How to borrow money from Palmpay app without BVN – Want to know how to borrow money from PalmPay even if you don’t have a BVN? Palmpay lets you borrow money through their app or a USSD code. I’ll show you everything step by step in this post.
This information is the same whether you have an iPhone or an Android. If you carefully follow the steps, you can get a quick loan from PalmPay in minutes, even if you don’t have a BVN.
PalmPay is one of the best loan apps that use FinTech in Nigeria. It lets you do almost all major banking transactions, pay utility bills, and sign up for data plans.
The good news is that not only can you borrow money on Palmpay, but the app also has a loan for you with no interest. This article will guide you on How to borrow money from the PalmPay app without a BVN.
Features of a PalmPay Loan
There are a lot of things about PalmPay loans that set them apart from their competitors:
- Low fees for loans
- Up to 50,000 naira
- Instance disbursement
- Flexible repayment
- There is no need for a down payment or any other paperwork.
- There is no need for a guarantor.
- No need for BVN
You’re in the right place if you want to know their interest rate, how to pay back your loan if you can get a loan extension, how to borrow money from Palmpay without a BVN, or anything else related.
PalmPay loan interest rate
The interest rate on a PalmPay loan is between 3% and 10% of the loan amount. This is a fair interest rate given the risk that the company is taking.
Also, you may need to find out if they are still interested since this can change over time, especially since this article was written.
How to borrow money from PalmPay (on an iPhone or Android)
Here are the steps to take if you want to borrow money on the Android or iPhone PalmPay app:
- Get the Palmpay app and sign up. Go to the Google Play Store (or the Apple App Store if you have an iPhone) and download the PalmPay app if you haven’t already.
- Also, open the app, sign up, and set up the settings. You will need to set up some settings in the app. Some of these settings are biometrics, Know Your Customer, etc. It’s pretty easy to do because the app will show you what to do.
- BVN and a few others: You will need to add your BVN to PalmPay Loan before you can borrow money or use the app’s features.
- Apply: After signing up, go to the “Finances” tab and click “Apply.” You will need to provide the phone numbers of two people. These people can be any of your friends or family members.
Wait for the go-ahead. After you send in your loan request, you’ll have to wait a few minutes to find out if it’s been approved.
- Withdraw money from your account: Once your request is approved, you can put the money you borrowed into your bank account or use it to buy things on the app.
Loan Palmpay Without BVN
If you want to borrow money from PalmPay and don’t have a BVN, you can follow the same steps as above.
The only bad thing is that you won’t be able to get a big loan until you link your BVN.
PalmPay now has more ways to borrow money.
If your request to borrow money from PalmPay is denied for some reason, you can also try another loan offer within the app.
How to Get PalmPay POS
When you click the OK button, a loan offer will be ready for you. The reason for this is that you can only borrow up to 10,000 naira here. The good news is that this loan has no interest.
Palmpay Loan USSD Code
You may now be looking for the PalmPay loan USSD code or wondering if you can borrow money from PalmPay without using the app.
*652# is the PalmPay loan code that you can use to borrow money when you are out of data and need to use the loan features.
PalmPay loans are very easy to pay back. Sign in with the app and add money. You will see a way to pay in the application.
You can also pay the loan back straight from your bank account instead of putting money into the app first. In the PalmPay loan app, you can do all of these things.
Extending a PalmPay loan
Now you might be wondering, “How do I extend the time I have to pay back my PalmPay loan?” Or even if it’s possible? You can extend your loan right from the app, which is good news.
You can find your overdue loan by logging in and clicking on the loan tab below the app’s home page. Below it, you’ll see a button that lets you keep your loan for longer.
Click the button, and then do what it tells you to do.
How to get more money out of your loan
If this is your first time borrowing money from PalmPay, you may not be offered more than 20,000 naira. But if you take a few easy steps, you can raise the most you can borrow.
- Finish your KYC.
- Add bvn
- You can put your photo profile on the PalmPay app.
- Use the PalmPay app for more transactions.
- Payback quickly.
PalmPay Loan FAQs
Here are answers to some of the most frequently asked questions:
Q. How do I use PalmPay to borrow money?
You need a PalmPay account and to have used it for a while before you can borrow from it. Once you meet the criteria, you can use the app’s loan feature to apply for a loan.
Q. How much do PalmPay loans cost in interest?
The interest rates on PalmPay loans are lower than those of other loan providers in Nigeria. The interest rate can change based on the amount and length of the loan.
Q. How long does it take PalmPay to give a loan?
The application for a loan is processed quickly by PalmPay, and once it is approved, the money is sent to your PalmPay wallet within minutes.
Q. Can I pay back my PalmPay loan before it’s due?
Yes, you can pay back your PalmPay loan early without being charged a fee or getting into trouble.
Q. What will happen if I can’t pay back my PalmPay loan?
If you don’t pay back your PalmPay loan, it can hurt your credit score and make it hard for you to borrow money in the future. It’s important to have a plan for how to pay back the loan and to do so on time.
Palmpay has made it easier than ever to borrow money, with flexible repayment options, low-interest fees, and no need to put up collateral.
With PalmPay, you can get a loan even if you don’t have a BVN. You can even get a loan with no interest.
The PalmPay app is easy to use, and you can apply for a loan, wait for approval, and get the money right into your bank account with just a few clicks. In case you have issues and you need to contact Palmpay or use Palmpay Customer Care on Whatsapp, Facebook, Twitter, Emails & Phone Number
Remember that you need to finish KYC, add your BVN, add a photo of yourself to your profile, do more transactions, and pay back your loan early if you want your maximum loan amount to go up.
So, get the PalmPay app now and enjoy quick access to loans, banking transactions, and more.