Do you need money now? And you are fed up with long, complicated loan applications? Palmpay loan is your solution.
PalmPay is fully licensed as a Mobile Money Operator by CBN, and insured by NDIC.
We’ll guide you through borrowing money from Palmpay, whether you have a BVN or not. Just follow these 6 easy steps to get your loan:
- Open the Palmpay app.
- Log in.
- Go to the loan section.
- Pick your loan option.
- Follow the instructions to apply.
- Get the money in your Palmpay account.
Step #1. Open your Palmpay app and Log in
Start by logging into your PalmPay account with your details. If you don’t have an account yet, sign up to begin.
Step #2. Click on the “Loan” section
Then, find and tap on the “Loan” section in the PalmPay app. Once there, choose “Get Flexi Loan Now”.
Step #3. Enter your loan amount
Fill in all the necessary details, which include face verification and important contact information. PalmPay will then send a One Time Password (OTP) for you to enter as the final step.
Step #4. Review loan terms and conditions
Before proceeding, carefully read and understand the terms and conditions linked to the loan. Be sure to grasp the interest rates, repayment schedule, and any other important details.
Step #5. Click on “Apply Now”
Once you’re satisfied with the loan terms, click on the “Apply Now” button.
Step #6. Get your loan
Once your loan is approved, the money you borrowed will be deposited into your PalmPay account. You can use this money for emergencies, bills, or any other financial needs you have. Access and use the funds according to your plans.
Once your PalmPay loan is approved, you’ll receive a notification through the app or email. This notification will contain information about the approved loan amount and the terms for repayment.
Reminder: Before applying for a loan with PalmPay, review their terms, interest rates, and repayment policies.
Points To Note:
- Loan amounts: ₦3,000 to ₦50,000
- Repayment terms: 91 days to 365 days
- BVN benefits: Potentially higher loan limits and access to wider loan options.
How To Borrow Money on Palmpay Without BVN
- Dial *652# on your phone and press the call button
- Select “loan” and follow the prompts
- Provide your details
- Review terms
- Confirm your application
Note: If you don’t use a BVN, your borrowing limit may be limited. To increase your borrowing capacity, it’s advisable to link your BVN.
Check out our guide on loan apps without BVN in Nigeria
Palmpay Loan Eligibility & Requirements
To borrow a loan from PalmPay, you must meet the following requirements:
- You must be a Nigerian living in Nigeria
- Be at least 18 years old
- Have a smartphone to download the PalmPay app
- Your credit score must be good and you must not have any loan to repay
- Have an active bank account with BVN
Repaying Palmpay Loan
To pay back your loan on Palmpay, simply open the app, sign in, and go to the “Loans” part. Select the loan you want to repay. Decide how you want to pay (use your wallet or do a bank transfer). Type in the amount and double-check everything before confirming. Once confirmed, you’ll get a confirmation, and you’re done!
PalmPay Loan Code
The Palmpay loan USSD code is *652#.
To get a loan with Palmpay, dial *652# on your phone connected to your PalmPay account. Choose “loan,” follow the instructions, and you’ll receive the money in your account..
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PalmPay Loan Interest Rate
The interest rate for a PalmPay loan ranges from 15% to 30%. It changes within that range based on how much loan you got and your credit score.
Pros & Cons of PalmPay Loan
Pros:
- It is fast and easy to use.
- Flexibility of repayment options
- Clear informations on loan amounts, interest rates, and fees upfront.
- No collateral needed
Cons:
- Compared to normal loans, Palmpay’s interest rates can be higher.
- Short repayment period.
- Missing payments can accumulate serious additional charges.
- Eligibility limitations
- Overborrowing
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Special Notes:
- You can find updates and information on loan amounts, interest rates, and terms on the official Palmpay website or app.
- Remember that borrowing without BVN might have certain restrictions, so you have to compare options carefully.
FAQs
What Happens If You Don’t Pay Palmpay Loan?
If you don’t pay back your Palmpay loan, it could lead to some serious issues. Palmpay might block your phone and report you to the credit bureau. This could harm your credit score and make it harder for you to borrow money in the future.
How Much Can I Borrow From Palmpay for the First Time?
The amount you can borrow from Palmpay as a first-time user is not usually not fixed. The amount varies based on the borrower’s interaction with the Palmpay platform. New users can onlyborrow a minimum of N10,000.
How long does a palmpay loan last?
A Palmpay Loan can last up for 1-12 months. Depending on your repayment terms.
Final Thoughts
In conclusion to borrow money from PalmPay – you just have to download and open the app, go to the “Loan” section, provide the necessary info, review the terms & Conditions, confirm and submit your application. You will then Receive approval notifications and access funds for your various needs.