further to verify their BVN, you will earn N200
- If they request for a loan, whether given or not, you’ll earn N300
- If the loan is being disbursed, you’ll earn another N200
- Making it a total of N1000 to be earned on a single sign up you get.
Imagine you were able to get 10 friends on board successfully on daily basis, that’s your cool N10k, yes you heard me right.
You may also like: How to apply and receive GTBank quick credit without collateral in minutes
You can make money continuously with this platform that you may no longer decide to take loans since you are making money already.
Are you ready to start making money, click HERE to join now?
Frequently asked questions
How do I repay my loan?
Method 1. Automatic deduction
On your due date, your repayment will be conveniently deducted from the account linked to the bank card provided during your loan application.
Method 2. Prepayment
If you prefer to make repayment before your due date, you can open Palmcredit app and click repayments on the home page. Choose the contract that you want to repay and enter Palmcredit PIN.
Method 3. Transfer accounts
For transfers not done inside the Palmcredit app, kindly include your offline repayment Code in the comment section.
What happened if I can’t make payment on my due date?
There may be fees associated with late repayments, additionally, defaulted loans are reported to national Credit Bureaus and this can severely affect your ability to access loan in the future.
Can I reschedule my loan repayment date?
Due dates are fixed, so make your repayment on or before your due date please.
Is there penalty for default on loan?
A penal charge is applied to your account and accrued on daily basis, until it is settled. Also note that continuous default on loan also adversely affects your credit rating with the Central Bureau agencies, as well your ability to apply for loan with Palmcredit or any other Financial institution in the future.
Where is Palmcredit located?
It has an office in Lagos, currently available in Nigeria and are expanding to other markets soon.
I don’t have an Android device, can I apply on a computer or from another operating system?
Palmcredit is currently only available on Android devices, not even on iOs
Who should I contact for comment, questions or complaints?
You can send a message via the app any time and they’ll help you resolve issues.
Why is my Bank Verification Number (BVN) required?
Your BVN is used to verify that the person applying for the Palmcredit loan is the owner of the provided bank account. This is to ensure that your details cannot be used to apply for a loan without your authorization in the event that someone else has an access to your account details.
You may also like: How to get Wema Bank salary advance loan (ROD)
How long does it take to receive loan?
Credit limit applications are evaluated by automated system. Most applications should receive a decision within a few minutes.
Why is my bank information required?
This is where your loan will be disbursed and where your repayment will come from as well, please note that you must link a personal bank account that has been linked with your BVN.
Are you ready to start earning on/and receiving Palmcredit loans with ease? I can’t say, to get started Click HERE immediately. Do not forget to share your links with friends as well. Kind regards and see you at the top.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
In need of highly purposeful driven articles that will resonate with your audience,
Want this kind of article that engages, converts and compels your readers to buy from you,
If you want search Engines like Google, Bing and Yahoo to send and open the floodgates of readers to your website/blog on daily basis,
Want to rank your website/blog
Head over to my Hire Me page and see which of my services you’d like to have.