How To Borrow Money From PalmPay – Step By Step Guide.
PalmPay loan is one of the best and most reliable platforms to secure loans without paperwork or collateral.
The rise in fintech companies has improved the banking sector to a great extent. If you are looking for how to apply for a palmPay loan, this article is what you need to get started.
Overview Of PalmPay
PalmPay is a unique digital lending platform that offers financial credits in the form of loans to its users. Not only loans, but you can also make transfers and pay bills conveniently anywhere and anytime.
In addition, collateral or property papers are not needed to qualify for a PalmPay loan. However, there are criteria for obtaining loans from PalmPay. Upon approval, your loan gets sent to your bank account instantly. However, as a new user, the loan limit is N10,000 and can be increased if you repay when due.
Requirements For Obtaining A PalmPay Loan
To secure a PalmPay instant loan, the following are required;
- You must be a citizen of Nigeria. And not just that, you must be residing in Nigeria as well.
- Having a good credit history is another essential criterion. This means you must not owe other platforms or be blacklisted by any lending platform.
- It would help if you were at least 22 years old.
- Once loan approval is made, it gets sent immediately to the recipient’s bank account. Therefore, having an active bank account with any of the commercial banks in Nigeria is another requirement.
- A bank Verification Number (BVN) is another criterion for a PalmPay loan. With this number, financial crimes can be tracked and details verified.
- A valid means of identification is also essential.
- A smartphone that can download the PalmPay loan app is essential. If you do not have one, get one before applying for PalmPay loans.
- A registered phone number and email address are needed for confirmation and verification.
How To Apply For A Loan On PalmPay.
This is the essential part of this article. If you do not know how to secure a loan on PalmPay, then be kind enough to read this section carefully.
Applying for a PalmPay loan is simple. The following steps below will guide you.
1.Download The PalmPay Loan App.
The first step to getting a PalmPay loan is downloading the PalmPay app.
It is available for smartphones (IOS and Android) on Google Play Store. The PalmPay app is rated on Play Store with about 4.5-star ratings, Over 275, 000 reviews, and more than 5 000, 000 downloads. Also, it has a portable size of 35 MB.
In addition, the interface is user-friendly, making it easy for users to access. With the PalmPay loan app, one can monitor one’s account or financial transactions.
2. Create A PalmPay Account.
To create a PalmPay account, kindly adhere to the instructions below;
- Launch the app
- Click on the signup button.
- Enter your email address or phone number.
- Create a strong password. The password is usually four digits.
- Submit and wait for verification.
- A verification SMS will be sent to your email address or phone number. Confirm it.
- Add your BVN and other details after signing up.
- Also, allow Palmpay to access your device.
3. Select Your Loan Option
As a first-timer, you can not borrow much– new users can borrow only N10,000. But repayment when or before due may help to increase the loan limit. To borrow from Palmpay, do these;
- Launch your app and move to the dashboard.
- Go to the Finance tab or service tab.
- Click on credit & loan.
- Enter the necessary details
- Choose the amount you desire (do not exceed your loan limit)
- Submit your application. The management team reviews and approves of it.
4. Withdraw The Funds
After the loan has been approved, it will be sent to your bank account. And you will be notified of this by your bank. Withdraw from the nearest bank and foot your bills.
How Much Can I Borrow From PalmPay?
The only disadvantage of the PalmPay loan is its low loan limit. For beginners, they can only borrow up to N10, 000 while older users can borrow as much as N200,000.
We can say that the PalmPay loan limit is between N10,000 and N200,000.
What Is The PalmPay Interest Rate?
The interest rate of a PalmPay loan hinges on two main factors– the amount of loan borrowed and the credit score.
The PalmPay interest is relatively low – 15% and 30%. For the records, the first loan has a higher interest rate and decreases if you repay it within the repayment duration.
What Is The PalmPay Repayment Plan?
The repayment plan on PalmPay loans is usually between one month and 12 months.
New users have shorter repayment periods which also increase as they comply.
How To Repay PalmPay Loan
To repay your loan, do the following;
- Launch your PalmPay app and login into your account.
- Click on the “loan repayment” icon and select the loan you want to repay.
- Choose your means of repayment and submit your application.
- You will be debited immediately after approval.
Who Owns PalmPay?
PalmPay headquarters is in London, United Kingdom. Greg Reeves is the overall Chief Executive Officer. At the same time, Chika Nwosu is the PalmPay CEO and managing director in Nigeria.
Benefits Of PalmPay Loan
Three benefits are attached to PalmPay loans, they are;
- PalmPay loan repayment term is flexible. This means you can choose which duration is convenient for you, considering the general loan tenure of a year.
- PalmPay loans are instant. This means PalmPay does not waste time ensuring you are paid upon loan approval, unlike the physical banks.
- The interest rate is relatively flexible.
How To Contact PalmPay
For further inquiries and clarification, you may contact them with the following;
Head Office: 20 Opebi Rd, Opebi 101233, Lagos State.
Email: support@palmpay.com
Customer Care Number: 018886888
Website: www.palmpay.com
Conclusion
PalmPay platform is a fantastic loan platform for instant personal loans. In this article, we explained the steps to apply for PalmPay loans, and we are confident that PalmPay is worth the try.
For more clarity, we urge you to reread the article and feel free to share your thoughts and questions in the comments section. We shall respond immediately!