Unfortunately, some people are denied from receiving the palmcredit business loan because of some mistakes they make in the process of applying for the loan. This post will provide you with all the processes you need to pass through in other to ensure your loan is approved instantly.
In other to apply for the loan, you have to follow some instructions and steps in other to ensure successful approval of your loan without a delay or decline.
Palmcredit loan is one of the easiest loan giving applications that doesn’t require seeing you in person or asking for any document verification before they can give you the loan.
While most other loan apps needs your BVN number to give you loans, the Palmcredit loan app does not ask for your BVN Number which makes it to be one of the trusted platforms you can borrow money from to start your business.
Due to the financial crisis in the country, people with business ideas or with pressing needs are finding it hard to start up their business, palmcredit will allay your fears by providing you with loans to support your business and rebuild yourself back.
How To Apply For Palmcredit Business Loan
Below are the steps to follow when applying for a palmcredit loan with instant approval.
- If you have the app open it and if you don’t download the app from Google Playstore or click here to download it.
- Create an account with them by providing your legal full name, functional email account and phone number.
- Respond to the OTP code sent to you.
- Enter your bank account number. (Make sure your date of birth on the account is the same as the one provided in the previous steps.)
- Read and accept the terms and conditions.
- Wait for some second as the system will try to verify your identity.
- If your identity is verified, then click on apply loan.
- Enter the amount you want and the duration of payment.
- Then click apply and your loan will be sent to your account instantly.
Reasons Why Your Loan Application Is Rejected.
After passing through all the processes, your loan may be rejected. This is a very sad thing that could occur to someone who is in urgent need of cash.
However, below are some of the reasons why your loan is constantly rejected.
See Also: Loan Apps Without BVN In Nigeria
Giving false information.
Some dubious people who don’t have intentions of paying back the loan usually use fake identities and information in other for them to Scott free.
This has made the platform to disqualify anybody whom they are any falsification in their identity.
In other to avoid this, cross-check your details before submitting because after you have been disqualified, it will take time to be eligible again.
Use of Multiple Accounts.
Each individual is entitled to only one account. If the system discovers that you are using multiple accounts your palmcredit loan will be disqualified. So avoid creating multiple accounts.
Low Credit score
If you have applied for loans on other platforms before without paying back as when due, your credit score will keep on decreasing which will automatically disqualify you from accessing and receiving credit facilities from other sources.
In other to avoid this, only take the amount you are sure of paying back to boost your credit score.
Zero Account Balance.
The palm credit loan app will test your account whether it is live or dormant. If you have zero account balance then the system will flag your account as a dormant account.
So leave at least some token in your account before applying for the loan
Is Palm Credit Approved By CBN?
Palm credit is fully licensed by the CBN to operate as a finance company in Nigeria. Therefore, Yes Palm credit is approved by CBN.
How much interest does Palmcredit charge?
The interest is what you pay on top of the amount you were credited with.
However, Palmcredit’s Monthly interest rate ranges from 4%~4.7% while Loans Interest Rate ranges from 14% to 24%. Their loan limits range From ₦ 2,000 to ₦100,000 with a repayment period between 91 days to 180 days.
How much can I borrow from Palmcredit for the first time?
At first, you can borrow a Minimum of N, 5000 and a Maximum of 300,000. After some time, the amount will increase if you pay back the loan within the stipulated time.
Palmcredit loans have been around for some time now and have good reviews on many review websites.
If you are looking for funds and financial assistance, then palmcredit loan is the surest way of getting a loan without having to panic about not having collateral security.
You can comment on any issue you face while processing your loan and our team will help you resolve it. Don’t forget to share this piece of information!