Can I borrow money from PalmPay?
Yes, you can borrow money on PalmPay after providing the requirements for the loan offer.
Previously, to borrow money in Nigeria, you’ll have to go to the bank, fill out some forms, and provide collateral, plus the stress that comes with it.
Currently, borrowing money can be done from the comfort of your home. Thanks to the introduction of loan apps in Nigeria. There are many loan apps in Nigeria such as Opay, Okash, PalmPay, and many others.
In this article, we’re going to be focusing on PalmPay. You’ll learn how to borrow money on the app, how to withdraw the money, how to repay, and other related issues you need to know. Stick around.
What Is PalmPay?
PalmPay, like other loan apps, is an online digital banking app that offers loan services to its users, bill payments, and sending and receiving of money.
The sweetest part is, you can borrow money on the app without submitting your BVN.
Borrowing money on the app is easy and fast, within 5 minutes, the money will be sent to your bank account.
Again, you don’t need collateral or a guarantor to access the PalmPay credit program.
How To Download PalmPay
To use the app, you’ve to, first of all, download it.
With your iPhone or Android, you can access PalmPay.
Go to the Apple App Store or Google Play Store to download the app. Within a few seconds, the app will be downloaded, then click open to get started.
What Are The Requirements For PalmPay Loan?
Like any other app, to get started you’ll have to provide some certain things.
Most times, what App A requires differs from what App B will require.
So, let’s take a look at the requirements needed to be eligible for a loan on PalmPay.
Nigeria Resident: to use PalmPay, you must reside in Nigeria, with a valid Nigerian bank account.
Good Credit History: make sure your credit record is clean. If you’ve any bad record elsewhere, you wouldn’t be granted access.
Phone Number: you need to Submit your number for the verification process and notification purposes.
Make sure you’re a registered PalmPay user.
BVN (Bank Verification Number): Optional. To increase your loan offer, you’ll need to provide your BVN.
Valid ID: Optional. To increase your loan offer, you’ll need to provide your ID. e.g. NIN (National Identification Number).
Age Limit: you need to be 22 and above to be eligible.
Once all the requirements are met, you can go on and apply for a loan.
Note: without your BVN and ID, you can’t borrow more than ₦20,000. Once you provide them, your borrowing limits will increase to ₦200,000.
Follow These Steps To Apply For a Loan on PalmPay
To borrow money on PalmPay, there are easy steps to take.
Here are the steps
Download the PalmPay app
Create and Register an account
Select Your Loan type.
- Download The PalmPay App: go to the Apple App Store or Google Play Store for Android users and download the app. Type “PalmPay” in the search box, and wait for a few seconds for the app to Install. After that, click “Open”.
- Create and Register an Account: after opening the app, the next step is to create an account. To do this,
- Click on the “Sign Up/Login” option located at the top left corner of the home screen
- Enter the code that was sent to you
- Enter your information such as your name, gender, and date of birth, then click “Next”
- Set your PIN and confirm.
- Select Your Loan Type: immediately after you’re done creating your account, you can go on and choose the loan option you want.
Note: as a new user, the amount you can borrow on PalmPay is ₦10,000. While old users can borrow up to ₦20,000.
- Go to your PalmPay dashboard
- Click on the “Finance” tab
- Tap on the “Credit & Loan” icon
- Provide the requirements
- Select the amount you want to borrow (below ₦10,000 for new users)
- Wait for approval. Once approved, the money will be sent to your account within 5 minutes.
Can I Withdraw The Money I Borrowed From PalmPay?
PalmPay will send the money directly to your bank account.
To withdraw the money, visit the nearest ATM, POS, or your bank.
How Much Can I Borrow on PalmPay?
For new users, your borrowing limit is ₦10,000 to ₦20,000. While old users can borrow up to ₦200,000 on PalmPay.
However before you can borrow up to that amount, you need to complete your KYC and provide your BVN (Bank Verification Number) along with a valid ID. e.g. NIN, Drivers License, International Passport.
What Is The Code For PalmPay Loan?
Do you know if it is possible to access the PalmPay loan using a USSD code? PalmPay made it possible to borrow money just by dialing a number.
With this method, you may be able to bypass the BVN verification process.
Follow these steps to borrow money using the PalmPay USSD code.
- Open your phone and dial “×652#” (make sure the number on your phone is the one registered on your PalmPay account)
- Click on the “Loan” option
- Follow the instructions carefully
- Your loan will be credited to your PalmPay account within minutes.
By following the simple steps above you can borrow money from PalmPay without using the internet.
What Is The PalmPay Loan Interest Rate?
As you know, borrowing money comes with certain rates.
Generally, the PalmPay loan rate is from 15% – 30%.
Your loan rate might differ from others, depending on your credit scores and the amount of money you borrowed.
For new users, you have a maximum of 1 month (30 days) to repay the money. Also, you’ll be charged a high-interest rate.
For old users with a good credit record on PalmPay, you’ve up to 1 year to pay back the money. Again, your interest rate will be lower compared to the new user.
How To Repay on PalmPay
Repaying a loan on PalmPay is easy.
You can repay using the balance on your PalmPay wallet, your debit card (ATM Card), or directly from your bank account.
Note: if you’ve some money in your wallet, PalmPay will automatically repay your loan with the balance once your loan is due.
Follow the steps below to repay your loan
- Open your PalmPay app and login into your account
- On the dashboard, you’ll see the “Loan Repayment” icon, click on it
- Then choose your payment option. Either through your ATM card or bank account.
Lest I forget, there is something you need to know.
You can set up an automatic repayment process. The payment will be processed through your ATM card. It’s called ADD (Automated Direct Debit).
What Happens if I Fail to Pay Back the Loan on Time?
If you fail to comply and pay on time, your interest rate will increase from 15% to 20% automatically. It will keep increasing if you don’t meet up.
If you still didn’t comply, your name will be blacklisted by the Credit Bureau. Hence, making it impossible to borrow money on any loan app in Nigeria till you pay up your debt.
How Long Does it Take for Your PalmPay Loan to Arrive?
Once you’re eligible, after applying your money should get to your account within 5 minutes.
How Do You Increase Your PalmPay Loan Limit?
As a new user, you can borrow ₦10,000 and up to ₦20,000 maximum.
However, you can increase your limit and stand a chance of getting from ₦50,000 to ₦200,000 on PalmPay.
To increase your limits, here are the requirements.
- Complete your KYC
- Provide your BVN (Bank Verification Number)
- Put a picture on your PalmPay account profile
- Repay your loan on time
- Carry out more transactions using the PalmPay app.
Once you comply with the requirements, your loan limits will be boosted.
What Are PalmPay Loan Features/Benefits?
You might be wondering why people prefer borrowing money using PalmPay.
Here are some of the benefits
- Instant Disbursement of Loans: once approved, your money gets to you within a few minutes.
- No Collateral or Guarantor: you don’t need any of them to access the loan program.
- Flexible Repayment plan: it does not matter how much you make, there are repayment options that match your income flow.
- No BVN or ID Needed: you can get an instant loan from PalmPay without your BVN or ID.
- Low-Interest Rates: their interest rates are way lower compared to other loan apps in Nigeria.
These and more are the reasons people like using PalmPay when it comes to loans.
Are PalmPay and PalmCredit the same?
Many do mistake PalmPay for PalmCredit, both apps are completely different.
PalmPay is owned by “Transnet Financial” while PalmCredit is a newly established fintech app trying to gain market value.
How Can I Contact PalmPay?
In case of a complaint or any other issue, you can reach out to PalmPay.
Customer Call Line: 018886888
Borrowing money on PalmPay is easy, fast, and secure.
With PalmPay, you don’t need to worry, because the app is well registered and authorised by CBN, along with NDIC endorsement.
To keep borrowing and possibly unlocking a good loan limit, make sure you pay back on time, and ensure you borrow according to your earnings.