All You Need To Know About Palmcash Loan.
PalmCash loan service is a financial service app that provides instant loans for Nigerians and in this article, I’ll share with you all you need to know about PalmCash.
An Overview Of PalmCash?
PalmCash is a mobile loan service platform that is available to Nigerians who require a loan and do not have collateral.
PalmCash is very easy to access as all you need to do is download the app, register, and apply for a loan.
What You Should Expect From PalmCash.
1. No Collateral:
PalmCash requires no collateral. It is an online app that lets its users get loans without holding any of their property.
Banks and most lending platforms will always require collateral. This collateral serves as leverage that they can hold onto should in case the borrower does not pay back. That way, it is a win-win game as they can sell out this collateral to recover the amount given out as a loan.
PalmCash will not ask you to pay a fee or drop paperwork before you’re given the loan. It is a 100% stress-free and paperless transaction that you can do in under 5 mins.
2. No Credit History Needed:
PalmCash does not require your credit history before you’re given any loan.
While most apps require your credit history to calculate your loan score, PalmCash shows you the available options without using your credit score.
Most loan platforms will use your credit history to calculate your loan score because they want to be on the safer side.
Your credit history shows a lot about how well you would repay a loan.
If they notice more negative results on your credit history (for example; late or partial payment), they may not be so convinced about letting out a big loan amount. Except for fake loan apps, the factors stated above are the reasons why most loan apps give out little loans to new users or old users that they have had similar issues with.
3. Multiple Repayment Options:
With PalmCash you can pay your loan back in installments. Multiple Repayment Option is available on the app.
It is rare to find loan platforms or apps that allow multiple repayment options.
In fact, partial or multiple payments are a red flag for many loan apps. It drastically affects your credit history.
This is a bonus for you on PalmCash because there are multiple repayment options available for your convenience.
PalmCash divides your loan into equal amounts and fixes a date to each amount, giving you the chance to pay back between two or three months. Isn’t that just great?
How To Register And Apply For The PalmCash Loan?
To register and apply for an instant loan from PalmCash, here are the steps you should follow:
1. Go to your Google Play Store, search for the PalmCash app, and download it.
You may find it as one of the apps displayed to you as soon as you open your Google Play Store.
If you don’t, just click on the search bar and type in “Palm Cash” then click on search.
Go ahead click on the app, and download it. After downloading, your phone automatically installs it on your device. If it doesn’t, just click on the “install” option.
2. After installing, go ahead and open the app.
The first thing you need to do here is to sign up by using your phone number or any other convenient option available to you. After signing in with your phone number, the next slide will reveal a form page that you have to fill up. This page will require you to fill in your basic details.
Don’t worry, your details are secured with PalmCash.
3. Upload KYC documents.
The KYC requirement is also called “Know Your Customer”. This involves the customer telling their lenders a few necessary things about themselves. The KYC form may require your ID, Address, Monthly Income Range, and any other necessary details that the app needs you to fill in.
4. Wait for your profile to be confirmed by the app.
This may take a few minutes.
Since PalmCash doesn’t use credit history, customers can select the loan amount they need.
In other words, PalmCash will show you a range of amounts that you can select from after following all procedures duly.
However, it is important to note that new customers may not be allowed to take large loans as they are restricted to a particular amount. This is for safety purposes.
This loanable amount increases as new customers pay back on time and get new loans.
5. Click on “Continue” after selecting the loanable amount of your choice.
This amount will be transferred to your bank account instantly by PalmCash and you will get a notification once the transaction is completed.
If you want to, you may go ahead to check your bank app for confirmation.
What Do I Need To Be Eligible For A PalmCash Loan?
1. You must live in Nigeria.
It is important that you are a resident of Nigeria to be eligible for the loan. PalmCash will ask for your address to be sure of where you reside.
2. You should be above the age of 18 years.
Age is an important factor that shows the capacity to pay back a loan. Individuals who are under the age of 18 may not be given a loan because at this age it is expected that such individuals still depend on their guardians. It may be difficult for such individuals to pay back a loan.
3. You must have a monthly source of income.
This helps to assure that you can pay back your loan when due.
It doesn’t have to be through your salary but it is required that you have a stable income source that can help you pay back your loan.
What Is PalmCash Loan Interest Rate?
PalmCash interest rate is very reasonable.
Unlike loan apps that give high-interest rates on their loan, all PalmCash Loans attract 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, let’s say that a customer borrows ₦10,000 and would prefer to return it in 180 days (6 months).
The total Interest should be around 887 NGN and at the end of 6 months, the customer would have to pay 10,887NGN – 11,000 NGN.
The monthly payment should be around 1,962 NGN (each month for six months). Isn’t this a fantastic rate?
Any Difficulties With Palmcash Loan?
PalmCash would always ensure a smooth transaction.
The worst that can go wrong is to encounter a network or server issue and you don’t even have to flinch about this. PalmCash has a reliable customer care team that would respond to you in no time.
PalmCash services are accessible in every part of Nigeria.
Did you know that there are fake loan apps that scam individuals who are ignorant of their schemes? Check out some of my articles to learn how to detect a fake loan app.
Why Is PalmCash Different From Other Loan Apps?
By now, you should know why. PalmCash understands that most people take loans to solve pressing financial issues and they are not planning to make it harder.
Your convenience, as a customer, comes first to PalmCash and you can affirm this claim in some of the points listed above.
Other apps may not offer you the loan amount that PalmCash will offer and this alone stands as the biggest reason why PalmCash is different from other loan apps.
Another reason is that PalmCash will not pressure you to pay up your loan before the due date like some loan apps will and that is why multiple repayment options are available for you.
Furthermore, PalmCash has a reasonable interest rate, unlike some loan apps. They understand that people who take loans need a good interest rate to pay back with ease and this is why their interest rate is reasonable.
Note, one of the ways to detect fake loan apps is through their crazy high-interest rates.
All of these reasons are why PalmCash is different from other loan apps.
Conclusion:
PalmCash is a popular loan service provider and has proven to be reliable over the years through reviews. If you need a loan, you can go to the PalmCash loan app now to obtain a loan.