PalmCredit is one of the popular Loan apps in Nigeria. You can borrow upto N50K as a first time borrower. PalmCredit Loan app is one of the Loan apps Newedge uses to provides credit to individuals and businesses in Nigeria.
Newedge Finance Limited
Newedge is a financial institution established in 2019 and licenced by the CBN to operate as a microfinance bank (MFB) in Nigeria.
The company provides instant loan services using multiple channels. Its loan apps include: Palm Credit, New Credit, Easy Buy, Xcross Cash, and Xcash.
Is PalmCredit Approved by CBN?
Yes, PalmCredit is approved and licenced by CBN through its parent company - Newedge Finance Limited. The company was approved to be a MFB in 2019.
Through PalmCredit and other finance apps like NewCredit, EasyBuy, XCash and more, Newedge can provide urgent and instant loans for individuals and businesses in needs.
Is my BVN safe with PalmCredit?
Upon Loan request application, you'll be required to submit and verify your Bank Verification Number (BVN). This is mandatory by CBN to keep up to date of your financial records.
BVNs are mostly required by all financial institutions in Nigeria especially when you want to create account with them.
The collection of BVN is to keep of to date of your financial details and to comply with CBN regulations. In a nutshell, your BVN is safe with PalmCredit, other loan apps also require borrowers to submit and verify their BVN.
My Experience with PalmCredit
PalmCredit is a good Loan app that offers quick and easy credits to those who are in need of financial support.
However, it's important to note that defaulting of PalmCredit Loan can result to PalmCredit Harassment which is against government rulings.
PalmCredit Defaulters
On a norms, defaulting a Loan is a punishable offence because you don't adhere to the Loan terms and conditions and the lender have all the right to report you to the credit bureau and get your name written in the black list.
If you default a Loan, the Lender can also decide to file a lawsuit against you in court and you'll e penalize for it.
In a nutshell, it's advisable to obtain a Loan amount you can easily repay and adhere to your repayment terms and conditions to avoid being blacklisted on the credit bureau, being sued and to avoid accumulating interest rate.
Read this article to know other options to explore instead of getting a Loan if you need money urgently.
PalmCredit Harassment
Although, it's against Nigeria law and regulations for PalmCredit to harass you when you default a Loan. But in some cases, when your Loan repayment overdue and there's no sign that you're will to repay, PalmCredit can harass you through accessing your contact list and sending messages to your contact list.
This is very embarrassing right? Here's what you can do if you're in this situation:
- First of all, Contact PalmCredit and explain your situation and when you'll be able to repay.
- Block PalmCredit numbers on your phone.
- After contacting them and the Harassment persist, report to CBN.
CBN will take legal actions to stop PalmCredit from harassing you. However, to avoid harassment and save you from these stressful steps, repay your Loan before the due date.