Borrowing loans in Nigeria has become very easy thanks to technology-powered loan platforms. One of these platforms is PalmPay. Below is a detailed information on how to get a loan from the platform.
The PalmPay platform is a reputable loan platform in Nigeria that provides loans to individuals. It is an automatic lending platform that focuses on providing credit to Nigerians who are financially under-served as well as the financially excluded people around Africa. In simple terms, the PalmPay platform provides loans to people in need.
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On this app, you can receive an instant loan within 5 minutes of approval. Also, you do not need any paperwork or collateral before borrowing. This makes the borrowing process a lot easier and seamless. As a new borrower, you are eligible for a loan amount of 10k on this platform.
How can I borrow a PalmPay loan?
To borrow a loan from PlamPay, follow the steps below:
1. Download the app on your phone
2. Next, create an account by filling out your details on the registration form.
3. Once your registration is successful, you will be able to see your dashboard.
4. Go to your dashboard and click on “Loans”. You will see the amount you are eligible to borrow then you can go ahead to borrow it.
What are the loan requirements for PalmPay?
To borrow a loan from PalmPay, you must meet the following requirements:
1. You must be a Nigerian citizen living in Nigeria
2. Be at least 22 years old
3. Have a functioning phone to download the PalmPay app
4. Your credit score must be good and you must not have any pending loans to repay
5. Have an active bank account with BVN
How much loan can you get from PalmPay?
You can get a loan of up to N200,000 instantly on PalmPay. The best part of it is that you do not need any paperwork or collateral to obtain the loan.
What are the PalmPay loan interest rate and repayment period?
Basically, the interest rate on PalmPay loan is between 15% to 30%. It varies within that range depending on the amount of loan you obtained and your credit score.
As for the loan repayment period on PalmPay, the duration is between 1 month to 1 year. The first time you borrow, the platform will charge you a high-interest rate and your repayment period will be short. However, as you continue to borrow and repay on time, this will improve.
How can I repay my loan on PalmPay?
To repay your loan on PalmPay, follow the steps below:
1. Open the PalmPay app on your phone and login into your account.
2. Next, go to the dashboard and look for the “loan repayment” tab.
3. Click on the tab and select your medium of repayment. You can choose either a Bank transfer or an ATM.
What happens if I default on my loan?
If you fail to pay back your loan on time, PalmPay will increase your interest by 20%. Over time, if you still don’t repay the loan, PalmPay will send your name and details to the Credit Bureau to blacklist. Blacklisting makes you unable to borrow a loan in Nigeria until you pay back the loan.
How can I contact PalmPay?
You can contact PalmPay through the following ways:
Phone Number: 018886888
PalmPay loan is a loan that you can borrow from PalmPay mobile app. Basically, this platform is legit and has been authorised by CBN, and is still insured by NDIC so you do not need to worry about getting scammed. However, make sure you are capable of paying back whatever amount you borrow to avoid getting blacklisted.