In Nigeria, getting an online loan is now incredibly easy. In case you are running out of cash, this article will guide you on how to apply for a PalmPay loan stress-free.
Development in technology as made it possible for you to get a loan without having to pass through the stress of going to a bank. One of the easiest loans to obtain without documentation or collateral is through the PalmPay loan app.
Thanks to PalmPay for offering easy loan services, where getting an online loan is simple. PalmPay is not the only well-known name in online banking that provides loans. But several things distinguish it from the various platforms. The difference includes: Low interest rate, it’s quick and lastly, flexible.
Remember that the reputable online lending company PalmPay provides loans to individuals.
What is PalmPay
PalmPay is an automatic lending platform that specializes in providing loans to underserved Nigerians and those who are economically disadvantaged across Africa. In essence, folks in need are given loans through the PalmPay network.
You can acquire a quick loan after being accepted on this app within five minutes. Furthermore, no documents or collateral are needed in order to borrow. The borrowing process is substantially streamlined and made simpler as a result. As a new borrower, you are eligible for a loan of N10,000, while existing users can get upto N200,00 loan through the PalmPlay platform.
How can I get the PalmPay application?
Follow the steps below to get the PalmPay app:
- On your Android smartphone, open the Google Play Store app. Go to the App Store instead if your phone is an iPhone.
- Search for “PalmPay” next.
- Download and set up the application.
- Finally, create an account on the platform and take out a loan.
How to Apply for a Loan with PalmPay
To borrow money from PlamPay, take the following actions:
- Visit the Google Play Store to get the PalmPay smartphone app.
- Fill out the registration form with your information to create a PalmPay account.
- When your registration is successful, your dashboard will be available to you.
- Click on “Loans” on your dashboard. You can proceed to request it after seeing the amount you are qualified to borrow.
Conditions for a PalmPay loan
The following requirements must be satisfied by applicants:
- Only person’s of 22yrs and above are eligible.
- You must be a resident of Nigeria and a citizen of Nigeria.
- Obtain a smart phone to install the PalmPay app.
- You must possess a functioning bank account with BVN.
- For confirmation and verification, you’ll require a registered phone number and email address.
- You must not have any outstanding loans to repay and have a decent credit score.
How much credit limit does PalmPay offer?
You can apply for a quick loan of up to N200,000 on PalmPay. The fact that there is no documentation or collateral needed to obtain the loan is its strongest feature.
What are the PalmPay loan’s interest rate and term?
A PalmPay loan typically has an interest rate between 15% and 30%. It varies within that range depending on the quantity of the loan you were given and your credit rating.
The time frame for repaying a PalmPay loan might be anywhere between one month and one year. The first time you borrow, the platform will charge you a high interest rate and a short repayment period. However, things will improve if you continue borrowing and making on-time repayments.
How can I make a PalmPay loan repayment?
Take the actions listed below to pay back your loan using PalmPay:
- Log into your account via the PalmPay app by opening it on your phone.
- Next, find the “loan repayment” tab on the dashboard.
- Choose your method of repayment by clicking the tab. You have the option of using an ATM or a bank transfer.
What will happen if I don’t repay my loan?
If you don’t make your loan repayment on time, PalmPay will increase your interest rate by 20%. PalmPay will disclose your name and contact details to the credit agency for blacklisting if you repeatedly default on the loan.
Until the amount is repaid, blacklisting restricts you from acquiring a loan in Nigeria.
How do I Contact PalmPay?
You can get in touch with PalmPay in the following ways:
Telephone: 018886888
Contact info: support@palmpay.com
Visit the PalmPay website: www.palmpay.com
Frequently Asked Questions
Is PalmPay Scam or Legit?
The Central Bank of Nigeria (CBN) has granted PalmPay a license, therefore it is a legitimate platform. PalmPay, which has more than a million users nationwide, has established itself as one of the greatest systems for sending money, paying bills, earning money, and even obtaining loans with low interest rates.
Can I get free money from PalmPay?
Palmpay does not offer free money, nevertheless. However, you can make good money by encouraging other people to download and use the app. You do refer and be paid N500, yes.
Who Is the Owner of PalmPay?
PalmPay is based in London, United Kingdom. The company’s overall CEO is Greg Reeves.
Chika Nwosu is the CEO and managing director of PalmPay in Nigeria.
What Is the USSD Code for PalmPay?
There isn’t a USSD code available for PalmPay right now to make transfers or airtime purchases. However, you can send money to PalmPay from other banks.
Conclusion
Through the PalmPay smartphone application, you can get a loan. In short, you shouldn’t be concerned about getting conned because this platform is real, has received CBN approval, and is still covered by NDIC insurance. However, be sure you can pay back any debts you take out to avoid being placed on a blacklist.