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PalmPay Loan – How to apply for a loan on PalmPay

Last updated on August 24th, 2023 at 01:13 pm

Getting online loans in Nigeria has become very easy thanks to technology-powered loan platforms. One of the best loan apps is PalmPay. The PalmPay platform is a reputable loan platform in Nigeria that provides loans to individuals. Here is how you can apply for a Palmpay loan on the PalmPay platform. 

PalmPay Loan

An Overview of PalmPay

PalmPay is an automatic lending platform that focuses on providing credit to Nigerians who are financially under-served as well as the financially excluded people around Africa. In simple terms, the PalmPay platform provides loans to people in need.  

On this app, you can receive an instant loan within 5 minutes of approval. Also, you do not need any paperwork or collateral before borrowing. This makes the borrowing process a lot easier and seamless. As a new borrower, you are eligible for a loan amount of 10k on this platform.  

How to borrow money from PalmPay

To borrow money from PalmPay, you need to download the app on your phone, create an account by filling out your personal details, and then go to your dashboard, click on “Loans” and choose any amount you would like to borrow.

How to borrow money from PalmPay without BVN

Below are the steps to borrow money from PalmPay without BVN:

  • Download the PalmPay app and set up your account.
  • Log into your account on the mobile app.
  • Select the “Finance” tab at the bottom of the homepage.
  • Locate the “Flexi Cash” option and tap on “Borrow Now.”
  • As a new user, fill out the loan application form with your personal details. This includes your name, phone number, and address.
  • Use either your existing limit or input your desired loan amount.
  • Carefully review your application information, then submit it.

PalmPay will promptly evaluate your application and inform you of loan approval or rejection within a short timeframe, typically within minutes or hours.

PalmPay loan USSD loan code

Here are the steps to use the PalmPay USSD code for a loan:

  • Dial *652# using the phone number linked to your PalmPay account.
  • Choose the “loan” option.
  • Follow the prompts to apply for and receive your loan in your account.

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What are the loan requirements for PalmPay?

To borrow a loan from PalmPay, you must meet the following requirements: 

1. You must be a Nigerian citizen living in Nigeria 

2. Be at least 22 years old 

3. Have a functioning phone to download the PalmPay app

4. Your credit score must be good and you must not have any pending loans to repay

5. Have an active bank account with BV

Read Also: How To Be Rich Through Loans

How much loan can you get from PalmPay?

You can get a loan of up to N200,000 instantly on PalmPay. The best part of it is that you do not need any paperwork or collateral to obtain the loan.

What are the PalmPay loan interest rate and repayment period?

Basically, the interest rate on PalmPay loan is between 15% to 30%. It varies within that range depending on the amount of loan you obtained and your credit score. 

As for the loan repayment period on PalmPay, the duration is between 1 month to 1 year. The first time you borrow, the platform will charge you a high-interest rate and your repayment period will be short. However, as you continue to borrow and repay on time, this will improve. 

How can I repay my loan on PalmPay?

To repay your loan on PalmPay, follow the steps below:

1. Open the PalmPay app on your phone and login into your account.

2. Next, go to the dashboard and look for the “loan repayment” tab.

3. Click on the tab and select your medium of repayment. You can choose either a Bank transfer or an ATM. 

What happens if I default on my loan?

If you fail to pay back your loan on time, PalmPay will increase your interest by 20%. Over time, if you still don’t repay the loan, PalmPay will send your name and details to the Credit Bureau to blacklist. Blacklisting makes you unable to borrow a loan in Nigeria until you pay back the loan. 

See loans for blacklisted in Nigeria.

How can I download the PalmPay app?

To download the PalmPay app, follow the instructions below:

1. Go to the Google Play Store app on your Android phone. However, if your phone is an iPhone, go to the App Store.

2. Next, search for “PalmPay”.

3. Download and install the app.

4. Lastly, register on the platform and borrow a loan. 

You can read how to check BVN online

What are the Implications of Borrowing Money from PalmPay?

Let’s look at some of the negative implications of borrowing money from PalmPay:

  • Data Privacy and Security: You need to be cautious about sharing your personal and financial information online as most digital lenders are prone to privacy issues.
  • Hidden Terms and Conditions: Some online lenders may bury important terms and conditions in the fine print of loan agreements. You need to carefully read and understand all aspects of the loan.
  • Aggressive Debt Collection Practices: In the event of repayment difficulties, some online lenders may resort to aggressive debt collection practices, including harassment and threats.
  • Debt Cycle and Overborrowing: The ease and accessibility of online borrowing can lead to overborrowing and a potential debt cycle.

PalmPay Customer Testimonials

Here are a few personal experiences of customer testimonials from the PalmPay app:

Positive Reviews

Kinzy Dwag – “I love Palmpay, their transaction is always smooth and fast. But I have 2 issues. 1) I noticed I don’t receive notifications anymore since I updated the app about a week ago. 2) I always have issue with subscribing start time pay TV. Sometimes the transaction will be successful but I won’t be able to view. When it first happened last year, I was refunded after 24hrs, it happens 2days ago again and I didn’t get any refund and my TV didn’t show as well.”

Abiola James – “App is very good and delivers on it’s promise to facilitate fast and easy payment of bills and interbank transfers. I use it to pay bills, fund my betting account, pay electricity bills, I also get free coupons and discount regularly. Only downside is that the dashboard is somehow dull, the interface is not very welcoming tbh. Need to work on making the dashboard a lot better. Asides that, it’s all good”

Oluwaseun Collins – “Palmpay is a great app that makes it easy to pay for things and transfer money to friends and family. I really like how simple and user-friendly the app is. It’s easy to navigate and understand, even if you’re not very tech-savvy. I also appreciate the security features, like the ability to set a passcode or fingerprint to access the app and the option to verify your identity with a selfie. Overall, I think Palmpay is a fantastic app that makes managing your money a breeze”

Negative Reviews

Desmond Emele – “This latest version of palmpay app is frustrating, I can’t access some of the features in the app, I can’t see my transaction history, alot of bugs that needs to be fixed, return it to the previous version, I find very difficult to use the app, fix it, else I will delete my account 😠”

Ginika Miracle – “The app was working fine all these while till I was told to update it and now, I can’t transfer money again. I can’t even do certain things with the app such as checking my transaction history as it limits me to certain areas. This should be worked on ASAP.”

Overall, the app has more positive than negative reviews from 513k plus reviews as of the time of this writing and has a total rating of 4.5 stars on the Google Play store and 4.2 stars on the Apple Store.

How can I contact PalmPay?

You can contact PalmPay through the following ways:


Phone Number: 018886888


Bottom Loan

PalmPay loan is a loan that you can borrow from PalmPay mobile app. Basically, this platform is legit and has been authorised by CBN, and is still insured by NDIC so you do not need to worry about getting scammed. However, make sure you are capable of paying back whatever amount you borrow to avoid getting blacklisted. 

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through