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How genuine is PalmCredit’s promise of stress-free, unsecured loans?

Naturally, many companies offered financial offers and Assumed digital solutions to help bridge that gap, but what you find when you try to embrace the solutions of some of these companies are broken promises and lackluster service delivery, as well as breaches of privacy and d other unethical practices that might make you regret why you even bothered.

Of course, the peculiarity of the Nigerian market means that most of them fall through the cracks and appear as the norm, but it would be good to Actually have a business that understands customer weak spots and resolves them appropriately with products that keep their promises.

NewEdge Finance Limited’s PalmCredit app says it fully understands the need many Nigerians now have for convenient, instant and unsecured access. And what the PalmCredit app seems to do is position itself as the solution to stressful loan application processes and embarrassing loan collection programs.

But how genuine is this promise? Let’s try to find out using some important metrics.

What makes PalmCredit different from all other loan companies?

Maybe not much. But what they do they seem to do really good. The promise of access to loans in minutes is genuine and you don’t really need any collateral of any kind to access their loans.

There have been no reports of hidden ploys or deceptive promises from customers. Their case seems to be a sure case of promises made, promises kept.

Are they trading this convenience with insane interest rates?

Simple and short answer: not really.

One of the things that Nigerian borrowers have become familiar with, whether from traditional banks or new generation financial institutions, is the exorbitant interest rates charged on loans. So it’s okay, if like me you were wondering if these offered unsecured loans will slap you in the face with crazy interest rates.

Palmcredit’s interest rates range from 14% to 24%, with its monthly equivalent ranging from 4% to 4.7%. The loan term is between 14 days and 180 days. Not unreasonable, to be fair.

The offers on the app show that you can borrow up to 300,000 and that the maximum amount that can be borrowed is adjustable at any time.

Few customers have complained that PalmCredit’s systems were a bit slow to register and display disbursed and / or settled loans, but for the most part, they seem to be doing all the important things correctly.

How reliable is the product then?

On a reliability metric of 0-10, a solid 7.5. Solving the few issues above will raise PalmCredit to a perfect level of 10 – and hopefully someone pays attention to these issues and fixes them quickly enough for a better customer experience.

But overall, PalmCredit’s current ability to deliver services exactly as promised suggests that it is on a secure footing as it stands.

How do I get the PalmCredit application?

On Google Playstore. Click here to get it. The app is not yet available in the Apple Store, only Android phone users can download PalmCredit at this time.

Once again, our verdict on this must be a yes. The interface is self-explanatory and all you have to do to qualify for a loan is provide the required information and everything is easy to understand from there to the point where you are authorized and the money is paid out. your account.

Tags : interest rates
Cory E. Barnes

The author Cory E. Barnes

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