PalmPay, a popular mobile payment platform in Nigeria and Africa as a whole, offering a convenient loan service. This app allows users to borrow money quickly and easily to cover unexpected expenses or short-term financial needs.

This comprehensive guide will walk you through the process of obtaining a loan from PalmPay, covering eligibility requirements, application steps, repayment terms, and important considerations.

How To Borrow Money From Palmpay Step to step guide

Step 1: Download PalmPay

The first step of getting a loan from PalmPay is to download the mobile app, if you haven’t done that, head over to your Google Play store or apple app store to download.

Step 2: Open your PalmPay App and login

the next step is to login to your PalmPay app, if you have an account log in with your credentials and if you don’t have an account create an account

Step 3: Click on loan

Next step, find and click on the “Loan” section within the PalmPay app. Then select “Get Flexi Loan Now”.

Step 4: Enter your loan amount

Enter the needed security details. This includes face verification and key contact information. PalmPay will send a One Time Password (OTP) as the final thing to fill in.

Step 5: review loan terms and condition

Review the terms and conditions associated with the loan. Make sure you know the interest rates, when to repay before you confirm.

Step 6. Click on “Apply Now”

Once you’re Okay with the loan terms, click on the “Apply Now” button.

Step 7. Get your loan

After approval, the borrowed funds will be deposited into your PalmPay account. You can use these funds for emergencies, bills, or other money needs. Access them as you plan.

Loan Approval PalmPay will review your application and make a decision within 15 seconds. If your application is approved, you will receive the funds directly into your PalmPay account.

How To Borrow Money on Palmpay Without BVN

1. Dial *652#: Use the phone linked to your Palmpay account.
2. Select “Loan”: Follow the prompts to access the loan menu.
3. Provide details: Enter the required information as instructed.
4. Review terms: Carefully read and understand the terms before proceeding.
5. Confirm application: If satisfied, finalize your application through the prompts.
6. Approval & Disbursement: You’ll receive notification of approval and, if successful, funds will be deposited into your account.

Palmpay Loan Eligibility & Requirements

To borrow a loan from PalmPay, you 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 BVN

How to repay Palmpay Loans

To repay your loan on Palmpay, just open the app, log in, and head to the “Loans” section. Pick the loan you need to pay. Choose how you want to pay (use your wallet or do a bank transfer). Enter the amount and make sure to confirm the transaction. You’ll r

PalmPay Loan Code

The Palmpay loan USSD code is *652#.

To use the Palmpay loan code to access loans dial *652# on the phone linked to your PalmPay account. Select “loan,” follow the prompts, and receive funds in your account.

PalmPay Loan Interest Rate

The interest rate on a PalmPay loan is between 15% to 30%. It varies within that range depending on the loan amount you obtained and your credit score. 

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.

How can I repay my loan on PalmPay?

Take the actions listed below to pay back your loan using PalmPay:

1. Log into your account through the PalmPay app on your phone.

2. Next, find the “debt repayment” tab on the dashboard.

3. Select your method of repayment by clicking on the tab. You have the option of using an ATM or a bank transfer.

PalmPay loan pros and cons

Pros

• Fast loan approval process within minutes
• No collateral
• No guarantor

Cons

• Low maximum loan

How to Borrow Money From PalmPay on iPhone 

For you to successfully get the loan, kindly follow the above steps which speak all about how to borrow money from Palmpay App easily without collateral or paperwork:

FAQ

Is it safe to borrow money from PalmPay?

PalmPay is fully licensed as a Mobile Money Operator by CBN, and insured by NDIC.

Who is the owner of PalmPay?

PalmPay is co-owned by Chinese-based Transsion Holdings and NetEase.

How much does PalmPay accept?

Without BVN, your PalmPay account cannot hold more than ₦300,000. If you allow more than ₦300,000 in your PalmPay account, it will be blocked, denying you access to it unless you link your BVN. So, if you don’t want to link your BVN to your PalmPay, stick to a maximum of ₦300,000.

Is PalmPay a bank or not?

PalmPay is a company, duly licensed under the Central Bank of Nigeria (the “CBN”) Mobile payment regulatory authorization to provide Mobile Money Services including mobile payment services to both the banked and the unbanked; and to drive financial inclusion in Nigeria.

What is the USSD code for PalmPay?

Dial USSD *652# to check balance or complete transactions.

Which bank owns PalmPay in Nigeria?

Transsion co-owns PalmPay with another Chinese company, NetEase

What country is PalmPay from?

Nigeria

Founded in 2018 and starting operations in Nigeria a year later, the company has grown to become one of Africa’s leading fintech companies.

How do I talk to a PalmPay agent?

If you have any questions about PalmPay practices or it’s Privacy Policy, you can contact them at: [email protected] and 02018886888.