PalmPay loan app is one of the most accessible loans to secure without paperwork or collateral. The advent of fintech companies has skyrocketed the banking system in no small way. The fact that people can comfortably take loans from the comfort of their homes without bottlenecks crowns it all.
Sincerely speaking, we can not talk about these fintech companies without PalmPay. Hence, if you are looking for how to apply for a palmPay loan, then this article is precisely what you need.
PalmPay Loan App
PalmPay is a financial technology platform that offers financial aid through loans to its users. Aside from loans, you can make transfers and pay bills from the comfort of your home. The loans are instant and involve fewer documents to apply.
Furthermore, collateral or guarantor is not required to qualify for a PalmPay loan. However, there are requirements that we will discuss in the subsequent heading.
In addition, the PalmPay loan gets quickly disbursed into your bank account instantly once your application is approved. However, as a new user, the loan limit is N10, 000 and can be increased if you repay when due.
Three Uniqueness Of PalmPay Loan
PalmPay is not the only giant in the digital banking industry offering loans. However, some features set it apart from the numerous platforms. What are these features? Check them below;
- Low-interest rate.
The number one uniqueness of the PalmPay loan is flexibility. By flexibility, we mean that the onus is on you to choose the exact size of the loan you want and how to repay it. In other words, the duration of your loan is determined by you.
Palmpay is an automated lending platform, and loan disbursement is fast. Provided that the requirements are met, and eligibility status is confirmed. Then, expect your loan in a few minutes after approval.
3. Low-Interest Rate
This is the sweetest of them all. The interest rate on PalmPay loans is minimal. An average Nigerian can afford to pay it without stress. Yes, the PalmPay loan interest rate is as low as 15%.
What Are The Requirements For Obtaining Loans On PalmPay?
Indeed, PalmPay loans are easy to secure. However, PalmPay will not approve loan applications without ascertaining the eligibility of the applicants.
To secure PalmPay instant loan, the following are required;
- You must be a citizen of Nigeria. And not just that, you must be residing in Nigeria as well.
- Having a good credit history is another essential criterion. This means you must not owe other platforms or be blacklisted by any lending platform.
- PalmPay loan is not for kids. Yes, it is not for everyone. Hence, to be eligible for a loan on PalmPay, you need to be at least 22 years old.
- Once loan approval is made, it gets sent immediately to the recipient’s bank account. Therefore, having an active bank account with any of the commercial banks in Nigeria is another requirement.
- A bank Verification Number (BVN) is another criterion for a PalmPay loan. With this number, financial crimes can be tracked and details verified.
- A valid means of identification is also essential.
- A smartphone that can download the PalmPay loan app is essential. If you do not have one, get one before applying for PalmPay loans.
- A registered phone number and email address are needed for confirmation and verification.
That said, the next thing is how to apply for this loan. Be sure to keep reading.
How To Apply For A Loan On PalmPay
This is the essential part of this article. If you do not know how to secure a loan on PalmPay, then be kind enough to read this section carefully.
Applying for a PalmPay loan is simple. The following steps below will guide you.
- Download the PalmPay loan app
- Sign-up or create an account
- Choose your preferred loan.
- Withdraw Funds.
1.Download The PalmPay Loan App
The first step to getting a PalmPay loan is downloading the PalmPay app.
It is available for smartphones (IOS and Android). The PalmPay app is highly rated; 4.5 stars, 275, 000 reviews, and over 5, 000, 000 downloads. To crown it all, it has a portable size of 35 megabytes.
Furthermore, it has a good interface that makes it easy for users to access.
With this app, one can monitor one’s account or financial transactions.
2. Create A PalmPay Account
After downloading the PalmPay app, the next step is to create an account. Follow the steps below to do that;
- Launch the app
- Click on the sign up button.
- Enter your email address or phone number.
- Create a strong password. The password is usually 4 digits.
- Submit and wait for verification.
- A verification SMS will be sent to your email address or phone number. It depends on which one you entered.
- Proceed to add your BVN and other details after signing up.
- Also, allow Palmpay to access your device.
3. Choose Your Loan Option
As a new user, you may not be allowed to borrow much, unlike old users. New users can borrow only N10, 000. However, fast repayment may help to increase the loan limit. To borrow from Palmpay, do these;
- Launch your app and move to the dashboard.
- Go to the Finance tab or service tab.
- Click on credit & loan.
- Enter the necessary details
- Choose the amount you desire (do not exceed your loan limit)
- Submit your application. The management team reviews and approves of it.
4. Withdrawal The Funds
After the loan has been approved, it will be sent to your bank account. And you will be notified of this by your bank. Withdraw from the nearest bank and foot your bills.
How Much Can I Borrow From PalmPay?
The only problem with PalmPay is its low loan limit. For beginners, they can only borrow up to N10, 000 while older users can borrow as much as N200, 000.
Therefore, it is safe to say that the PamPay loan limit is between N10, 000 and N200, 000.
What Is The PalmPay Interest Rate?
The Interest rate of a PalmPay loan depends mainly on the amount borrowed and credit score.
Generally, the PalmPay interest is as low as 15% and as high as 30%. As we noted earlier, the amount borrowed and credit score determines. However, the first low usually comes with a higher interest rate and decreases if you repay it within the repayment period.
What Is The PalmPay Repayment Plan?
The repayment plan on PalmPay loans is usually between 30 days (one month) and 12 months (1 year).
That said, it is worthy of note that the first loan borrowed (new users) comes with a shorter repayment period which also increases as the needful is done.
Hence, we can say that new users experience high-interest rates and low repayment periods. And gets improved as users comply.
How To Repay PalmPay Loan
Repaying your Palmpay loan when due allows you to increase your loan limit and avoid being blacklisted.
To repay your loan, do the following;
- Launch your PalmPay app and login into your account.
- Click on the “loan repayment” icon and select the loan you want to repay.
- Choose your means of repayment and submit your application.
- You will be debited immediately after approval.
What Happens If I Default?
One thing is to borrow, and another thing is to pay back. To be on the safer side, paying back on time is the best.
However, defaulting will attract a penalty.
- First, the interest rate increases to 20%, a 5% late payment fee.
- Second, failure to comply with the platform after the first penalty, you will be blacklisted by the Credit Bureau, which makes it impossible to borrow loans in Nigeria until you pay off your debts.
Who Owns PalmPay?
PalmPay is a Fintech company located in London, United Kingdom. Greg Reeves is the overall Chief Executive Officer.
In Nigeria, Chika Nwosu is the PalmPay CEO and managing director.
What Is PalmPay USSD Code?
Currently, PalmPay does not have any USSD code for transfers or airtime purchases. However, you can transfer from other banks to PalmPay.
Is PalmPay Legit?
Yes, PalmPay is a legit platform licensed by the Central Bank of Nigeria (CBN). With over a million users across the country, PalmPay has proven to be one of the best platforms for making transfers, paying bills, earning, and also obtaining loans at low-interest rates.
Does PalmPay Give Free Money?
No, Palmpay does not give free money. However, you can earn handsomely by referring others to sign up and using the app. Yes, you refer and earn.
Where Is PalmPay Headquarters In Nigeria?
PalmPay has offices in different countries. In Nigeria, the head office is located at 20 Opebi Rd, Opebi 101233, Lagos State.
How To Contact PalmPay
All information about PalmPay is on the PalmPay App. However, for further inquiries and clarification, you may contact them with the following;
Customer Care Number: 018886888
PalmPay platform is one of the fantastic platforms that offer instant personal loans to people. In this article, we clarified how to apply for PalmPay loans, and we are confident that you are on the right track.
However, kindly reread the article for more clarity, and feel free to share your thoughts and questions in the comments section. We shall respond to them swiftly!