Looking to borrow some money today? Or are you tired of the stress of traditional loans with lengthy application processes? Your answer is the Palmpay loan.
PalmPay is fully licensed as a Mobile Money Operator by CBN, and insured by NDIC.
Keep reading – we’ll show you exactly how to borrow money from Palmpay with & without BVN in 7 simple steps. This will provide you with all the information you need to make a smart decision.
Begin by logging into your PalmPay account using your credentials. If you don’t have an account, sign up to get started.
Next, locate and click on the “Loan” section within the PalmPay app. While here, select “Get Flexi Loan Now”.
Complete the needed details. This includes face verification and key contact information. PalmPay will send a One Time Password (OTP) as the final thing to fill in.
Carefully review the terms and conditions associated with the loan. Make sure you know the interest rates, when to repay, and other important details before you move forward.
Once you’re satisfied with the loan terms, click on the “Apply Now” button.
After approval, the borrowed funds will be deposited into your PalmPay account. You can use these funds for emergencies, bills, or other money needs. Access them as you plan.
PalmPay Loan Approval – PalmPay will notify you through the app or via email. This notification will include details about the approved loan amount and repayment terms.
Note: Check PalmPay’s terms, interest rates, and repayment policies before applying.
Note: Not using a BVN may limit the amount you can borrow. If you want to increase your borrowing limit, linking your BVN is recommended.
Check out our guide on loan apps without BVN in Nigeria
To borrow a loan from PalmPay, you must meet the following requirements:
To repay your loan on Palmpay, just open the app, log in, and head to the “Loans” section. Pick the loan you need to pay. Choose how you want to pay (use your wallet or do a bank transfer). Enter the amount and make sure to confirm the transaction. You’ll receive a confirmation, and that’s it!
The Palmpay loan USSD code is *652#.
To use the Palmpay loan code to access loans dial *652# on the phone linked to your PalmPay account. Select “loan,” follow the prompts, and receive funds in your account.
Learn more: how to borrow money from Opay in 2023
The interest rate on a PalmPay loan is between 15% to 30%. It varies within that range depending on the loan amount you obtained and your credit score.
Check out: Palmcredit loan
Interesting read: best loan apps in Nigeria and their interest rates
There could be serious consequences if you fail to repay your Palmpay loan. Palmpay may block your phone and report you to the credit bureau, which could negatively impact your credit score and borrowing ability.
The amount you can borrow from Palmpay as a first-time user is not fixed. The amount varies based on the borrower’s reputation with the Palmpay platform. New users can typically borrow a minimum of N10,000.
A Palmpay Loan lasts for 1-12 months. This is dependent on your repayment terms.
In summary, to borrow money from PalmPay – Open the app, navigate to the “Loan” section, provide the necessary info, review the terms, and confirm and submit your application. Receive approval notifications and access funds for various needs.