Palmcredit customer experiences: Negative reviews of a quick loan app

The feedback from the customer experiences of any online service platform is very vital. It’s even more important if the service has to do with money and finances. Palmcredit app with over 1 million downloads and 130,000 reviews and feedback, cannot be pushed aside. Today we shift our critical and analytical focus on this quick loan app. 

Palmcredit Customer Experiences: Negative Reviews, Poor User Feedback

Palmcredit loan app is owned and managed by Newedge Finance Limited, who claim to be an international financial service company that focuses on inclusive personal lending available to erstwhile excluded members of the society in Nigeria. The company says it uses financial research to drive its product to all strata of society
and assisted by an in-house effective risk responsibility analysis to make recommendations for financial performance. However Palmcredit customer experiences are poor, flooded by terrible reviews and feedback.

Top Banks Offering SME Loans Without Collateral in Nigeria

The lending app through which it conduct its quick loans operations to borrowers is Palmcredit and hosted only on Google Play Store. Palmcredit app is not hosted on Apple Store which limits access for those on iOS devices.

You can borrow money online with Palmcredit app without the need of collateral or documents. In paper, the platform claims their loan is instant with a flexible repayment plan and favorable interest rate, but how true is this in practice?

Palmcredit app gave features why they think customers should patronise them:

Why Choose Palmcredit App?

1 Limit range from ₦5,000 to ₦300,000.
2 Flexible repayment between 91days to 365days.
3 No collateral. No paperwork,Secure and Reliable.
4 No origination fees, No rollover charge,No transaction fees.
5 Repay your loans in time or complete increase limit tasks to build your credit limit and reduce on interest rate.

The loan app also illustrates its product with a representative example as follows:

-Loans Interest Rate: 4% to 24%,Equivalent Monthly interest 4%~4.7%,the Annual Percentage Rate (APR) on a Palmcredit loan is 24%~56%

RenMoney 24 Hours SMEs Loan Without Collateral: Scam Or Balm?

-Example:If you choose a 6-month loan and borrow ₦100,000,Plamcredit charges an interest rate of 4% per month.Interest Rate: 24% and The APR is 56%.180 days Repayments of ₦24,000.Total amount payment is NGN124,000.

How Do You Get A Loan From Palmcredit App? They ask you to follow the below steps:

1 Download and register an account
2 Fill out basic information and submit
3 Apply loan online and easy to get approved
4 Get your loan disbursed into your bank account

To be eligible for their loans, you must be:

✔︎Nigeria Resident
✔︎18 – 65 years old


Palmcredit App do not have a dedicated website for its operations and that to us is a red flag though the platform parent company, Newedge Finance Limited has an unsecured website as shown below, another red flag for customers filling very sensitive billing information into their portal:

Contact Details of Top Loan Apps In Nigeria

Palmcredit App has quite formidable contact details and social media prresence as shown below:

• We are available 24/7 to assist you with your request
• Service Hotline: 017001000 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Email:
• Facebook :
• Linkedin:
• Instagram:
• Office Address: 45c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria

You can apply for a quick loan from Palmcredit App, simply download the APP ON GOOGLE PLAY STORE BY CLICKING HERE.


Palmcredit customer experiences as shown by reviews and feedback from their clients and patrons are still very poor. QUICK LOAN ARENA wrote a review about Palmcredit poor customer services some 4 weeks ago but up to now, the sad tales are still being witnessed and experienced as nothing has changed. We call on the quick loan platform and its parent company to improve on their customer services and treat their patrons as king.

As at today, Pamcredit has 131,182 reviews on Google Play Store, rated 3+ and has over a massive 1 million successful downloads. Such an app depended on by good number of Nigerians should be on the side of the customers.

Below are a few of the reviews on Palmcredit App:

Kingsley Ndaguba wrote on September 29, 2021

I have been using Palmcredit app until the 21st of September when after paying off my last loan offer & then reapplied for another loan which I never got but the system said loan has been disbursed. I forwarded my complains many times but nothing has been done. I can’t pay for a loan I never received. I even sent a copy of my bank statement as requested & they said they are working on it but nothing has changed yet this is really bad. I can only give one star at the moment until you fix this problem.

Newedge Finance Limited. September 30, 2021
Hi, Please accept our sincere apologies, sequel to our previous response, kindly forward your statement of account for the period of this loan application to our email “” to enable us assist you. Your satisfaction is our utmost desire. Thank you. O.O

Emmanuel Ebong wrote on October 12, 2021

I cannot login to pay my loan. It shows incorrect password and later incorrect phone number. When I try to change the password it shows failed to upload picture. I feel very embarrassed about the application and today is the due date for payment. Please do something about it immediately or an account number should be sent to my phone number to enable me pay the debt.

Newedge Finance LimitedOctober 12, 2021
Hi Emmanuel, our sincere apologies. Please make an offline payment via cash deposit or bank mobile transfer to account number : 0818498156 (NEWEDGE FINAANCE LIMITED-PALM CREDIT (Access Bank). After payment, kindly forward your registered phone number and proof of payment to for reconciliation. Thank you. V.O

adam yakub wrote on September 30, 2021

I regret using Palmcredit app to borrow money …after several transaction with them …there are days which I usually pay just the second or third day ..I lost my phone so I couldn’t login to the app ..on logging in i saw late fee payment which they already debited part of my account yet the late fee payment continue to increase despite the fact that have made several attempt at paying both the borrowed fee and the late fee payment ..yet the prefer to continue increasing …this app is totally bad

Newedge Finance LimitedOctober 3, 2021
Hi Adam, please accept our sincere empathy. Kindly note that late repayment attracts default charges and can ruin your credit record. We advise that you source for funds and make repayment as soon as possible. You can contact us on or call us on 017001000 for help. Thank you. M.A.

Dalvin Eyong wrote on October 12, 2021

App was excellent until recently. After building my loan to 50K limit,i tried to apply for a loan,i started having trouble logging in. Until i decided to uninstall and redownload. Only for the my loan limit to be dropped to 2000 naira. Mehnnn i am out of here since your system can not recognize me.. 2000 naira can not take care of the problem i want to solve.

Newedge Finance LimitedOctober 13, 2021
Hi Dalvin, we sincerely apologize for the inconvenience experienced .Please be informed that your credit limit is determined by your credit score. You have to continue using the application consistently and make timely payment to earn an increment in your credit limit.Kindly reach out to us on O.O

Kofoworola Ayeriyina wrote on October 15, 2021

For More than 3 weeks now I can’t seem to log into my account . Have complained several times to your online customer care agents, followed steps I was instructed to use ,spoke through land line call. All to no avail.

Newedge Finance LimitedOctober 15, 2021
Hi Ayeriyina, we sincerely apologize for the inconvenience experienced. Kindly state your exact experience with the APP for better assistance. You can always reach us on or via our hotlines on 018888188 or 017001000. Thank you for choosing palmcredit. O.O

Chinenye Samson wrote on September 29, 2021

At first, it was good, very easy to get loan, but to repay is a problem, 2 days before the due date, the app stop working till now, it’s very annoying, maybe you guys don’t need the money anymore, please fix this

Newedge Finance LimitedSeptember 29, 2021
Hi Chineye, our sincere apologies. Please make an offline payment via cash deposit or bank mobile transfer to account number : 0818498156 (NEWEDGE FINAANCE LIMITED-PALM CREDIT (Access Bank). After Payment, Kindly forward your registered phone number, proof of payment and to for reconciliation. Thank you. V.O

Foresythe Emmanuel wrote on October 15, 2021

Poor Customer service. Made an offline payment but it hasn’t reflected in my account even after sending proof of payment, it takes about 4 hours before message can be replied on WhatsApp even after nothing was done and the loan was increasing, even sent email over 4 hours now, no response still

Newedge Finance LimitedOctober 15, 2021
Hi Emmanuel, we sincerely apologize for any inconvenience experienced. Please be informed that once the proof is sent and payment confirmed, your account will be updated. For further assistance, please contact us on 017001000 or 018888188. Thank you. V.O

Solomon Cletus wrote on October 2, 2021

The app was good at first,after I was giving my first loan and which I paid back a week before the due date I then requested for another loan which has been disbursed but up till now I haven’t seen any credit alert on my phone,I really don’t know why.please you guys should fix this issue else I can’t pay for a loan I did not receive

Newedge Finance LimitedOctober 4, 2021
Hi Solomon, we sincerely apologize for any inconvenience experienced. Kindly forward your registered login phone number to us via to further assist you. Thank you. V.O

Chief Sekegha Allison wrote on October 7, 2021
Your app is one of the worst i’ve come across. I’ve been trying to log in since Tuesday but its been stuck at agree and continue. Please do well to upgrade it or something.

Newedge Finance LimitedOctober 7, 2021
Hi Allison,we sincerely apologize for the inconvenience experienced, Please ensure that the small box provided for the agreement is ticked before proceeding to the next stage and also, connect to a strong data connection.. Please contact us on 018888188 or in case this issue still persists. Thank you. O.O

Sufiyan Kitab
October 9, 2021

This is so annoying, after filling all the necessary information, just for me to take a snapshot for face recognition, there wasn’t anywhere to captured and the system refused to captured me automatically. Seriously am tired.
Newedge Finance LimitedOctober 9, 2021
Hi Kitab, we sincerely apologize for the inconvenience experienced. Kindly ensure that the environment /room has good and clear lightening and please try again. If the issue persists, please forward a screenshot of the error message to us via to further assist you. Thank you. V.O

Ademola Omoba wrote on October 16, 2021

What is going on, I wanted to pay a loan I received from you about a week ago and to my surprise, your app has logged me out and it keeps telling me wrong password when I tried to login and also tried doing forgot password and it’s saying…’Try too fast’ what is all this about.

Newedge Finance LimitedOctober 17, 2021
We apologize for the inconvenience. Kindly ensure you have an active network connection and turn on the GPS location of your device. Please contact us via mail so we can guide you on the alternative payment options or call 017001000 for further assistance. A.I


Newedge Finance Ltd, please fix the problems wit your loan app, improve not just your customer experiences and services, but also your app client user experiences.


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About the Author: Kehinde Oluwafemi

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