Last Updated on January 20, 2023
Note: The Palmpay app doesnt offer loans anymore and the Loan product has moved to Palm Credit loans.
If are you interested in a Palmpay Loan, then you’ll learn how to borrow money from Palmpay.
Borrowing money from the comfort of your home in Nigeria is so easy because of tech-powered loan apps.
There are several loan apps and loan companies in Nigeria and one of the top loan platforms is Palmpay.
However, Palmpay isn’t just a loan app. it is one of the best digital bank apps in Nigeria.
The main beauty of loan apps like Plampay is that you can request a loan and get it instantly in your bank account without having to visit the bank.
See: How Much is Palmpay POS Machine in Nigeria
About PalmPay App
Palmpay is a digital finance app with a digital wallet for money transfers, getting loans and bill payments.
Palmpay is licensed by the CBN as an MMO and its deposits is insured by the NDIC.
PalmPay loan is one of the fastest ways to borrow money in Nigeria, as you do not need a guarantor or any collateral.
Palmpay loans are instant and you can get it within 5 minutes of approval.
The minimum amount you can borrow from Palmpay is ₦10,000 while the maximum amount is ₦200,000.
How to Borrow Money From PalmPay
Here’s how to borrow money on Palmpay in Nigeria :
- Download the Palmpay app on your phone
- Then create an account by filling out the registration form with your information
- After successful registration, the app will take you to your Account dashboard.
- Then navigate to “Loans” and click it. You will be shown the amount you are eligible to borrow.
- Then just follow the instructions and if everything is in order you’ll get the loan disbursed to you by Palmpay.
PalmPay Loan Requirements
You should know that before you can apply for a Palmpay loan on the PalmPay app, you’ll need to meet certain criteria.
Here are the requirements you meet to have to borrow money from Palmpay:
- You must have a PalmPay Account before you can access loans.
- Valid Bank Account
- Means of Identification (NIN, Int Passport, Drivers License, Voters Card)
- Utility Bill
- Be at least 22 years old
- Your credit score must be good and you must not have any pending loans to repay.
How much Loan Can You get from PalmPay?
You can get a loan of up to N200,000 from PalmPay without any paperwork or collateral.
PalmPay Loan Interest Rate and
Depending on your credit score, and the loan amount you want, the interest rate can range between 15% to 30%.
Palmpay charges a high-interest rate and gives a short repayment period for first-time borrowers. However, as you continue to borrow and repay on time, rates and loan terms will be better.
Palmpay Loan Repayment Period?
The loan repayment period on PalmPay is between 1 month to 1 year.
How can I Repay my Loan on PalmPay?
To repay your loan on PalmPay, follow the steps below:
1. Login into your Palmpay account.
2. Next, go to the dashboard and look for the “loan repayment” tab.
3. Then,Click on the tab and select your medium of repayment. You can choose either a Bank transfer or an ATM.
What Happens if I default on my Loan?
If you fail to pay back your loan on time, PalmPay will increase your interest by 20%. Over time, if you still don’t repay the loan, PalmPay will send your name and details to the Credit Bureau to blacklist. Blacklisting makes you unable to borrow a loan in Nigeria until you pay back the loan..
How can I contact PalmPay?
You can contact PalmPay through the following ways:
Email: su[email protected] Number: 018886888Website: www.palmpay.com
Email: [email protected]
Phone Number: 018886888
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