how to borrow money from palmpay – Apps powered by technology make it very simple to obtain a loan in Nigeria, even while sitting in the convenience of your own home.
Palmpay is one of the most successful loan apps and companies in Nigeria, and it is also one of the most successful loan platforms.
However, Palmpay is more than just an app for loans. It is easily one of the most useful mobile banking applications available in Nigeria.
The primary benefit offered by loan apps such as Plampay is the ability to apply for a loan and have the funds deposited directly into your bank account without having to physically go to a bank.
About PalmPay App
Palmpay is a mobile application that allows users to make bill payments, obtain loans, and send and receive money using a digital wallet.
Palmpay is an MMO that has been granted a license by the CBN and has its deposits insured by the NDIC.
Because you do not need a guarantor or any kind of collateral in order to get a PalmPay loan, it is one of the quickest ways to borrow money in Nigeria.
Instant loans through Palmpay are available, and approval typically takes no more than five minutes.
The lowest amount that can be borrowed through Palmpay is 10,000 Naira, while the most that can be borrowed is 200,000 Naira.
How to borrow money from palmpay Easily
Using Palmpay to borrow money in Nigeria can be done as follows:
- Download Palmpay App
- The next step is to create an account by providing the requested information on the registration form.
Following a successful registration, the app will then direct you to the dashboard of your Account.
3. After that, select “Loans” from the menu and click on it. You are going to be presented with the maximum loanable sum that is available to you.
After that, all you need to do is follow the instructions, and if everything is in order, Palmpay will send the money for the loan over to you.
PalmPay Loan Requirements
You should be aware that in order to submit an application for a Palmpay loan through the PalmPay app, you will first need to satisfy a number of requirements.
The following criteria must be met in order for you to be eligible to borrow money from Palmpay:
In order to gain access to loans, you are required to have a PalmPay account.
Means of Identification, including a Valid Bank Account and BVN (NIN, Int Passport, Drivers License, Voters Card)
Bill for Utilities
At a minimum, you must be 22 years old.
Both your credit score and the fact that you do not currently owe money on any loans are requirements for the loan.
How much of a Loan Might Be Available to You from PalmPay?
PalmPay will lend you up to N200,000 without requiring any paperwork or collateral in exchange for the loan.
The Interest Rate on a PalmPay Loan
The interest rate can range anywhere from 15% to 30%, and it will be based on your credit score as well as the amount of money you wish to borrow.
When it comes to first-time borrowers, Palmpay charges a high-interest rate and only allows for a short period of time to repay the loan. However, as long as you remain a responsible borrower and make all of your payments on time, the terms of your loans will improve.
What Is the Repayment Schedule for Palmpay Loans?
PalmPay loans have a repayment period that can range anywhere from one month to one year.
What are the steps I need to take to repay my PalmPay Loan?
Please follow the steps below in order to repay your loan using PalmPay:
1. Enter your login credentials for your Palmpay account.
2. After that, navigate to the dashboard and locate the tab labeled “loan repayment.”
3. After that, select your method of repayment by clicking on the tab that appears. You have the option of using either an ATM or a bank transfer.
What Consequences Will I Face if I Cannot Repay My Loan?
If you are late making payments on your loan, the interest rate that PalmPay charges you will be increased by 20%. If you are unable to repay the loan after a certain amount of time has passed, PalmPay will report you to the Credit Bureau and blacklist your account. A blacklisting will prevent you from being able to borrow money in Nigeria until you have repaid the previous loan.
How do I get in touch with PalmPay?
You can get in touch with PalmPay by using any one of the following methods:
Phone Number: 018886888
The website address is www.palmpay.com.