Updated on January 19, 2024
Do you have unexpected bills, an important thing to buy, or do you just need some extra money until your next paycheck? If you think a Palmpay loan is your solution, this guide will show you how to borrow money from PalmPay on iPhone or Android without BVN.
Now, thanks to easy-to-use loan companies and loan apps, borrowing money in Nigeria is easier than ever, as long as you can avoid fake and banned loan companies.
The PalmPay app is one of the best loan apps around. But it’s not only about loans; it’s also a handy digital bank for Nigerians. You can borrow money from Palmpay by downloading the Palmpay app and by signing up or by using the Palmpay USSD Code.
You can borrow up to N200,000 in loans from the PalmPay loan app in Nigeria at an interest rate of 15% to 30% for a duration of 1 month to 1 year.
Let’s get started on how to borrow money from PalmPay in Nigeria, from signing up to paying back, and how it all works. Let’s get started and discover how a PalmPay Loan can make your life easier.
How to Borrow Money From PalmPay on iPhone without BVN
Here’s how to borrow money on Palmpay in Nigeria:
- Download the Palmpay app on your phone from the Play Store or App Store.
- Then create a Palmpay account by submitting all the required 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 can borrow from Pamay.
- F the instructions and if everything is in order you’ll get the loan disbursed to you by Palmpay.
Related: How Much is Palmpay POS Machine in Nigeria
About PalmPay Loan App
Palmpay is a digital finance app with a digital wallet for money transfers, loans, and bill payments. Palmpay is licensed by the CBN as an MMO and its deposits are 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.
PalmPay Loan Requirements
You should know that before you can apply for a 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
- BVN
- 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 in Nigeria without any paperwork or collateral.
PalmPay Loan Interest Rate
Depending on your credit score, and the loan amount you want, the interest rate for a Palmpay loan can range between 15% to 30%.
Palmpay charges a competitive 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.
Checkout: Capitec Loan Interest Rate
Palmpay Loan Repayment Period?
The loan repayment period on PalmPay is between 1 month (30 days) to 1 year (1 year).
How can I Repay my Loan on PalmPay?
To repay your loan on PalmPay, follow the steps below:
- Login into your Palmpay account.
- Next, go to the dashboard and look for the “loan repayment” tab.
- Then, Click on the tab and select your medium of repayment. You can choose either a Bank transfer or an ATM.
What Happens If You Don’t Pay Back Palmpay 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.
Palmpay Contact
You can contact PalmPay through the following ways:
Email: support@palmpay.com, Phone Number: 018886888, Palmpay’s Website: www.palmpay.com
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