Palmcredit loan app is an online financial institution that provides short-term loans to individuals for personal and business needs. Palmcredit was founded by Newedge Finance Limited with a branch here in Nigeria.

Our team tested the app by applying for a loan from the Palmcredit app platform and this is our detailed review on this loan platform.

https://www.meltingpot.africa/palmcredit-review/

Palmcredit is now one of the worst loan app.

LegallyBlunt:
Palmcredit is now one of the worst loan app.

How is this so?

FreeLine:

How is this so?

They enforce a bracket amount you must borrow. For example, they will give you a bracket between 50k to 85k to borrow from. Imagine how difficult that is when all you want to borrow from them is only 10k or 15k. If you're forced to borrow 50k, you'd be expected to pay back at least 70k to 80k.

LegallyBlunt:
They enforce a bracket amount you must borrow. For example, they will give you a bracket between 50k to 85k to borrow from. Imagine how difficult that is when all you want to borrow from them is only 10k or 15k. If you're forced to borrow 50k, you'd be expected to pay back at least 70k to 80k.

This is why they and others like them are called loan sharks. They feed on desperate borrowers.
I doubt if they would show leniency to defaulters.

FreeLine:

This is why they and others like them are called loan sharks. They feed on desperate borrowers.
I doubt if they would show leniency to defaulters.

You're right. Now it's a 2-way street. Many people are ready to default and will even boast about not paying back the loans.

LegallyBlunt:
They enforce a bracket amount you must borrow. For example, they will give you a bracket between 50k to 85k to borrow from. Imagine how difficult that is when all you want to borrow from them is only 10k or 15k. If you're forced to borrow 50k, you'd be expected to pay back at least 70k to 80k.

I just checked my dashboard on palmcredit and I am so depressed.
I needed a little money to sustain myself after repaying a loan, can you imagine palmcredit says they can only offer 34k to me at the moment.
I told them I just needed at least 10k to repay in 31days but they said that's only the amount the system can generate.
I am to collect the loan of 34k to repay 46k in 26 days.
I almost swear for them

JobAndVacancies:
I just checked my dashboard on palmcredit and I am so depressed.
I needed a little money to sustain myself after repaying a loan, can you imagine palmcredit says they can only offer 34k to me at the moment.
I told them I just needed at least 10k to repay in 31days but they said that's only the amount the system can generate.
I am to collect the loan of 34k to repay 46k in 26 days.
I almost swear for them

Now you understand me. When you pay that, it increases to another higher bracket or range.