Sometimes, you may want to borrow money from PalmPay but may not like to use your Bank Verification Number(BVN). Well! The amazing thing is that it is possible to borrow money from PalmPay without using your BVN but if you don’t know how it works, no worries! We are here to guide you.
PalmPay is one of the leading fintech companies that offers different financial services to their users. PalmPay is widely known for offering collateral free loans to their esteemed customers. The loan amount for users is not fixed, it varies depending on the reputation that the borrower has built with PalmPay platform.
The PalmPay loan application process is not difficult because it is straightforward. Not only that, the application process outlined in this write up is the same for both iPhone and Android users. Let’s get started!
How Does PalmPay Work?
PalmPay offers collateral free loans to their users. The PalmPay loan is called ‘’Flexi Cash’’. Hence, don’t be confused if you see Flexí Cash, just know that it is referring to a PalmPay loan. Both new and old PalmPay users can access this loan.
However, the loan amount for new users may be relatively small when compared to the amount that old users can borrow. The minimum amount of money that a new user can borrow from PalmPay is N10,000. In all, the loan amount that PalmPay customers can borrow is between N10,000 – N150,000. The borrowers are expected to repay this money between 16 – 30 days to avoid extra charges.
Nevertheless, you may decide to extend your repayment period beyond 30 days but the down part of it is that it will attract extra charges. To be on the safer side, it is best to repay your Flexi Cash within 30 days to avoid paying extra fees. Not only that, repaying your loan on time will also help to build trust with the platform.
PalmPay Loan Features
PalmPay has special features that stands them out among their contemporaries, they are:
- Their repayment plan is flexible.
- You can borrow up to N150,000.
- It is collateral free.
- You can get the loans without BVN.
- Quick loan disbursement.
- Their interest fees are very minimal.
Palmpay Loan Requirements
To be able to access PalmPay loans, there are basic requirements that a user is expected to meet. Some of the eligibility criteria include:
- You must have a functional bank account.
- The minimum age requirement is 22 years.
- You’ll be expected to have a valid means of identification such as International passport, National ID card, Driver’s license etc.
- You must have a PalmPay account.
Before you proceed to applying for the PalmPay, it is important to go through the loan requirements above to ensure that you’re qualified for the loan. If after going through it and you’re eligible, you can then proceed to the next section.
How To Borrow Money From Palmpay(iPhone & Android)
At this point, we assume that you’ve gone through the eligibility criteria and you’re qualified. If so, let’s proceed.
If you want to borrow money from PalmPay with either Android or iPhone, follow the steps below:
- Download the PalmPay App from Google Play Store for Android users and Apple Pay for iOS users.
- Create a PalmPay account with the app.
- Login to your Palmpay account.
- Add your BVN(optional)
- On the homepage, click on the ‘’Finance’’ button.
- Search for the ‘’Flexi Cash’’ option and click ‘’Borrow Now’’ button.
- You will need to fill in the application form by entering your personal information, phone number and address.
- Fill in the loan amount.
- Review your loan application and if everything is correct, click on ‘’Submit’’.
- Your application will be reviewed. You’ll be notified shortly on the status of your application.
- If it is approved, the loan amount will be credited to your account.
How To Borrow Money From PalmPay Without BVN
If you want to borrow money from Palmpay without BVN, you will need to follow the steps outlined above.
The only exception is that when the page to add BVN prompts, you will need to skip it since it is optional. Apart from that, every other step remains the same.
Meanwhile, the negative aspect of borrowing from PalmPay without BVN is that you will only be qualified to borrow a small amount of money. So, if you want to increase your borrowing amount, you must link your BVN. The choice is yours to make.
PalmPay Loan Code
The PalmPay USSD code for loan is *653#.
This code is very beneficial especially to those who don’t have smartphones because you can use this code to access PalmPay loans without need for smartphones. It is also easy to use this code to borrow money from PalmPay without BVN.
It is very easy to use this code to access a loan from PalmPay, just dial the code on the phone number that you used to open your PalmPay account and follow the onscreen instructions carefully.
PalmPay Loan Interest Rate
The PalmPay loan interest rate ranges from 15% – 30% for a repayment period of 30 days.
But customers with good credit scores normally get lower interest rates when they opt for PalmPay loans.
Can I Borrow Money On Palmpay?
Yes. PamPay users can borrow money from the platform. The minimum amount of money that a user can borrow from PalmPay is N10,000. While the maximum amount is N150,000. The amount of money that customers can borrow is not fixed because it is determined by customers credit scores.
How To Extend PalmPay Loan?
Fortunately, it is possible to extend Palmpay loan, to do that, just follow the steps below:
- Login to your PalmPay account via the app.
- Tap on the loan tab
- Look at the at the bottom of the app homepage and you’ll see your overdue loan.
- Below your overdue loan, you will see the tab to extend your loan.
- Click on the loan extension button and that’s all.
What Happens If You Don’t Pay PalmPay Loan?
If you don’t pay your Palmpay loan, they may block your phone and they may also be pushed to report you to the credit bureau.
The best thing is to repay your Palmpay loan on time to avoid consequences that come with refusal to repay loans.