Are you thinking about how to get loan from Palmpay? Then read on as we explore all there is to Palmpay loans in this guide.
Getting a loan in Nigeria is now easier than ever, with many reliable fintech platforms available to meet people’s needs from the comfort of their homes. One such platform is Palmpay. They offer many financial services and loans with very low-interest rates and flexible requirements. So, in this guide, we will answer all your questions about Palmpay loans.
See also: How to Qualify for GTB Loan
An Overview of Palmpay
Palmpay is a fintech app that offers various financial services such as money transfers, airtime purchases, bill payments, small loans and so on for Nigerians who prefer to run simple financial transactions with their mobile phones. Palmpay is fully licenced by the CBN and insured by NDIC, so they are reliable and trustworthy.
Their loan services allow people to access quick funds for various financial needs, and it only takes a few minutes to get the money in your account. In addition, you don’t need to fill out many forms or have collateral.
The loans are very easy to get, and as a new customer, you can borrow up to N10,000, but if you have been using the platform for a while and meet some specific criteria, you can borrow up to N500,000 instantly. So, as we progress in this guide, you will learn everything you need to know about how to get a loan from Palmpay.
How to get a Loan From Palmpay
Getting a loan from Palmpay is straightforward; follow the steps below:
- Go to Playstore or Appstore on your smartphone, search for Palmpay and download the app.
- Register as a new user, fill in all your details and create your account.
- Once the registration is successful, you can access your dashboard.
- Click on loan and see how much you are eligible to borrow.
- Proceed to apply for the loan.
If you have a Palmpay account already and prefer to use the USSD code, follow these steps
- Dial *652# with the phone number linked to your account.
- Select the loan option.
- Follow the prompts to apply for the loan, and you will receive it in your Palmpay account.
See also: How to get Loan From UBA Bank
What are the Requirements for a Palmpay Loan
Here are the requirements you must meet to be eligible for a Palmpay loan.
- Be a Nigerian citizen or resident.
- Have a valid BVN.
- Have a good credit history.
- Be at least 18 years old.
- Have a functioning Palmpay account.
Other things that may be considered depending on the loan amount you are requesting include the following:
- Monthly expenses.
- Income and employment status.
- History of using Palmpay.
- Debt-to-income ratio.
Before applying for the loan, ensure you meet these criteria to make the loan application process easier. If these things are sorted out, you will get your loan within a few minutes.
Palmpay Loan Interest Rate and Repayment Amount
The interest rate for Palmpay loans ranges from 15% to 30%, but it is usually influenced by your loan amount and credit score. The loan repayment terms vary from one month to one year, depending on how long you have been using the app. Usually, new borrowers have higher interest rates and shorter loan repayment terms, but your loan terms will gradually improve if you keep using the app and always pay on time.
How to Repay Palmpay Loan
To repay your Palmpay loan, log in to your account, click on the loan repayment section and select your preferred repayment method. This can be either ATM or bank transfer.
The Consequences of Defaulting on Your Loan
You can always borrow money from Palmpay, but you must pay it back, and if you don’t, there will be consequences. Palmpay may increase your interest rate, block your phone, or report you to the credit bureau. All these things can ruin your chances of getting a loan from Palmpay and other financial institutions in the future because you will have a low credit score.
Palmpay Loan Extension
If your loan repayment date is up and you can’t meet up with the payment, can you request an extension? Yes, you can extend the repayment period of your Palmpay loan right from the app. Log in to the app, click on the loan section and navigate to your overdue loan. You will find the option to extend it. Click on the loan extension button and follow the instructions.
Palmpay loans are some of the most accessible and legitimate loans you can opt for; it is a reliable means to meet your financial needs. However, always remember to borrow the money you are sure you can pay back; do not borrow above your capacity because if you do not repay, you will have to deal with negative consequences.
Now that you know everything about Palmpay loans, you can go ahead and get any loan of your choice. Also, note that you can customise the loans to your specific needs, so get one that suits your needs and repayment capabilities.