Palmcredit — review & details

In Personal loans · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

An FCCPC-approved lender known for very fast, small loans with no collateral - but among the higher-cost options, so borrow only what you can repay quickly and check the total repayable.

Palmcredit

An FCCPC-approved lender known for very fast, small loans with no collateral - but among the higher-cost options, so borrow only what you can repay quickly and check the total repayable.
★★★☆☆
3.4/5 · How we rate
₦10,000 – ₦300,000
Loan Amount
≈4% – 15%
Monthly Interest
FCCPC-approved (DML)
Licence
—
Deposits Insured
small
Amount Tier
digital
Provider
Pros
  • Fast approval for small amounts
  • No collateral
Cons
  • FCCPC-approved digital lender — lighter oversight
  • High effective cost — read the total repayable
  • Small limits, short terms
Fees, eligibility & documents
Fees
Monthly interestBy profile - can be high
FeesConfirm APR / total repayable in-app
Late paymentLate fees + credit-bureau report
Eligibility
  • 18+ Nigerian resident
  • Active BVN
  • A smartphone and a Nigerian bank account
Documents needed
  • BVN
  • Valid ID
  • Phone number and app/data access
Visit Palmcredit
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Our in-depth, independent review of Palmcredit — how it works, the risks, and the fine print.
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How Palmcredit compares in personal loans

Palmcredit scores 3.4/5 in our personal loans rankings. Our current top pick is FairMoney (4.4/5). Always compare a few before you decide — see the full personal loans comparison.

Palmcredit
3.4/5 · this page
 FairMoney
4.4/5
 GTBank (QuickCredit)
4.3/5
Loan Amount ₦10,000 – ₦300,000 ₦3,000 – ₦3,000,000 —
Monthly Interest ≈4% – 15% 2.5% – 30% (by credit profile) —
Licence FCCPC-approved (DML) CBN microfinance bank Product of Guaranty Trust Bank, a CBN-licensed commercial bank
Deposits Insured — Yes (NDIC, to ₦2m) —
Visit Palmcredit → Visit FairMoney → Visit GTBank →

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Details last checked: August 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.