How to borrow money from palmpay – Loan USSD Code, App Interest Rate

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Do you want to know how to borrow money from palmpay using either their app or official ussd code? In this post, 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.

PalmPay is one of the leading FinTech loan apps in Nigeria. With it you can carry out almost all major banking transactions, utility bills payment and data subscriptions.

Good news is not only that you can borrow money on Palmpay, but that there is in fact an interest free loan waiting for you on the app.

Features

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

  • Low interest fees
  • Up to 50,000 naira
  • Instance disbursement
  • Flexible repayment
  • No collateral or any other paperwork is needed
  • No guarantors needed

Whether you’re looking for Palmpay loan interest rate, their repayment methods, available loan extension or more you’re in the right place.

PalmPay loan Interest Rate

PalmPay loan interest rate is between 3 and 10 percent of the principal loan. This is a fair interest considering the risk involve on the part of the company.

Also you may need to confirm their current interest, as this may change from time to time, and especially from the time of writing this article.

How to borrow money from palmpay

Here are the steps to follow if you want to borrow money on palmpay app:

  1. Download and sign up: Go to Google Playstore and install PalmPay app if you’ve not yet done so. Also lunch the app and sign up
  2. configure the settings: you will need to configure some required settings within the app. Some of those settings are biometric, KYC, etc. It’s pretty straightforward to do as the app itself will lead you.
  3. Add BVN and others: With PalmPay loan, you will need to add your bvn before you can borrow money or access the app features.
  4. Apply: Once you’ve signed up, heed over to the finance tab and click on apply. You will need to provide two people’s phone numbers. These people can be any of your family members or friends.
  5. Wait for approval: After submitting your loan request, you will need to wait for some minutes for approval.
  6. withdraw money into your account: Once your request is approved, you will be able to withdraw the money you borrowed into your bank account or you can use it to make purchases on the app.
See also  Credit Karma Customer Service Email and Phone Number

More ways to borrow loan on PalmPay

If your request to borrow money from PalmPay is not approved for whatever reason, there’s also another loan offer you can try within the palmpay app.

Read this: How to get PalmPay POS

Click OK card and you will find a loan offer already waiting for you. The backdrop of this is that the maximum amount you can borrow here is 10,000 naira. However the good news is that this is an interest free loan.

Palmpay Loan ussd code

Now you may be asking for PalmPay loan ussd code or would like to know if it’s possible to borrow money from palmpay without using the app.

The PalmPay Loan ussd code can be helpful when you are out of data and you need to access the loan features or if your phone doesn’t use internet.

But unfortunately, you cannot access palmpay loan using USSD code for now. You can only request for palmpay loan via their app.

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Were already asking palmpay to look into rolling out this feature and hoping they do so soon.

Repayment

Repayment of PalmPay loans is super easy. Just login with the app and fund it. You will see option for repayment right within the app.

You may also make the repayment directly from your bank instead of funding the app first. All options for this is available in the palmpay loan app.

PalmPay Loan extension

Now the question you may be asking is How do I extend my PalmPay loan repayment period? Or is it even possible. The good news is that you can extend your loan right from the app.

Just log in and click on the loan tab below the app homepage you will find your overdue loan. Below it you will find a button to extend your loan.

Click on the button and follow the instructions that follows.

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.

Don’t fall a victim

The only viable and trustworthy place to get loan from Palmpay is through their app not via nairaland or any other websites.

Avoid anyone who may claim to be a PalmPay loan agent on nairaland to not fall victim of scam.

Conclusion

Hope you’ve learn how to borrow money from Palmpay app. Remember, for now you cannot use palmpay loan code to access this service. But we’re already pushing for them company to look into adding it in their future update.

If you have any question regarding this topic don’t hesitate to drop them as comment and I’ll respond as soon as possible.

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About the Author: Femi Olawole

Femi Olawole is a web designer, blogger and SEO expert. For enquiry, send me an email here at contact@femiolawole.com

32 Comments

  1. Have been accesising Palmpay App to borrow it was a bit difficult don’t see where to Applying for certain amounts there and when I clicked finance it was taking me to flex cash of 150k flexing limit and 50k loans I can’t see where to applying and when I continues clicking it was taking me to couponu of 200 to 50 airtime and when I evertually add two numbers of my family it didn’t grant me was saying I should increase my Limit
    This App is not encouraging so difficult and not simple to access

    1. Seriously, you can say that again response to me is i should pay up my bills when have not even borrow at all.

    2. this what actually my PalmPay apps is bring and have made almost millions transactions within months in the apps but I was not eligible to borrow money was bringing flexi and flexi cash

  2. I think the app is kind of discouraging, you can imagine me using your pos Monday to Sundays and i can’t have access to loan even it’s difficult to speak with customer care representative to speak your mind with them. I understand you people all, if it continues this way,i will not the pos again as from January 2023 by God’s grace

  3. A man name Mr.Collins use palmpay app to stolen money from my account 27th,of August,2022.He used their USSD code to defraud my money.According to him,is the admin of Crowd1 investment.Invested #10,000 on 25th,of August and he refused paid me from there I told him to refund my money and he said it can only be done by through Palmpay that all their trading money is in palm pay and before refund my money I must have #1,500 in my account which I did not knowing that is another plan to defraud me again.This is Mr Collins phone number:08121466042. Crowd 1 investment is completely 419 beware

  4. Please I have borrowed money from pamlpay flex ok card, tomorrow is my deadline of my flex loan and I don’t have any money in this moment, I don’t expect any money from someone else, I don’t know what to do before my flex loan due on 16th tomorrow, please can you help me to extend to a week, because I am scared I don’t want my phone to get locked.

  5. I have already open palmpay Account even I’m using palmpay machine for Pos
    How am I going to put in for Money loan

  6. My phone was blocked, I don’t know why I can’t access anything, I was told my loan palmpay flexi cash loan is over do I don’t know why I didn’t do any of those things pls I need some explanation thank you.

  7. I have been applying for loan of 100k up till now it’s still showing available soon & I have been transacting with palmpay since this year..why is it Soo difficult to access loan on the flexi cash in the app.

  8. In the app I did not see option to borrow #5Ok loan , it’s only #100k loan apply in the flexi cash and it’s not going through. Please why is there difficulty in borrowing loan from the app..I have been using and transacting with the app since this year.

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