Palmcredit offers flexible loan terms and instant payday loans without collateral or guarantor. However, repaying your loan on time is crucial to avoid increasing interest rates.
Fortunately, Palmcredit provides multiple repayment options, both online and offline, making it convenient for borrowers. In this guide, we will walk you through the process of repaying your Palmcredit loan using various methods.
Steps by Step Guide to Repay Palmcredit Loan
Online Loan Repayment:
- Open the Palmcredit app on your phone.
- Click on “Repayment” and choose between “Repay Only” or “Repay and Re-loan.”
- Select from the available repayment options:
Debit Card:
- Click on “Repay with BankCard.”
- Choose your linked card or add a new one by entering your ATM card details.
- Click “Confirm” to complete the payment.
USSD:
- Click on “Bank or USSD” and then “Pay with USSD.”
- Copy the provided USSD code and paste it into your phone dialer.
- Complete the payment and click “I’ve completed the payment” to confirm.
Bank Transfer (Mobile App):
- Click on “Bank Transfer” and agree to the terms.
- Take note of the bank name and account number provided.
- Use your bank’s mobile app to transfer the repayment amount.
- Click “I’ve completed the payment” to confirm.
Offline Loan Repayment:
- Click on “Cash In” in the Palmcredit app.
- Find a nearby store that accepts Palmcredit repayment using the GPS feature.
- Visit the store with the full loan repayment amount.
- Provide your phone number and C-ID to confirm account ownership.
- Make the payment to the agent.
- Check the Palmcredit app to confirm the successful payment.
Frequently Asked Questions:
- Can I pay my Palmcredit loan before the due date?
- Yes, it is advisable to repay your loan before the due date to reduce interest and improve your credit score.
- What happens if I don’t pay my Palmcredit loan on time?
- Failure to repay on time will result in increased interest rates, and you’ll receive reminders from Palmcredit to repay the loan.
Conclusion:
Repaying your Palmcredit loan is simple and hassle-free, thanks to the various online and offline repayment options they offer. To avoid accumulating higher interest rates, it is essential to repay the loan on time. Choose the most convenient method for you and ensure timely repayments to maintain a good credit score and financial stability.
