Do you want to know how to borrow money from palmpay with or without BVN? How much can you borrow from palmpay 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 using either their app or ussd code? 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. Many of which comes with reasonable interest rates. In fact, there is Palmpay also offer interest free loan, 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:
- Low interest fees
- 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
How to take a loan from 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:
Step 1: Download and sign up
If you don’t have the app already, go to Google Playstore (Apple app store for iPhone users) and install PalmPay app if you’ve not yet done so. Also lunch the app and sign up
Step 2: Configured 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.
Step 3: Add BVN and others
With PalmPay loan, you can borrow some money from Palmpay without bvn. However, to increase credit limit, you will need to add your bvn before before you can borrow a huge some of money.
Step 4: Apply for loan
Once you’ve signed up, heed over to the finance tab and click on apply. Fill the necessary personal details, follow the prompts until you’ve successfully completed the application.
Step 5: Wait for approval
After submitting your loan request, you will need to wait for some minutes for approval.
Step 6: Withdraw and use
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.
Palmpay Loan Without BVN
If you want to borrow money from PalmPay without a BVN, 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.
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.
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 around 10,000 naira. However the good news is that this is an interest free loan as long as you pay back as an when due.
In conclusion, borrowing money from Palmpay has never been easier, with flexible repayment options, low-interest fees, and no collateral required.
With Palmpay, you can access loans without BVN, and there is even an interest-free loan offer waiting for you.
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 straight into your account.
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.
So, download the Palmpay app now, and enjoy quick access to loans, banking transactions, and more.