How to Borrow Money From Palmpay in 2024

Ugo Prosper Chibuzor January 4, 2024

0 122 5 minutes read

How to borrow money from Palmpay loanDo you intend to take a loan from Palmpay and is willing to know how to borrow money from platform? Palmpay is considered as one of the biggest Fintech company in Nigeria with over 30 million active users. Making the icing perfect on the cake, the platform also offers their users the opportunity to borrow money and pay back later with just a little interest rate.

If you have been wondering how to borrow money from Palmpay then you’re at the right place, I will tell you everything you need to know including requirements you must meet and how to obtain a loan.

Table of Contents

Palmpay App Overview

PalmPay is a mobile payments platform that was founded in 2018 in Nigeria. It’s a subsidiary of Transsion Holdings, the same company that makes the Tecno and Infinix phone brands. The goal of PalmPay is to provide a safe, secure, and convenient way for people to make payments and manage their finances. It has a mobile app that allows users to send and receive money, pay bills, and buy airtime. It’s currently available in Nigeria, Ghana, and Tanzania.

Once again, Palmpay loan provide it users with more flexible way to borrow money (up ₦500,000) and pay back at a given duration with a low interest rate. However, there are some certain requirements that must be met before you’re considered for a loan.

Palmpay loan eligibility requirements

Here are some certain requirements that you must meet before you can apply for Palmpay loan:

Be a Nigerian residents: Before you can apply for Palmpay loan you must either be a Nigerian or have a valid Nigeria citizenship ID card.
Must be at least 18 years old of age: All applicants must be at least 18 years and above before you can borrow money from Palmpay loan.
Main a good credit record: It’s important that you have a good credit record if you have borrowed from any loan app, else your application won’t be approved.
Have a valid ID card: You must have a valid Nigeria ID card either driver’s license, NIN or even voters card.
Must have a valid BVN: Before your application can be considered for a loan, you must provide your BVN this is required. Please take note that your BVN is safe with Palmpay as they’re a licensed company in Nigeria.
You must have tangible source of income: Palmpay policy states that every applicants must have a legal source of income.
Must be an active Palmpay User: Most importantly, you must be an active Palmpay user and must have completed transactions before you can be borrow money from Palmpay.

How to borrow money from Palmpay loan

To borrow money from Palmpay here are steps you needs to follow:

#Step 1 – Download Palmpay app

Firstly, you need to download and install the Palmpay app available on Playstore and Apple store. Downloading Palmpay app will cost you between 35MB to 60MB depending on your phone type and operating system.

This is the first step every users must complete, you must first download and install the app on your mobile phone.

#Step 2 – Create a Palmpay account

Then, the next step after you have successfully downloaded the Palmpay app is to create an account with Palmpay. Here are steps to create a Palmpay account:

Launch the Palmpay app: You have to launch the app on your Smartphone, you will be redirected to the homepage.
Click on Create account: click on create account and you will be redirected to a sign up page.
Input your details: Fill in your correct details at the required blank field.
Verify your Number: You will be promted to input a phone, upon that a verification code will be sent to you.
Set your 4-digit transfer pin: After that the next step is to set your 4 digital transactions pin.
Then click on Create account

You have successfully completed the sign up process the next step is setting up your account.

#Step 3 – Palmpay account setup

After you might have successfully created your Palmpay account, the next step is to setup your account such as linking your BVN and NIN. To do this follow the steps:

Login to your Palmpay dashboard
At the top left, click on your profile icon and you will be redirected to your setting page.
Scroll down and click on authentication
Choose either BVN or NIN and follow the steps.
You will be required to input your details and upon completion your account will automatically be verified.

#Step 4 – Apply for loan

If you have completed all this steps then you can apply for loan. Though I would advise you to use Palmpay to perform some transactions before applying. Here are steps to borrow money from Palmpay:

Go back to your Palmpay dashboard and click on Loan at the the bottom.
Basically there are two loan options either Flexi Loan and Flexi Cash
Choose your preferred option and apply.
Palmpay algorithm will calculate how much that will be released to you depending on various factors such as credit score and others factors.
Once you receive a loan offer, you can then withdraw immediate.

Tips to increase your chances of getting loan and loan offer:

Always perform transactions with the Palmpay app: When constantly use the Palmpay app to perform transactions such as paying utility bills, transfer and others you don’t just increase your chances of getting loan you also stand a chance of receiving a higher loan offer.
Good credit score: Good credit score also contribute a lot to your chances of receiving a loan.
Make sure you complete your Palmpay profile.
OTP Verification: Palmpay will send OTP to your number and you verification you stand a chance of receiving higher loan.
Selfie/face biometric: Palmpay will give you the chance to increase your loan offer through face biometric.

Palmpay Interest rate and Loan duration

PalmPay’s loan interest rates vary depending on the type of loan you choose and your credit score. However, Palmpay loan interest rate is estimated to be between 15% to 30%.

At the other hand Palmpay loan duration also varies depending on the loan amount and credit score. Palmpay loan repayment period is between 7 days to 6 months.

Consequences of Palmpay loan defaulting

Defaulting on a PalmPay loan can result in severe penalties, including but not limited to:

A reduction in your PalmPay credit score
Being blacklisted from future loans
BVN report to credit bureau
A negative impact on your overall credit history

Defaulting on a loan is a serious matter, and it’s important to understand the consequences before you sign any loan agreement.

How to Contact Palmpay Customer Care

If you intend to contact Palmpay customer service, then use the following details below:

Address: No. 20 Opebi Rd, Ikeja, Lagos State, Nigeria.
Email: support@palmpay.com
Phone: 018886888

Conclusion on how to borrow money from Palmpay loan

Borrowing money from Palmpay loan is another means to sustain yourself when you need urgent money. Firstly, you don’t have to worry about your details because Palmpay is authorized and operates under the rule of Central Bank of Nigeria (CBN) and insured by Nigeria Deposit Insurance Corporate (NDIC).

So you should be assured that your confidential details are secured with Palmpay. If you have any additional question, scroll down to the comment section and I will give you a feedback.