Palmcredit is a mobile loan app owned by Newedge Finance.



The loan app provides quick loans to Nigerians without the need for collateral, only their BVN and other personally identifiable information.



Newedge Finance is a company that has received CBN approval to provide financial services even though FCCPC has only granted conditional approval.



By developing numerous fraudulent apps, the company has succeeded in defrauding people. Palmcredit is the fraudulent app that the company is utilizing.



The lending app uses the same business practices as other shark loan apps that were recently banned in Nigeria.



Recall that Federal Government shut illegal loan financial institutions apps and also freezes their illegal bank accounts.



A number of illegal financial institutions operating on Opebi Road in Ikeja, Lagos, were raided by the Federal Competition Consumer Protection Commission, Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and Nigerian Police Force.



Financial institutions like GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, and Easy Moni were among those impacted.





Hidden High Interest Rate:

There have been numerous reports about Palmcredit loan app charging borrowers high interest rate that is concealed.


According to Mrs Olubumi Olusegun who reported to Foundation for Investigative Journalism. The company imposed 54,500 loan on her without any prior request from her.

After checking, she discovered that it was a loan of 14,800 that rose to 21,114.

They gave her the money on September 30 and she complained not to request for any loan on October 2.

The deadline they gave her to repay the money back was exactly a month after disbursement.



One of the agents told her that the company had suffered a network glitch on the day she got the erroneous loan. The agent asked her to repay just the loan amount disbursed and ignore the interests, in which she repaid on Oct 28 but after that payment they kept disturbing her to pay the interest and they also made several threats during her conversation with them as well.



Google Play Store Reviews:

Palmcredit has many users with several Google accounts, as well as professional bloggers and tech support staff, who are paid to post positive reviews about the company on Google Play stores and blogs.

https://tokfora.com/t/1811/scam-palmcredit-hiding-under-cbn-to-defraud-people

Make una flee oo

Stop borrowing please
Makes u a servant to the lender

Same with paga. They don't refund failed transaction

jazzme1:
Palmcredit is a mobile loan app owned by Newedge Finance.



The loan app provides quick loans to Nigerians without the need for collateral, only their BVN and other personally identifiable information.



Newedge Finance is a company that has received CBN approval to provide financial services even though FCCPC has only granted conditional approval.



By developing numerous fraudulent apps, the company has succeeded in defrauding people. Palmcredit is the fraudulent app that the company is utilizing.



The lending app uses the same business practices as other shark loan apps that were recently banned in Nigeria.



Recall that Federal Government shut illegal loan financial institutions apps and also freezes their illegal bank accounts.



A number of illegal financial institutions operating on Opebi Road in Ikeja, Lagos, were raided by the Federal Competition Consumer Protection Commission, Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and Nigerian Police Force.



Financial institutions like GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, and Easy Moni were among those impacted.





Hidden High Interest Rate:

There have been numerous reports about Palmcredit loan app charging borrowers high interest rate that is concealed.


According to Mrs Olubumi Olusegun who reported to Foundation for Investigative Journalism. The company imposed 54,500 loan on her without any prior request from her.

After checking, she discovered that it was a loan of 14,800 that rose to 21,114.

They gave her the money on September 30 and she complained not to request for any loan on October 2.

The deadline they gave her to repay the money back was exactly a month after disbursement.



One of the agents told her that the company had suffered a network glitch on the day she got the erroneous loan. The agent asked her to repay just the loan amount disbursed and ignore the interests, in which she repaid on Oct 28 but after that payment they kept disturbing her to pay the interest and they also made several threats during her conversation with them as well.



Google Play Store Reviews:

Palmcredit has many users with several Google accounts, as well as professional bloggers and tech support staff, who are paid to post positive reviews about the company on Google Play stores and blogs.

https://tokfora.com/t/1811/scam-palmcredit-hiding-under-cbn-to-defraud-people

Whenever you people default on a loan and get called out by the loan app the next thing is to come to Nairaland and open a thread to badmouth the loan app.

Go and repay you loan!

MrFollowFollow:


Whenever you people default on a loan and get called out by the loan app the next thing is to come to Nairaland and open a thread to badmouth the loan app.

Go and repay you loan!

One agent sighted

jazzme1:


One agent sighted

Ok go and collect your reward!