Mobile Loans

How To Borrow Money From Palmpay With & Without BVN (2024)

Published by

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.

Palmpay logo

Step #1. Open your Palmpay app and Log in

Begin by logging into your PalmPay account using your credentials. If you don’t have an account, sign up to get started.

Step #2. Click on the “Loan” section

Next, locate and click on the “Loan” section within the PalmPay app. While here, select “Get Flexi Loan Now”.

Step #3. Enter your loan amount

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.

Step #4. Review loan terms and conditions

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.

Step #5. Click on “Apply Now”

Once you’re satisfied with the loan terms, click on the “Apply Now” button.

Step #7. Get your loan

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.

Key Points:

  • 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 From PalmPay

How To Borrow Money on Palmpay Without BVN

  1. Dial *652#: Use the phone linked to your Palmpay account.
  2. Select “Loan”: Follow the prompts to access the loan menu.
  3. Provide details: Enter the required information as instructed.
  4. Review terms: Carefully read and understand the terms before proceeding.
  5. Confirm application: If satisfied, finalize your application through the prompts.
  6. Approval & Disbursement: You’ll receive notification of approval and, if successful, funds will be deposited into your account.

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

Palmpay Loan Eligibility & Requirements

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

  • You must be a Nigerian citizen living in Nigeria
  • Be at least 22 years old
  • Have a functioning phone to download the PalmPay app
  • Your credit score must be good and you must not have any pending loans to repay
  • Have an active bank account with BVN

Repaying Palmpay Loan

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!

PalmPay Loan Code

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

PalmPay Loan Interest Rate

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

Pros & Cons of PalmPay Loan

Pros:

  • It is fast and convenient
  • Palmpay has flexible repayment options
  • There is clear information on loan amounts, interest rates, and fees upfront.
  • No collateral required

Cons:

  • Compared to traditional loans, Palmpay’s interest rates can be higher.
  • Short repayment terms
  • Missing payments can incur additional charges.
  • Eligibility Restrictions
  • Potential for overborrowing

Interesting read: best loan apps in Nigeria and their interest rates

Additional Notes:

  • You can find updated information on loan amounts, interest rates, and terms on the official Palmpay website or app.
  • Remember, borrowing without BVN might have limitations, so compare options carefully.

FAQs

What Happens If You Don’t Pay Palmpay Loan?

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​​.

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 fixed. The amount varies based on the borrower’s reputation with the Palmpay platform. New users can typically borrow a minimum of N10,000​​.

How long does a palmpay loan last?

A Palmpay Loan lasts for 1-12 months. This is dependent on your repayment terms.

Final Thoughts

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.

Share
Published by