Financing

How to get the National Housing Fund (NHF loan) from FMBN

How to get the National Housing Fund (NHF loan) from FMBN &-8211; this Article or News was published on this date:2020-09-17 19:10:25 kindly share it with friends if you find it helpful

The National Housing Fund (NHF) is a fund introduced by the Federal Government of Nigeria, established by act 3 of 1992 to mobilize funds from Commercial and Merchant Banks, Insurance companies, Nigerian workers and the Federal Government to provide soft loans to it contributors. All Nigerians in paid employment or self employment can contribute and benefit from the scheme. The scheme is operated by the Federal Mortgage Bank Of Nigeria.

The aim of the scheme is to help low income earners who cannot afford housing to be able to own houses by contributing a part of their salary monthly to the scheme.

A Nigerian worker who wants to contribute and benefit from the scheme will contribute 2..5% of their basic salary/income to the fund. Commercial and Merchant Banks  are to invest 10% of their loans and advances portfolio. Insurance Companies are mandated to invest 20% of non-life and 40% life funds in the housing sector with 50% of these directly in the funds. And the Federal Government is expected to make financial contribution to the fund.

Eligibility criteria

The be eligible to get National Housing Fund (NHF loan), you must meet the following criteria:

  • Any Nigerian above the age of 18
  • Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
  • Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment

Who can apply for National Housing Fund (NHF loan)?

The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers etc. Any intending beneficiary must be a registered contributor and up to date with his/her contributions.

 

How to get the National Housing Fund (NHF loan)

Follow these steps to get the National Housing Fund (NHF loan)

1. Visit a duly accredited mortgage loan originator

The first step is to visit an duly accredited Mortgage Loan Originator (MLO) also known as Primary Mortgage Banks (PMBs)

2. Get Application form

Application forms for NHF loans are obtainable from the MLO

3. Complete the form

Complete the form

4. Submit all required documents.

You will be told what to do and what to submit. The PMB will be the one to forward your request to the Federal Mortgage Bank Of Nigeria and revert to you

 

Benefit of the National Housing Fund (NHF loan)

  • Housing loan of up to 90% of the cost of the house.
  • Interest on loans remains fixed throughout the life of the mortgage at 6% p.a.
  • Long period of repayment of up to 30 years.
  • Contributions can serve as additional old age security.
  • Up to N15 million can be borrowed.
  • Refunds with 2% interest on retirement.
  • Loan repayment is about the same as a typical monthly rent.
  • Every contributor has: a lifetime registration number, a passbook for personal recording    of contributions and the account statement.

 

Full procedure for registration

  • The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration Form (NHF1) to employers.
  • Employers will complete form NHF1 and return to the nearest branch of the Federal Mortgage bank of Nigeria.
  • Federal Mortgage Bank of Nigeria will register the Employer and issue an employer’s registration number.
  • Federal Mortgage Bank of Nigeria will issue form NHF2 to employers for completion by employees or directly to self employed or individual.
  • Employee will complete the form NHF2 and return to the employer.
  • The employer or self-employed individuals will return completed form NHF2 to Federal Mortgage Bank of Nigeria.
  • Federal Mortgage Bank of Nigeria will register Employees on Form NHF2 and allocate employees participation number to each employee/self-employed individual.
  • Federal Mortgage Bank will issue a passbook to each of the registered employees  where the monthly deduction of his/her 2.5% basic salary will be posted by the       employer
  • At this point, an employee is now a registered participant of the National Housing Fund.
  • Employer will commence deduction of contributions at source. Such       deductions/contributions are remitted to Federal Mortgage Bank of Nigeria with       schedule of payment indicating the amount contributed by each employee and the       period covered.
  • Self–employed contributors will also commence monthly remittances of contributions       to FMBN.
  • Federal Mortgage Bank of Nigeria will accept contributions and issue receipts for       payments.

How much can you get?

A contributor is eligible to access a maximum loan amount of N15 million

National Housing Fund (NHF loan) repayment

The loan is repayable over a maximum period of 30 years at an affordable interest rate of 6%. The NHF housing loan are repaid on monthly installments from the income of the beneficiary.

 

National Housing Fund (NHF loan) interest rate

Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6%
p.a.

 

Document required forNational Housing Fund (NHF loan)

Below are the document required to access the loan:

  1. Completed application form.
  2. Photocopy of title documents
  3. Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
  4. Three years tax clearance certificate.
  5. Evidence of NHF participation
  6. Copy of pay slips for the previous three months.
  7. Equity contribution or personal stake of 30%, 20% or 10% depending on the loan amount applied for.

National Housing Fund (NHF loan) collateral

The only collateral is the property to secure the loan for. No other collateral is needed for the loan.

 

Refund

You can get a refund of your contribution. Below are conditions for refund

  • Refund is made to a contributor who has attained 60 years of age or has put in 35     years in service.
  • Refund is also made to a contributor that has obtained a loan, liquidated the loan and     has attained the age of 60 years or have put in 35 years in service.
  • Retired from employment and becomes incapable of continuing the contribution to the     Fund.
  • For applicants from the underlisted professions, the retirement ages are as stated     below:
  • Professors, Judges and Medical Consultants – 70 years of age
  • Academic, Non-Academic Staff, Judicial Staff – 65 years of age
  • Military Officers – 62 years of age
  • Refund is made to the next-of-kin of a contributor in case of a deceased contributor.

Documents required for refund of contribution

Below are the documents required for refund:

  • Application letter requesting for refund of contribution.
  • Letter of offer of appointment.
  • Birth certificate or Declaration of age certificate.
  • Completed NHF Contribution withdrawal forms.
  • Bank Account details through which refund would be paid.
  • Medical report of incapability to continue contributions due to failing health
  • Letter of administration &-038; Death Certificate (in case of a deceased contributor)
  • Evidence of contribution. (Receipt for self-employed contributor)
  • Biometric Verification Number (BVN)

 

List of Primary Mortgage Banks (PMBs)

Below are the Primary Mortgage Banks that you can access the NHS loan from:

  1. Infinity Trust Mortgage Bank Plc
  2. Platinum Mortgage Bank Ltd
  3. Abbey Building Society Plc
  4. First Trust Mortgage Bank Plc
  5. Mutual Alliance Savings &-038; Loans
  6. Nigeria Police Mortgage Bank
  7. Delta Trust Mortgage Bank Ltd
  8. Jigawa Savings &-038; Loans
  9. City Code Savings &-038; Loans Limited
  10. AG Homes Savings &-038; Loans Limited
  11. Omolabi Mortgage Bank Limited
  12. Lagos Building Investment Company Plc
  13. Brent Mortgage Bank Limited
  14. Gateway Mortgage Bank Ltd
  15. FHA Homes Savings &-038; Loans Ltd

National Housing Fund contact details

Phone: +234 09-292 0689

Email: [email protected]

 

National Housing Fund Website

You can visit the website at https://www.fmbn.gov.ng/National%20Housing%20Fund

 

How to get a QuickCheck loan and all you need to know

How to get a QuickCheck loan and all you need to know &-8211; this Article or News was published on this date:2020-09-17 19:10:24 kindly share it with friends if you find it helpful

QuickCheck is a popular loan platform in Nigeria that gives loan without collateral to Nigerians. QuickCheck loan is disbursed through the mobile app which users can download, install and apply for loan. The loan app is used by over 100, 000 people with so many positive reviews.

Getting a loan is an easy process and you can apply 24/7. The platform is secured as they are PCIDSS complaint. They pledge to give instant loan and from the positive reviews from those who have used this app, it means they keep to their words. In Google play store they average 4.4 stars out of 5 stars from over 44 000 users. In this article, you can learn how to get a QuickCheck loan.

 

QuickCheck loan requirement

The following are the requirement to get a loan from QuickCheck:

  1. Bank account details
  2. Bank Verification Number (BVN)
  3. Good credit score
  4. ATM card
  5. Personal information (such as your name, address and so on)
  6. Employment details (self employed can apply)
  7. You must be an adult
  8. A mobile phone with data

 

How to get a QuickCheck loan

Follow these steps to a QuickCheck loan:

1. Download the app

The first step to get a loan is to download the app. You can download the app from the Google Play store. The app is only available for android phones. At this moment, there is no app for iOS (iPhone) users. You can click here to download app now. Remember to use the promo code: R-54AJCD to access instant loans.

2. Sign up

Once the app is downloaded click on it to launch it. Then follow the screen instructions to sign up. Just provide the required details. It is important to turn on the location settings on your phone. If it is not on, the app will prompt you and once you click on the prompt, you will be able to turn on location on your android phone if you do not know where to turn it on.

3. Apply for loan

Once you have signed up and completed your profile you can apply for loan. It is very easy! You will see the option to apply for loan right there in the app.

4. Wait for loan decision

Once you have applied, be patience and wait for loan decision from QuickCheck. It should not take long. There are a lot of things that they take into consideration before making a decision. One of them is your credit score.

5. Receive loan

If your application is successful, you will receive loan! Remember to pay back your loan before due date expires.

 

How much can you borrow?

You can borrow from ₦1,500 to ₦500, 000.  But at your first attempt, you will be unable to borrow big figure. You borrow small then as you pay back you get a bigger offer next time.

 

Loan term

The loan term ranges from 4 weeks  to 1 year.

 

QuickCheck loan interest rate

QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Generally, interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%.

 

Repayment of QuickCheck loan

There are many options to pay back your loan. You can Pay back your loan with your ATM card (Debit card). When signing up, you had registered your card, just fund the account that the card is linked to, open the app and click on loan payment.

You can also pay back using your bank’s USSD code.

If that is not enough, you can also payback via Bank Transfer or Cash deposit.

 

QuickCheck head office

The head office is located at 23, Agodogba Avenue, park view Estate, Ikoyi, Lagos, Nigeria.

 

QuickCheck customer care

Customer care phone number: QuickCheck does not offer phone support at this point. We will update this page when they do.

Customer care email is [email protected]

 

QuickCheck Loan App

The loan app is available for android phone users only. There is no app for iOS (iPhone) users yet. To download the app simply go to Google Play store. You can click here to download the app. Remember to use the promo code: R-54AJCD to get instant loan.

 

QuickCheck website

The website is quickcheck.ng

 

For more loan options check our page: Loans

 

How to get a loan from Sokoloan

How to get a loan from Sokoloan &-8211; this Article or News was published on this date:2020-09-17 19:10:08 kindly share it with friends if you find it helpful

Sokoloan is an online loan provider in Nigeria that give short term loans to Nigerians through a mobile app without collateral. The lending platform is owned by a microfinance institution registered as Soko Lending Company Limited whose major focus is providing financial services to low income entrepreneurs, small businesses, women entrepreneurs and students.

The platform is available for use 24/7 and the application process is fast. Unless there is bug. They pledge instant loan on application. Applicants do not require collateral to access loan. The only medium to apply is through the mobile app.

 

Sokoloan requirement

Here are the requirement to get a loan:

  1. Valid bank details
  2. Bank Verification Number (BVN)
  3. A working phone number
  4. An android phone
  5. Internet connection
  6. A means of identification
  7. Valid ATM card (for repayment)
  8. You must be an adult with a job or self employed

 

How to get a loan from Sokoloan

Follow these steps to get a loan from Sokoloan:

1. Download the mobile app

To get a loan you must download the app. They only give loan through the mobile app. You can visit the Google plays tore to download the app.

2. Sign up

Once you have downloaded and installed the app on your phone, click on it to sign up. Just follow the instruction and fill the registration details starting with your phone number verification. Completing registration will require basic information such as your name, email, phone number and so on.

3. Apply for loan

Once you have completed your registration just apply for loan. You will see the option to apply on the app. You will get a loan offer

4. Submit your application and wait for loan decision

Once you have viewed the loan offer, expected repayment date and all other necessary information, if you are okay with it, submit your application. You will then have to wait for a loan decision. This should not take so long to arrive. Give it up to some minutes or an hour.

 

How much can you borrow?

You can get a loan from ₦5,000 to ₦100,000. Note that at your first try, you will only be offered small loan. If you repay it on time, you will get a bigger offer. There are other factors that might influence how much you get. One of them is your credit score.

 

Sokoloan interest rate

The interest rate is from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%. You get an improved interest rate by paying your loan on time and also by referring people to the app.

 

Loan Term

The loan term ranges from 7 days to 190 days

 

Repayment of Sokoloan

The loan term varies from 7 days to 190 days. Before submitting your application, this should be clear to you.

You can repay your loan from your ATM card. When you sign up for a loan, you will be required to add your ATM card to your profile. From the card you added, your loan will be deducted when it is due.

All you have to do is fund your account, open the app and repay. If you run into any issue, contact their customer care immediately.

Note that you cannot reschedule  your loan date with them. You have to make payment on due date. If you however you have issues paying, ensure you contact them.

 

Sokoloan head office

The head office is located at 9, Acme Road, Agidingbi Ikeja, Lagos

 

Sokoloan customer care and email

The customer support phone number is 01-4536792 or 08148799371

The customer support email is [email protected] or [email protected]

 

Sokoloan app

The app is available and you can download from the Google play store. Only android phone users can access the app. There is no app for iOS (iPhone) users yet.

 

Sokoloan website

The website is sokoloan.com

 

 

 

 

How to get a loan from the Federal Mortgage Bank Of Nigeria (FMBN)

How to get a loan from the Federal Mortgage Bank Of Nigeria (FMBN) &-8211; this Article or News was published on this date:2020-09-17 19:10:08 kindly share it with friends if you find it helpful

Federal Mortgage Bank Of Nigeria (FMBN) is the apex mortgage institution in Nigeria tasked with the responsibility of providing long-term credit facilities to mortgage institutions in Nigeria. FMBN was established in 1956 as the Nigerian Building Society (NBS). As a result of a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. In 1973, the Federal government fully acquired the then NBS and renamed it Federal Mortgage Bank Of Nigeria (FMBN).

The FMBN has many loan and credit facilities that is of big benefit to Nigerians, especially to low and medium income earners. One of it’s biggest loan facility is the National Housing Fund (NHF) which enables low income earners who are not able to have a house, build a house of their own.

With FMBN, you do not need to be rich to have a house. All you need to do is tap into its credit facility and you can get the right financial assistance to build your own house and pay back easily with long term. In this article, we will cover all the loans from the Federal Mortgage Bank Of Nigeria (FMBN) and how you can benefit from them.

Just to be clear, a mortgage is a loan that is mean to finance the buy, repair or anything to do with properties. So in Nigeria, the Federal Mortgage Bank Of Nigeria (FMBN) is the go to place for everything mortgage. They are the apex mortgage bank in the country.

Duties of Federal Mortgage Bank Of Nigeria (FMBN)

Below are the mandates of FMBN:

  • Provide long-term credit facilities to mortgage institutions in Nigeria.
  • Encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.
  • Mobilizing both domestic and offshore funds into the housing sector.
  • Link the capital market with the housing industry.
  • Establish and operate a viable secondary mortgage market.
  • Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act.
  • Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.

Federal Mortgage Bank Of Nigeria (FMBN) loan collateral requirement

The loan requirement for FMBN loan differs. It depends on the kind of loan you seek. Generally, the collateral requirement is very easy and something anyone should get. For example, the collateral requirement for the National Housing fund is the property to secure the loan for. That is, the property that you are seeking loan to build, you can use it as collateral!

 

Who can get a loan from the Federal Mortgage Bank Of Nigeria (FMBN)?

Any Nigerian that is over the age of 18 can access loans offered by FMBN. It is generally expected that applicant should be in paid employment or self employment.

 

How to get a loan from the Federal Mortgage Bank Of Nigeria (FMBN

Follow these steps to get a loan from the Federal Mortgage Bank Of Nigeria (FMBN:

1. Decide on the type of loan that you want.

The FMBN offers different loan facility to Nigerians. You need to decide which one is best for you. There is the NHF loan, Home renovation loan, estate development loan and more. You can find details of these loans below.

2. Get your documents and requirements ready

Once you have decided on the loan facility that suits you, get all the requirements for that loan ready.

3. Apply

Once you have meet requirements, you can apply. In many cases you do not apply directly to FMBN, you apply through accredited Primary Mortgage Banks (PMBs). You can reach out the the PMBs to help in your application.

 

Types of loans offered by the Federal Mortgage Bank Of Nigeria (FMBN)

Below are types of loan offered by the Federal Mortgage Bank Of Nigeria (FMBN)

1. NHF Mortgage Loan

The NHF loan is given to Nigerian for the purpose of getting a house of their own. You need to be a contributor.

You have to be a contributor to apply.

Purpose

  • The loan shall be for the purpose of building, purchasing, or renovating a residential
    accommodation
  • No loan shall be for refinancing

Who can apply

  • Any Nigerian above the age of 18
  • Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
  • Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

How to apply

  • Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of
  • his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
  • The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
  • Application forms for NHF loans are obtainable from the MLO

How much can you get?

A borrower is entitled to a maximum loan of fifteen million naira (N15, 000,000.00) or as determined
by the Bank

Interest rate

Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6%
p.a.

We have a full article, read: How to get the National Housing Fund (NHF loan) from FMBN

 

2. Estate Development Loan

The EDL is a facility granted to private developers, State housing corporations and housing cooperatives to bridge the housing deficit through mass production of houses for ownership by NHF contributors. The facility is granted at 10% interest with a maximum repayment period of 24 months. It is a facility devised to facilitate large scale production of houses for sale to contributors at affordable prices and thereby, expand the availability of affordable housing in Nigeria. As a general policy of the Bank, houses produced through the EDL window should not exceed ₦15million in price and must be sold only to NHF contributors.

 

3. Construction Loan

The loan is to afford Nigerians an opportunity to access mortgage loans for the construction of homes. The product is specifically designed for Nigerians who are contributors to the National Housing Fund and desire to construct properties which are personally owned by them or through family ownership.

The procedures of the NHF construction loan are as follows:

  • The applicant must be a contributor to the NHF scheme.
  • The applicant must possess a land title (C of O) which must be in the name of the individual
  • The applicant must possess approved building plan by the appropriate authority; Drawings and Bill of
  • Quantity certifies by registered professionals.
  • The construction work should be phased and documented in a work plan (30-30-40)
  • Construction period of Six (6) months for bungalow and 8 months for duplex
  • Personal stake of 10% of the cost of the construction must have been utilized on the project before
  • applying for the construction loan and must have been confirmed by the Bank’s professionals. Cost of
  • plot and fence not part of it.
  • Security for the loan shall be the title to the Land of application and insurance policy by the applicant
  • (letter of consent and undertaking for direct debit to be written by the employer)
  • Disbursement of the loan shall be done in tranches to the applicant based on the agreed work plan
  • and BOQ (30-30-40)
  • Regular monitoring of the project by the designated FMBN staff in the State office in conjunction with
  • the State Coordinator and report to the Head Office on a weekly basis.
  • Interest rate on the loan is 7% on annuity basis to the individual applicant
  • Maximum loan tenor is 15 years
  • The Project Finance Group is to coordinate the disbursement of the loan and monitor the project
  • The turnaround time of the loan process is 77 days
  • The applicant is to pay a non-refundable fee of N100,000.00 (One Hundred Thousand Naira) only for
  • Application form, Legal Search, Valuation &-038; processing fee.

 

4. Home Renovation Loan

The loan is to afford Nigerians an opportunity to access mortgage loans for the renovation or improvement of their existing homes. The product is specifically designed for Nigerians who are contributors to the National Housing Fund and desire to renovate or improve existing properties which are personally owned by them or through family ownership.

Who can apply

  • Any Nigerian above the age of 18
  • Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
  • Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

Purpose

To afford Nigerians an opportunity to access mortgage loans for the renovation or improvement of
their existing properties which are personally owned by them or through family ownership

How to apply

  • At the Federal level, applications are aggregated by the Federal Government Staff Housing Loans
  • Board (FGSHLB).
  • At the State level, applications are aggregated by the relevant authority and forwarded to FMBN.
  • Employees in the organised private sector (including other government agencies and parastatals not
  • covered by the activities of FGSHLB) the applications are aggregated by the Permanent Secretary or
  • Chief Executive of the organisation.

Things you will need

  • Copy of application form for the Loan.
  • Amortization Schedule (with the appropriate) Satisfactory credit checking done.
  • Offer letter properly executed.
  • All Letters of Undertaking /confirmation properly executed.
  • Evidence of up to date remittance of NHF contribution by the Applicant.
  • Proof of Beneficiaries up to date NHF Contribution.
  • Guarantor Form Appropriately checked

 

Federal Mortgage Bank Of Nigeria (FMBN) Interest rate

The interest rate is fixed at 6% p.a.

 

Federal Mortgage Bank Of Nigeria (FMBN) Head office address

Federal Mortgage Bank of Nigeria 266 Cadastral AO, Central Business District, PMB 2273 Garki, Abuja. Nigeria

 

Federal Mortgage Bank Of Nigeria (FMBN) Customer Service

The Customer care phone number is 09-2920689 and 09-2920690

The customer care email is [email protected]

Federal Mortgage Bank Of Nigeria (FMBN) Website

The website is fmbn.gov.ng

List of Primary Mortgage Banks (PMBs)

Below are the Primary Mortgage Banks that you can access the NHS loan from:

  1. Infinity Trust Mortgage Bank Plc
  2. Platinum Mortgage Bank Ltd
  3. Abbey Building Society Plc
  4. First Trust Mortgage Bank Plc
  5. Mutual Alliance Savings &-038; Loans
  6. Nigeria Police Mortgage Bank
  7. Delta Trust Mortgage Bank Ltd
  8. Jigawa Savings &-038; Loans
  9. City Code Savings &-038; Loans Limited
  10. AG Homes Savings &-038; Loans Limited
  11. Omolabi Mortgage Bank Limited
  12. Lagos Building Investment Company Plc
  13. Brent Mortgage Bank Limited
  14. Gateway Mortgage Bank Ltd
  15. FHA Homes Savings &-038; Loans Ltd

 

How to get a loan from Palmcredit

How to get a loan from Palmcredit &-8211; this Article or News was published on this date:2020-09-17 19:09:41 kindly share it with friends if you find it helpful

Palmcredit is an online platform that gives quick loans in Nigeria without collateral. The platform is owned by Transsnet Financial Nigeria Limited. Nigerians can access loans on Palmcredit anytime and anywhere without collateral. The loans usually attract low interest rate which is what has made it one of the best instant loan provider in Nigeria. Any individual with need can apply for a loan but everyone is required to apply for loan through the app which can be downloaded from Google play store.

This platform has become very popular in Nigeria. It has consistently given loans to Nigerians every year without collateral. But like every loan provider, you have to play by the rules. If you keep to its terms and conditions, you will likely find this loan platform resourceful. They have consistently stated their plan to give loans in 5 minutes.

 

Plamcredit loan requirement

To get a loan, you maybe be required to provide the following:

  1. Bank Verification Number (BVN)
  2. Full name
  3. Primary telephone number
  4. Bank account information
  5. Occupation information

Generally, the requirements are not much. They are just basic information.

 

How to get a loan from Palmcredit

Follow these steps to get a loan from Palmcredit:

1. Install the app on your phone

The first step is to install the app on your phone. Currently, this platform only has the android app. There is no app for iOS or windows. You can install the app in two ways. First you can visit the online portal and input your phone number and you get the app. Alternatively, you can download the app from Google play store. Please note that you cannot apply for loan without the app.

2. Register

Once you have installed the app on your phone. The next step is to register. Just follow the on screen instruction. Give all information that is required. Note that you may also have to verify your phone. They will send a code to your phone which you will input into the app to verify

3. Apply for loan

Once you have completed your registration you can apply for loan. The process is easy. You will see it right there on the app where to click

4. Get approval

Once you have applied for loan, the next step is to wait till you get a loan approval. This does not take much time. As long as you provide accurate information.

5. Receive your loan

Once your loan as been approved, you can receive the loan and send it straight to your bank account.

 

How much loan can you get?

You can get up to ₦100, 000 instant loan from Palm credit. Kindly note the the maximum amount can be adjusted at anytime!

 

Palmcredit interest rate and fees

They do not charge origination fees, transaction fees or roll over fees. The loan interest rate ranges from 14% to 24%, equivalent Monthly interest 4.6%, the Annual Percentage Rate (APR) on a Palmcredit loan is 56.78%.

 

Palmcredit loan repayment

Loan repayment is very easy. All you have to do is login to the app. Click on ‘my loans’. From there you can select how much you want to pay back. The payment can be done with your card right there on the app.

If for any reason you are unable to repay loan on the app, then you can payback using their account number. Please note that you should speak to their customer care before paying into the account or after paying into the account.

Palmcredit repayment
Palmcredit repayment account details

 

Loan term

The loan term ranges from 14 days to 180 days

 

Palmcredit customer contact phone number

The contact phone number is: 017001000

 

Palmcredit app

There are two ways you can get the app. You can visit the app portal by clicking here and input your number to get the app or you can download it from the Google play store for your android phones. The app is only available for android phones, none for iOS, Windows or blackberry.

 

Palmcredit website

The site is www.palmcredit.co but currently it has been offline. This is irrelevant as they operate the loan from the app. You can use their Facebook page to reach-out.

 

Contact email

The contact email is [email protected]

 

Palmcredit login

To login, simply open the app. You can get the app from Google playstore or input your phone number here to get it.