How to borrow money from Palmpay
Borrowing money from Palmpay can be a sure way to get funds to solve your problems. Since it’s quick, easy and more convenient I strongly recommend getting loans from them.
Irrespective of how easy it is to Borrow Money from Palmpay always make sure you borrow funds responsibly and ensure a timely payback plan, this will help you have a good relationship plan with Palmpay.
Also read How to borrow money from Opay
Introduction
As we all know getting a loan In Nigeria Is such a big work on its own, all thanks to Palmpay which has made everything easier. With Palmpay you can borrow lots of funds to finance your business.
Palmpay is a well-known app in Nigeria that has been providing easy, convenient and fast loans in the comfort of our homes.
Before asking for a loan on Palmpay, I advised you to read their terms and instructions carefully. If you are okay with the instructions here in this post is the easiest ways to borrow money from Palmpay
Read How to delete an Opay account permanently
About Palmpay
Before we move on to the main topic of this post, let’s first of brief you about Palmpay.
With its automatic lending platform, PalmPay aims to give credit to underserved Nigerians and those who are financially marginalised throughout Africa. To put it simply, the PalmPay platform helps those in need by lending money.
After being approved, you can get a quick loan on this app in just five minutes. Additionally, you can borrow money without needing any collateral or papers. This greatly simplifies and streamlines the borrowing procedure. You can use this platform to apply for a 10k loan as a new borrower.
Having known this it’s high time we show you how you can borrow money from Palmpay.
How to get loans from Palmpay
Getting an instant loan from palmpay is quite easy, but you must first of all have a palmpay account in your name. If not, just go to play store and download the app.
Once you are done downloading, the best thing is to create an account by filling out your details, then Head over to the dashboard. Click on loans and select any amount you want to download.
There are two methods you can use to borrow money from palmpay, which includes:
- Palmpay loans using USSD codes
- Loans without BVN.
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How to borrow money from palmpay using the USSd codes
One of tthe simplest method you can use to get loan from Palmpay is through their Ussd codes. Here are the steps you can use while borrowing money from Opay via ussd codes.
1. Dial *652# using the phone number linked to your PalmPay account.
2. Choose the “loan” option.
3. Follow the prompts to apply for and receive your loan in your account.
That was simple, now let’s try the other methods
How to borrow money from Palmpay without using BVN
We are always afraid whenever we are aske to share our BVN with someone. Although it’s not advised you share your BVN with some one. In order to ease your fears, palmpay now makes it possible for you to get loans even without inputting your BVN.
Below is the step-by-step guide to borrowing money from Palmpay without BVN.
1. First of all you will have to download the PalmPay app and set up your account.
2. Log into your account on the mobile app.
3. Select the “Finance” tab at the bottom of the homepage.
4. Locate the “Flexi Cash” option and tap on “Borrow Now.”
5. As a new user, fill out the loan application form with your details. This includes your name, phone number, and address.
6. Use either your existing limit or input your desired loan amount.
7. Carefully review your application information, then submit it.
Now, you have to wait for either approval, this guarantees that your loan request is successful. You might be rejected, which means you can try again later.
It will take like few minutes to some hours to get your reply, so I advise you to get your fingers crossed.
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Who are eligible for a Palmpay loan
To be eligible for a loan from Opay, you must have a palmpay account, and should have meet these requirements below.
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 BV
®
If you are checked for the above requirements, then you are good to go.
How much loans can I get from Palmpay
It all depends on how long you have work with the platform, as a starter you are only allowed a maximum of 10k Loan. As you progress you can get up to N200,000 worths of loan.
Read : Opay Pos machine prices in 2023
Why borrow from Palmpay
Many people will have different reasons to borrow money from palmpay. Here are some if the main reasons why you should get a loan from palmpay.
- Low interest rates between 15 to 30 percents, depending on the amount you borrow
- A flexible repayments plan
- Fast, easy, convenient and secured loan only on palmpay.
How to repay your Palmpay llow
Repaying your loan is easy and convenient, to repay your palmpay loan, you should follow the steps below:
1. Open the PalmPay app on your phone and log 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.
How to open a Palmpay account
Before you can borrow money from Palmpay you must first install their app installed in your phone.
The first step is to visit the Play Store on your Android phone, download the Palmpay app and fill out the form.
You’ll need to provide some personal information, including your name, phone number, and email address. Make sure your information is accurate and up to date.
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In conclusion, Palmpay is one of the best online banking that offers some of the best financial services such as savings and even lending out money to fund your business.
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