How to Borrow Money from Palmpay Without BVN in Nigeria (up to 500k)

Do you want to know how to borrow money from palmpay with or without BVN? How much can  you borrow for the first time? How to extend your loan or how to pay back?

In this post, we provide answers to all these questions and many more. In 2024, you can loan money on Palmpay. I will show you everything step by step.

Note that this information is the same whether you’re using Android or iPhone. Just follow carefully and you can get quick loan from Palmpay in minutes even without bvn.

PalmPay is one of the leading FinTech apps in Nigeria that offers loan services. With it, you can borrow money for your business or for personal needs. Also, you can carry out almost all major banking transactions like money transfer, utility bills payment and data subscriptions.

There are several loan options available for you with reasonable interest rates. In fact, Palmpay also offer interest free loan in the form of buy now pay later, which I’ll also show you how to apply for.

PalmPay loan comes with loads of features that makes them stand out among their competitors:

• Up to 150,000 naira for personal or 500,000 for business
• Instance disbursement
• Flexible repayment
• No collateral or any other paperwork is needed
• No guarantors needed
• Without bvn

Many more..

How to borrow money on Palmpay

Here are the steps to follow if you want to borrow money from palmpay app for the first time, either on android or iPhone:

1. Open Palmpay – Before you can borrow money from Palmpay you must have been using their app for some times. If you don’t have a palmpay account yet, I’m sorry, but you may not get any loan offer.
2. Go to ‘Loan’ section. You’ll find this beneath the landing page of palmpay app.
3. You’ll find 2 loan options, Flexi Cash and Flexi. Choose the one that best fits your need
4. Fill the required details and click on submit
5. Wait for approval. This usually takes less than 5 minutes
6. Once approved, the loan will be disbursed into your palmpay account. You can then transfer the money to any bank of your choice

Palmpay Pos Loan

Palmpay also offer business loans. If you run POS business and you use palmpay pos, you can apply for business loan from the palmpay agent app.

You can get up to 500,000 naira loan to run your POS business. However, your loan amount will be determined by how many transactions you’re doing on the POS. If you do like say 200k to 500k weekly, palmpay can give you loan upto 500k to run your business smoothly.

Interest Rates

Unfortunately, Palmpay Loan Interest is high. They usually charge 1% which translates to 30% in a month. What this means is that, if you borrow 100,000 naira from palmpay for a period of 30 days, you should be expecting 30,000 naira as interest.

I think Palmpay needs to reconsider their interest and bring it down. You need to check this very well and be sure you have a means to repay back before taking loans from them.

PalmPay POS loan has good interest rates though. On 10,000 naira they charge you about 300 naira on a 7 days period. That means 3000 for 100,000 naira palmpay pos loan.

Palmpay Loan Without BVN

With PalmPay loan, you can borrow some money without bvn. However, to increase credit limit, you will need to add your bvn before before you can borrow a huge some of money.

If this is what you want, you can do so following the same steps outlined above.

Only downside is that the loan amount you’ll be eligible for will be small until you link your BVN.

How to Repay Palmpay Loan

Now, how do you pay back your palmpay loan? Very easy, just make sure you have enough money on your palmpay balance. The repayment will process automatically on the due date.

You can also pay back before the due date if you choose to. To do this, just heed over to the Loan section and click on make repayment. Follow the easy steps.

Can you borrow money on Palmpay without paying back?

As a palmpay user, you can borrow money from palmpay app. However, you will have to pay back, otherwise, you may face some consequences.

If you don’t pay back your palmpay loan, PalmPay may block your phone, and or report you to credit bureau. This will have negative impact on your credit score and will definitely affect your ability to get loan from other financial companies in the future.

How to increase your Maximum Loan

If you’re borrowing money from palmpay for the first time, chances are you may not be offered more than 20,000 naira. However, you can boost your maximum loan amount by following few simple steps.

• Complete kyc
• Add bvn
• Add your photo tk profile on Palmpay app
• Perform more transactions on the palmpay app
• Make repayment early

PalmPay Loan FAQs

Below are answers to some frequently asked questions that you might have:

How do I borrow from PalmPay?

To borrow from PalmPay, you need to have a PalmPay account and ensure that you’ve used it for some time. Once you meet the requirements, you can access the loan feature on the app and apply for a loan.

How much can I borrow from palmpay for the first time?

If you’re borrowing for the first time on Palmpay, you can expect 10,000 naira to 25,000 naira. The limit will increase once you keep good record by paying back on time.

What is the interest rate for PalmPay loans?

PalmPay loan comes with competitive interest rates compared to other loan providers in Nigeria. The interest rate may vary depending on the amount and duration.

Can I borrow airtime or data from palmpay?

You cannot borrow airtime or data from Palmpay. However, you can buy Airtime from your palmpay flexi and repay later.

How long does it take to get a loan from PalmPay?

PalmPay processes loan applications quickly, and once approved, the loan is disbursed to your PalmPay wallet within minutes.

Can I repay my PalmPay loan before the due date?

Yes, you can repay your PalmPay loan before the due date without any penalty or additional charges.

What happens if I default on my PalmPay loan?

Defaulting on your PalmPay loan can negatively affect your credit score and make it difficult for you to access credit in the future. It’s important to have a repayment plan and ensure that you repay the loan on time.

Conclusion

In conclusion, borrowing money from Palmpay has never been easier, with flexible repayment options and no collateral required.

The Palmpay app is user-friendly, and with just a few clicks, you can apply for a loan, wait for approval and withdraw the money for any use.

Remember, to increase your maximum loan amount, you need to complete KYC, add your BVN, add your photo to your profile, perform more transactions, and make early repayments.