Palmcredit: How to get Loan, Repayment and Interest Rate

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Owned by Newedge Finance Limited, Palmcredit is a loan app in Nigeria that gives out loan without any collateral. With over 172,000 review on Google Play, Palmcredit has a comfortable customer score review of 4.3, meaning that most customers find their loan service very easy to use. However, there have been some discrepancies on their interest according to complains, but during our conversation with their customer care representative, we were told that interest rate was generated by their system based on customer’s credit score.

How to Get a loan from Palm Credit

Step 1: Download The App from Google PlayStore

The first step is to download the app by clicking here

Step 2: Register

You will be expected to provided the under-listed  items to complete your registration:

  • Your personal details
  • Your Biometric Verification Number (BVN)
  • Your Bank Account Details
  • Your phone number
  • Your occupation

Step 3: Apply for loan

You can borrow up to N100,000 naira.

Step 4: Get Approval for your loan

Your loan application will be given instant approval. If successful, the money will be sent to you almost immediately

Step 5: Plan on Repayment plan

The reason most people fail on their loan repayment is because they don’t have a repayment plan. Palmcredit loan term ranges from 14 days to 180 days. So based on the term provided on your loan application, you need to note your repayment date on your calendar and set a reminder at least 3 days before the repayment date

Step for Loan Repayment

  • Log into the Palmcredit app and click ‘my loans’.
  • Select your repayment amount.
  • Put in your card details and make payment

If you are having difficulties making payment via their app, you can pay via their Access Bank Account:

  • Account Name: Transsnet Financial Nig LTD – Consuming Finance.
  • Account number – 0772692676

You are expected to send proof of your payment to their email address: after payment.

 Palmcredit Contact details

Their Customer Care line is open from 8:00am – 5:30pm Nigerian time (Mondays to Fridays), you can contact them via 0700 7256 4357. You can also reach out to them via email:




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