Borrowing money in Nigeria has become incredibly simple these days. In this piece, we will learn how to apply for PalmPay loan without stress.
Thanks to technology-driven loan services of which PalmPay is one of these platforms where you can easily borrow money.
Keep in mind that PalmPay is a recognized online financial platform that offers loans to individuals. Here’s how to submit an application for a PalmPay loan through the PalmPay website. You may also like to read 5 ways to make money on PalmPay.
A description of PalmPay
An automatic lending platform called PalmPay focuses on giving credit to underserved Nigerians and those who are financially excluded throughout Africa. The PalmPay platform essentially gives loans to those in need.
Within five minutes of acceptance on this app, you can get an instant loan. Additionally, there is no requirement for papers or collateral before borrowing. This greatly streamlines and simplifies the borrowing procedure. You are qualified for a loan amount of $10,000 on our platform as a new borrower.
How to Apply for a PalmPay loan
To borrow money from PlamPay, follow the steps below:
- Download PalmPay mobile app from Google Play Store.
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Sign up for a PalmPay account by filling out your details on the registration form.
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Once your registration is successful, you will be able to see your dashboard.
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Go to your dashboard and click on “Loans”. You will see the amount you are eligible to borrow, then you can go ahead to request for it.
Requirements for PalmPay loan
Applicants must meet the following requirements:
- You must be a Nigerian citizen living in Nigeria
- Be at least 22 years old
- Have a functioning phone to download the PalmPay app
- Your credit score must be good and you must not have any pending loans to repay
- Have an active bank account with BV
How much loan can you get from PalmPay?
On PalmPay, you can apply for a fast loan of up to N200,000. The best aspect is that getting the loan doesn’t require any paperwork or collateral.
What are the interest rate and duration of the PalmPay loan?
The interest rate on a PalmPay loan often ranges from 15% to 30%. Depending on the size of the loan you received and your credit score, it fluctuates within that range.
The length of the PalmPay loan repayment period ranges from one month to one year. The platform will charge you a high interest rate and a brief repayment period the first time you borrow. But as long as you keep borrowing and paying back on time, things will get better.
How can I repay my loan on PalmPay?
To repay your loan on PalmPay, follow the steps below:
- Open the PalmPay app on your phone and login into your account.
- Next, go to the dashboard and look for the “loan repayment” tab.
- Click on the tab and select your medium of repayment. You can choose either a Bank transfer or an ATM.
What occurs if I don’t pay back my loan?
PalmPay will raise your interest by 20% if you don’t repay your loan on time. If you continue to default on the loan over time, PalmPay will report your name and contact information to the credit bureau for blacklisting.
Blacklisting prevents you from obtaining a loan in Nigeria until the loan is repaid.
How can I download the PalmPay app?
To download the PalmPay app, follow the instructions below:
- Go to the Google Play Store app on your Android phone. However, if your phone is an iPhone, go to the App Store.
- Next, search for “PalmPay”.
- Download and install the app.
- Lastly, register on the platform and borrow a loan.
How can I contact PalmPay?
You can contact PalmPay through the following ways:
Email: support@palmpay.com
Phone Number: 018886888
Website: www.palmpay.com
Summary
You can obtain a PalmPay loan via the PalmPay mobile application. Basically, you don’t have to worry about being scammed because this platform is legitimate, has been approved by CBN, and is still insured by the NDIC. To prevent being put on a blacklist, though, make sure you can repay any loans you make.