How to Borrow Money From PalmPay: Borrowing money can be a valuable option for individuals who need funds for a variety of reasons, such as paying for unexpected expenses or consolidating debt.
Thank God for the development of digital lending platforms. One can easily access loans from loan apps without going through any form of stress. There is no need to queue at the bank or undergo the process of providing collateral, a guarantor, or other forms of documentation just to access a loan.
One of the awesome ways to borrow money is through the Palmpay platform, a digital financial services provider that offers a wide range of financial products and services, including loans.
In this article, we are going to guide you through the journey of how to borrow money from PalmPay and other important things you need to know about the PalmPay loan.
So, take a seat, relax, and continue reading if this is what you are looking for!
You can also check out the best loan apps in Nigeria if you are looking for other options to borrow money.
Now, let’s dive!
About PalmPay: What You Should Know
I believe most of you know what PalmPay is all about because it is very common. Almost everyone with an Android, iPhone, or any smartphone comes into contact with the app. However, for a better understanding, let us explain what the platform is all about.
Palmpay is a simple e-wallet and secure online payment platform that offers financial services to users through its app.
It’s a CBN-licensed e-wallet and mobile payment platform that lets users send and receive money, buy airtime and data, fund betting accounts, subscribe to TV, pay utility bills, etc.
This wonderful platform rewards users with points called Palmpoints for almost every transaction made on the app. Palmpay also gives 12 to 50% cashback per transaction. However, this depends on the kind of transaction.
Do you have Palmpoint? Visit this article concerning how to convert PalmPay points to money to make good use of your points.
Additionally, PalmPay allows users to make a decent amount of money by participating in a referrer program. You can earn up to 20,000 Naira per week by simply referring people to the app.
In our next article, we will give a detailed explanation of this and also show you how to make amazing cash on PalmPay. Remember to always check this blog. As for now, let us proceed with our topic of discussion.
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With all these amazing features, PalmPay also allows users to borrow money on the platform. They have a special loan package called Flexi Cash, powered by Rockit Lenders Nig Limited.
With the PalmPay Flexi Cash loan, users can borrow up to N500,000, which can be paid back within a duration of 1 month to 1 year.
Their loans are fast and convenient. You can apply and receive your loan within a few minutes if approved.
One interesting fact is that you can borrow money from PalmPay without providing a guarantor, collateral, or any documentation. Also, there are no hidden charges for PalmPay loans.
With all these amazing factors, PalmPay is recognized as one of the best loan apps in Nigeria.
The good news is that this page covers everything you would love to know about PalmPay Loan. Whether you are looking for how to borrow money from PalmPay, how to borrow money from PalmPay without BVN, or how to borrow money on PalmPay on an iPhone, you are on the right track.
Benefits of borrowing money from Palmpay
- Instant disbursement
- You can borrow up to 500,000 Naira
- Low-interest rate
- Some of the loans are interest-free
- You can access the loan without a guarantor
- There is no collateral or paperwork required
- There is flexibility in repayment
PalmPay Loan Interest Rate
The interest rate for PalmPay loans ranges from 15% to 30%. Let’s say you borrow N10,000 from PalmPay for a month with an interest rate of 15%. This means that you will pay an interest of N1,500 (15% of N10,000) in addition to the principal amount of N10,000. So, you will need to repay a total of N11,500 to PalmPay after a month.
PalmPay Loan Eligibility Requirements
To borrow money from PalmPay, you will need to meet the following requirements:
- You must be a Nigerian and reside in the country.
- Applicants under 18 years old are not eligible to apply.
- You must have a Bank Verification Number (BVN) or an active bank card or bank account.
- You must have a smartphone with internet access.
- You also need a good credit score to qualify.
How To Borrow Money From Palmpay
Below are the simple steps you can follow to borrow money from Palmpay:
Step 1: Install the app
The first thing to consider is the installation of the Palmpay app.
Step 2: Sign up
After installing the app, sign up. If you are already a user, login instead.
Step 3: Click “Loan” icon
On your homepage, navigate and click the “Loan” icon under Services or at the bottom of the page. The PalmPay Flexi Cash Loan page will open, click the “Apply” or “Get Flexi Loan Now” button to proceed.
Step 4: Provide your BVN
You will need to provide your Bank Verification Number (BVN), full name, and date of birth at this stage. If you don’t want to link your BVN, PalmPay has other options for you. Simply screw down and click the “Select Other Method” at the bottom of the page and choose your preferred method for your loan application. This includes linking your bank card or bank account.
Note that, the amount of money you can borrow from PalmPay will be limited if you do not link your BVN. To enjoy bigger loans, you must provide your BVN.
Step 5: Apply for your loan
After providing the basic information from your selected method, you can finally have access to apply for your loan. PalmPay will review your application in minutes and disburse it to your account if approved.
How to borrow money on PalmPay on iPhone
To borrow money from PalmPay using an iPhone, head over to your App Store and install the PalmPay app, or simply click here to install the app. After the installation, follow the simple steps above and you are good to go.
How to Borrow Money From PalmPay Without BVN
Maybe you do not have a Bank Verification Number (BVN), or you do not feel convinced to provide your BVN, PalmPay also provides other methods for borrowers to access loans without BVN. You can either use your bank card or bank account in place of the BVN.
They made this possible for users to enjoy a seamless experience and also have access to convenient services on their platform.
However, the amount of money you can borrow from PalmPay will be limited if you do not link your BVN. To enjoy bigger loans, you must provide your BVN.
Do you want to know how to borrow money from PalmPay without BVN? Follow the steps below:
- Log in to your PalmPay app
- On your homepage, navigate and click the “Loan” icon under services or at the bottom of the page.
- The PalmPay Flexi Cash Loan page will open, click the “Apply” or “Get Flexi Loan Now” button to proceed.
- You will be required to verify your BVN on the next page. Simply screw down and click the “Select Other Method” at the bottom of the page and choose your preferred method for your loan application. This includes linking your bank card or bank account.
- Provide the basic information and apply for your loan. PalmPay will review your application in minutes and disburse it to your account if approved.
PalmPay Loan Code
The PalmPay USSD loan code is *652#. To borrow money from PalmPay using their USSD code, dial *652# using the phone number linked to your PalmPay account, locate the “Loan” option, and follow the prompts to access your loan in minutes. Note that this can not work if the phone number is not linked to your PalmPay account.
How To Borrow Money From Palmpay: FAQs
1. How do you pay back a loan on PalmPay?
Palmpay has made everything Quick and simple for a better user experience. The loan repayment can be done in two ways, through the app or via the Palmpay application.
Follow the simple steps below to pay back a loan on Palmpay:
- Log in to the palm app (If you are yet to have the app, go to the app store or Play store and install it)
- Fund your wallet
- Finally, click on the repayment option on the dashboard and pay.
Repayment is due on the 1st or 16th of each month.
1. What is the interest rate of PalmPay?
Just like we previously stated, the interest rate for the Palmpay loan is very low. This can be between 5% and 10%, depending on the amount and the type of loan you applied for.
If you have any questions, don’t hesitate to use the comment section below.
How To Borrow Money From Palmpay: Conclusion
Borrowing money from Palmpay is a simple and convenient process. All you need to do is to create an account on the Palmpay app and provide some information required. Once your account is up and running, you can request a loan and get the money deposited directly into your bank account or even use it to pay bills and buy airtime.
Finally, It is important to carefully consider the terms and conditions involved in borrowing money on Pamlpay, as well as your ability to repay the loan, before hitting the borrow bottom. Good luck!