How to Close, Delete or Deactivate your Palmcredit Account Easily

Palmcredit, a renowned loan app in Nigeria, has gained popularity for its quick access to funds without the need for collateral. While the app serves as a convenient financial solution, there are instances where users may choose to close, delete, or deactivate their Palmcredit accounts. In this comprehensive guide, we will explore two methods to achieve this seamlessly.

How to Close, Delete or Deactivate your Palmcredit Account Easily

Closing Your Palmcredit Account Through the App

Step 1: Log in to your Palmcredit Dashboard

To initiate the account closure process, log in to your Palmcredit account. Ensure that you are signed in to proceed smoothly. In case you forget your password, utilize the ‘Forgot Password’ option available on the login portal.

Step 2: Navigate to Settings

Once logged in, navigate to the ‘Settings’ option on your Palmcredit dashboard. This is where you will find the necessary options to manage and deactivate your account.

Step 3: Locate Account Deletion Option

Within the Settings menu, search for the ‘Account Deletion’ option. Typically, this option is placed in the account management section. Follow the provided instructions to reach the account deletion tab.

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Step 4: Provide Reasons for Closing Your Palmcredit Account

Palmcredit values user feedback. Therefore, when prompted, articulate your reasons for closing the account. Offering clear and relevant reasons enhances Palmcredit’s understanding of user preferences and contributes to the app’s service improvement.

Step 5: Confirm Account Closure

To finalize the closure process, comply with Palmcredit’s terms and conditions. This may include paying any outstanding loans. Additionally, Palmcredit may send a One Time Password (OTP) for identity verification. Confirm your intention by inputting the OTP, ensuring a secure and verified account closure.

Closing Your Palmcredit Account Through Email

Step 1: Log in to Your Email

Compose an official email addressed to [email protected]. Craft a formal and error-free email, seeking account closure.

Step 2: Subject: ‘Request to Delete Palmcredit Account’

Clearly communicate your intentions by titling your email with the subject ‘Request to Delete Palmcredit Account.’

Step 3: Compose Your Email

Keep your email brief and to the point, explaining your desire to close the account. Palmcredit is known for prompt responses, so clarity in your message is crucial. Submit the email for processing.

Step 4: Confirmation of Closure

Upon receiving your email, Palmcredit will process your request promptly. Ensure to proofread your email before submission to avoid any misunderstandings.


How do I remove my details from a loan app?

To remove your details from a loan app, go to your phone settings, access app permissions, and select the specific loan app. Revoke all granted permissions, denying access to your phone data, including images, phone numbers, and email addresses. This ensures the app no longer has access to your personal information.

What happens if I default on a Palmcredit loan?

Defaulting on a Palmcredit loan may result in the reporting of your account information to credit bureaus. Late or missed payments could negatively impact your credit report, affecting your creditworthiness. Palmcredit aims to store information via cloud-based systems to ensure data sustainability in the event of a disaster.

Who is the owner of the Palmcredit loan app?

Palmcredit is owned by Newedge Finance Limited. This mobile loan app facilitates quick loans for Nigerians without the requirement for collateral, utilizing only their BVN and other personally identifiable information.

What can Palmcredit do to defaulters?

In case of default, Palmcredit takes various actions, including reporting the defaulter’s name to Nigerian Credit Bureaus. This can impact the defaulter’s chances of international travel. Additionally, Palmcredit may forcefully deduct owed amounts from the linked account whenever funds are deposited and may blacklist the defaulter from borrowing further from the app.

Is PalmPay and Palmcredit the same?

No, PalmPay and PalmCredit are distinct services. PalmPay functions as a digital wallet app, providing users with a platform for financial transactions. On the other hand, PalmCredit specializes in offering easy-access loans to users.

Is Newcredit and PalmCredit the same?

No, Newcredit and PalmCredit are different entities under the umbrella of Newedge Finance. Newedge Finance owns multiple loan apps, including PalmCredit, Easybuy, and Newcredit, each serving different purposes.

What is the maximum loan amount on PalmCredit?

PalmCredit offers a loan amount ranging from NGN10,000 to NGN300,000. Borrowers can apply for instant loans with flexible repayment plans and favorable interest rates, making it a convenient financial solution.

How legit is Palmcredit?

PalmCredit is considered legitimate as it has received approval from the Central Bank of Nigeria (CBN). This regulatory endorsement adds credibility to the platform, assuring users of its adherence to financial regulations and ethical business practices.

How much can I borrow from Palmcredit for the first time?

For your initial loan with Palmcredit, you can borrow between N10,000 and N300,000. Eligibility is key to accessing these loan amounts, and meeting the necessary criteria ensures you can avail of this financial assistance.

Why can’t Palmcredit offer me a loan?

Palmcredit may be unable to provide a loan if you haven’t successfully completed the card-binding stage. It is crucial to ensure the successful binding of an active ATM card, including verifying its expiration date, to meet the necessary requirements for loan approval.

How much is the interest rate for ₦100,000 in Palmcredit?

Palmcredit offers digital loans of up to ₦1,000,000 for 1-3 months with competitive interest rates. For loans capped at ₦100,000, the interest rates range from 14% to 24%, providing borrowers with flexibility and options suited to their financial needs.

Does Palmcredit call contacts?

Yes, Palmcredit may contact individuals from your contact list, SMS, call list, or other personal information provided to comply with the Know Your Customer (KYC) policy. This is done for the verification of the authenticity, effectiveness, or completeness of a client’s identity materials. It’s important to note that during the verification process, Palmcredit assures that your personal information will not be disclosed to others.

Who is the owner of Palmcredit loan app?

Palmcredit is owned by Newedge Finance. This mobile loan app operates in Nigeria, offering quick loans to individuals without the need for collateral, relying on their BVN (Bank Verification Number), and other personally identifiable information for loan processing.


Whether you choose to close your Palmcredit account through the app or via email, both methods offer a straightforward approach. By following these comprehensive steps, users can confidently and easily close, delete, or deactivate their Palmcredit accounts. Remember to comply with Palmcredit’s terms, provide clear reasons for account closure, and ensure secure identity verification for a smooth process. As financial needs and circumstances evolve, having a clear understanding of how to manage your Palmcredit account ensures a hassle-free experience.

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