Today I will like to show you how to borrow money from Palmpay and get instant approval even if you have ever been denied like many say. This article contains the latest information, including other relevant information you need to know about Palmpay loans.
Thanks to technology-powered finance platforms, you can now easily borrow money in Nigeria. Borrowing loans in Nigeria has become very easy thanks to technology-powered loan platforms. One such platform in Nigeria is PalmPay.
PalmPay is one of Nigeria’s best and most reputable financial platforms, offering individuals small and medium loans. If you are seeking how to apply for a loan On Palmpay, then this is the right post for you to read.
About Palmpay Loan App
PalmPay is a technologically automatized mobile money platform that specializes in providing banking activities including lending services, Point Of Sales (POS devices), and credit to financially under-served and excluded people in Nigeria and Ghana.
Palmpay was established in 2019 in Nigeria and Ghana and has provided financial services to over five million customers and is determined over the next three years to empower over 19 million businesses and 100 million consumers with access to reliable, affordable, and relevant financial services.
Additionally, PalmPay offers quick loans to people in need within an approval time of five minutes. The beauty of this app is that you do not need to submit any collateral or any paperwork before you can borrow money. This means getting loans is easy, more seamless, and more convenient than traditional banks.
As a new borrower, you can borrow a maximum of N10,000. Paying your loan on time makes you eligible for more. It would be interesting to also add that the bank has also been one of the most reliable ones in terms of mobile money transfer as the transaction success rate has been tremendous above the traditional banks out there.
The Palmpay loan app is available on the Google Play Store and IOS App Store. After downloading, ensure you create an account and follow the instructions to make your first loan request. When downloading, ensure it is the updated or the newest version. You can quickly request a loan and repay directly from your Palmpay app.
What are the Requirements to Borrow From PalmPay
To borrow money from PalmPay in Nigeria or Ghana, you must fulfill the following requirements:
- You must be free from debts
- You must be a Nigerian living in Nigeria
- You must be 22 years or older
- You must have a functioning bank account with BVN
- You must have a smartphone that can download the PalmPay app
- You must be a Palmpay user
If those requirements look like what you can fulfill then chances are you are already getting your approval in minutes to obtain a loan with Palpay and below is how to do that.
How To Borrow Money From Palmpay With Instant Approval
Below are steps to borrow money from Palmpay today
Step 1. Download the app from the app store
Step 2. Create an account on the app
Step 3. Complete KYC to get reviewed
Step 4. When your registration is approved, your dashboard will be displayed.
Step 5. Click on “Loans” on your dashboard, and the amount you are eligible for will be displayed
Step 6. Enter your interest amount
Step 7. Click borrow and wait for disbursement within minutes
Remember to only borrow money when you need it to avoid putting yourself in financial embarrassment. We have heard people complaining about receiving calls from Palpay agents asking for their money and I’m sure these are kinds of embarrassments you wouldn’t want to get into.
While loans have helped many people, it has also put many others into financial crises which they prayed they never got into, and as such you are advised to always seek financial assistance from family and friends first before considering online loan apps for your quick loans.
Palmpay Loan Code To Get A Loan Without Internet
While the Palpay app is very easy to acquire a loan, you can also use the USSD code *322# on your phone to get a loan without the internet. You don’t need to only go through the app to borrow a loan from Palmpay. Palmpay has made the process so easy that you can dial the USSD code, *322#, to request a loan. Follow the prompts and insert the amount you want to borrow, the repayment duration, and your pin.
This code does not require the use of the internet and so without data, you can get a loan from Palpay. The *322# short code can also be used for other Palmpay banking transactions.
How To Borrow Money From Palmpay From iPhone
To borrow money from Palmpay from iPhone, go to the App Store to download the Palmpay app. Follow the steps below to borrow money from Palmpay after downloading and installing it.
- Create an account and complete your details on the registration form.
- When your registration is approved, your dashboard will be displayed.
- Click on “Loans” on your dashboard, and the amount you are eligible for will be displayed, and you can borrow it.
It would be interesting to know that Palmpay is one of the few loan apps on iPhone in Nigeria that support both devices and operating systems.
How To Borrow Money From Palmpay Without BVN
It is possible to borrow money from Palmpay without BVN. All you have to do is to create a Basic Tier 1 account with PalmPay. After that, apply for a Flexi Cash loan or an Ok Card on the Palmpay App.
However, you will only be eligible to borrow a small amount. Until you link your BVN, you won’t be eligible to borrow large amounts. You can borrow up to N200,000 when you connect your BVN.
Palmpay is one of the fastest-growing banking apps in Nigeria. The nature of their business in ensuring people enjoy their services in both rural and urban areas, banked underbanked, and unbanked actually put them in that spotlight. The rate of successful transactions with Palmpay is priceless.
Palmpay Loan Interest Rate And Repayment Terms
Before borrowing money, one thing you should check out for is the interest rates and repayment terms. For Palmpay, the interest rate is between 15% to 30% depending on the amount you borrow and your creditworthiness.
The repayment term for the Palmpay loan lasts for a duration of one month to a year. Do note that you will be charged a high-interest rate the first term you borrow, and the repayment duration will be shorter. The interest rate decreases, and the repayment duration is extended as you borrow and repay on time.
How to Repay A Loan On Palmpay
To repay your loan on Palmpay, follow the steps below.
- Go to the PalmPay app on your phone
- Login into your account.
- Go to the dashboard and click on “loan repayment.”
- Select a preferred medium of repayment and click approve.
- You are done!
Note that the earlier you repay, the better chances you have of getting a higher loan amount. Its better to start building the relationship and credit score gradually with them before asking for a higher amount.
What Makes PalmPay Loan Stands Out?
PalmPay is not only a reputable platform where you can get loans, but have some notable features that make it stands out from its competitors. There are the features that make Palmpay stands out and they are:
- Flexibility
- Fast
- Low-interest
1. Flexibility
One of the features that stand for Palmpay is flexibility. Palmpay allows you to choose the amount you want to borrow and the mode of repayment. , you determine the duration of your loan. However, in selecting the amount you wish to borrow, you cannot exceed the limit Palmpay imposes on you.
2. Fast
Palmpay is a technologically empowered lending platform that provides fast loans as long as you meet the eligibility criteria and the requirements and they are confirmed.
The turnaround time is a few minutes, meaning you will get funded within minutes of your loan approval.
3. Low-Interest
Compared to most lending platforms, PalmPay charges low or minimal interest rates. PalmPay charges loan interest rates as low as 15%, even the average man can afford it.
What Is The PalmPay Repayment Term?
When you start looking for how to borrow money from Palmpay, it is important to first look at their repayment terms. The PalmPay repayment loan term loans typically range from 30 days (one month) to 12 months (1 year). However, you must know that the first-term loan has a shorter duration and a higher interest rate. So you are expected to enjoy an extended repayment term as a continued user.
What Happens If I Default in Repaying My Loan?
If you default in repaying your loan, you might attract some penalty. For late repayment, your interest rate will increase to 20%, which is an additional 5% late payment fee. If you don’t pay the loan at all, your details will be sent to the Credit Bureau for blacklisting, which makes it impossible for you to borrow a loan from anywhere platform in Nigeria until you pay off your debt.
Is Palmpay Legit?
The truth is that PalmPay is legit, authorized, and regulated by the Central Bank of Nigeria (CBN). NDIC insures it, so you don’t have to worry about using their service. This makes it a reliable platform to request a loan and submit your details. All you have to do is ensure you repay your loan on time.
So don’t worry, if you are looking for how to borrow money from Palmpay but still thinking if they are legit, you should think about the above factors and decide.
Can I Withdraw The Money I Borrow From Palmpay?
Yes, once the loan has been approved, you can withdraw the money. You can withdraw the funds to your bank account linked to your Palmpay account or send it to another bank account that is yours. The withdrawal process is easy and wastes no time.
How Much Can You Borrow From PalmPay For The First Time?
As a first-time borrower, your loan limit is N10,000. This means that you cannot borrow more than N10,000. Your limit increases when you repay your loan on time. As a continued user, can you be eligible to borrow up to N200,000.
Can I Use Palmpay To Buy Bitcoin?
Yes, you can use Palmpay to buy Bitcoin. The PalmPay point-of-sale software allows you or any merchant to collect cryptocurrencies at zero cost, such as Bitcoin, Ethereum, Dash, bitRuble, Steem, Monero, bitUSD, bitEUR, Litecoin, Bitshares, and others.
Who Owns PalmPay?
PalmPay is a Fintech company based in London, United Kingdom, with Greg Reeves as the overall Chief Executive Officer. The CEO and managing director of the Nigeria branch is Chika Nwosu.
Where Is PalmPay Headquarters In Nigeria?
PalmPay exists in different countries and, as such different country headquarters. Palmpay’s head office in Nigeria is at 20 Opebi Rd, Opebi 101233, Lagos State.
Conclusion
Palmpay is a legit app where you can get a fast loan upon fulfilling the requirements. Ensure you have a smartphone and a functional account when borrowing money from Palmpay.
If you have any issues, you can quickly contact them via email at support@palmpay.com, phone number at 018886888, or their website at www.palmpay.com.
