Technology-driven loan platforms have made it very easy for people in Nigeria to get loans online. PalmPay is one of the best loan apps. In Nigeria, PalmPay is a reputable loan platform that people can use to get loans. Here’s how you can use the PalmPay platform to apply for a PalmPay loan.
An Overview of PalmPay
PalmPay is an automatic lending platform that helps financially underserved Nigerians and other people in Africa who don’t have access to credit. In simple terms, the PalmPay platform helps people who need money by giving them loans.
On this app, if you are approved, you can get a loan right away. Also, you don’t have to fill out any paperwork or put up any collateral to borrow. This makes it much easier and smoother to borrow money. As a new borrower on this platform, you can get a loan of $10,000.
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 information, and then go to your dashboard, click on “Loans,” and choose the amount you want 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 look at your application right away and let you know if you got the loan or not quickly, usually 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.
Palmpay Loan Requirements
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 BVN
How much loan can you get from PalmPay?
On PalmPay, you can get a loan of up to N200,000 right away. The best part is that you don’t have to fill out any paperwork or put up any collateral in order to get the loan.
Palmpay’s Loan Interest Rate and Repayment Period?
The interest rate on a PalmPay loan is, in general, between 15% and 30%. It can be anywhere in that range, depending on how much of a loan you took out and how good your credit is.
On PalmPay, the time it takes to pay back a loan is between 1 month and 1 year. When you borrow for the first time, the platform will charge you high interest and give you a short time to pay it back. But this will get better as you continue to borrow and pay back on time.
How to Repay my Loan on PalmPay?
Follow the steps below to pay back your PalmPay loan:
- On your phone, open the PalmPay app and sign in to your account.
- Go to the dashboard and look for the “loan repayment” tab.
- Click on the tab and choose how you want to pay back the loan. You can use either an ATM or a bank transfer.
What happens if I default on my Loan?
If you don’t pay back your loan on time, the interest rate will go up by 20%. If you still don’t pay back the loan after some time, PalmPay will send your name and other information to the credit bureau to put you on a blacklist. If you are on a blacklist in Nigeria, you can’t get a loan until you pay back the loan.
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.
What Happens When You Borrow Money from PalmPay?
Here are some negative things that can happen if you borrow money from PalmPay:
Data Privacy and Security: You should be careful about sharing your personal and financial information online because most digital lenders have privacy problems.
Hidden Terms and Conditions: Some online lenders may hide important terms and conditions in the small print of loan agreements. You need to read the loan carefully and understand everything about it.
Aggressive Debt Collection Methods: When people have trouble paying back their loans, some online lenders may use aggressive debt collection methods, such as harassment and threats, to get their money back.
Debt Cycle and Overborrowing: Because online borrowing is easy and accessible, it can lead to overborrowing and a possible debt cycle.
How can I contact PalmPay?
You can contact PalmPay through the following ways:
Phone Number: 018886888
You can get a PalmPay loan from the PalmPay mobile app. This platform is legit and has been approved by the CBN. It is also still covered by the NDIC, so you don’t have to worry about getting scammed. But make sure you can pay back whatever you borrow so you don’t get put on a list of people who can’t be trusted.