How To Borrow Money From Palmpay

A step-by-step guide on how to borrow an instant loan from Palmpay app. 
How To Borrow Money From Palmpay

Thanks to most fintech apps, securing loans from the comfort of your home in Nigeria has been made very easy. There are several loan apps and loan companies in Nigeria however, PalmPay offers instant loans in your bank account without you having to visit the bank.
Palmpay isn't just a loan app rather, it is a digital bank.
If you’re wondering how to borrow money from PalmPay, here is a guide on how to secure a loan with PalmPay.

About Palmpay

Palmpay is a digital app that is making financial services more accessible and affordable. 
With Palmpay, you can make transfers, pay bills, and access loans with your smartphone from the comfort of your home.  
Palmpay loans are instant and can be gotten within 5 minutes of approval. Interestingly, you do not need collateral or a guarantor to qualify for a PalmPay loan. However, there are certain requirements to qualify.

How To Borrow Money From Palmpay

  • Download the PalmPay app
  • Sign-up or create an account
  • After successful registration, the app will take you to your Account dashboard.
  • Go to “Loans” and click on it. 
  • Input the necessary details
  • Choose the amount you desire (do not exceed your loan limit)
  • Submit your application. 
After approval, you’ll get the loan deposited into your account by Palmpay.

Palmpay Loan Requirements

  • To get loans from Palmpay you need to meet certain requirements, below is a list of the requirements you need to meet to borrow money from Palmpay: 
  • You must have a PalmPay Account before you can access loans.
  • You should be a Nigerian citizen residing in Nigeria.
  • You have to be at least 22 years of age.
  • A valid means of identification (NIN, International Passport, driver's License, Voters Card).
  • A valid bank account with any commercial bank in Nigeria.
  • A registered phone number and email address.
  • Bank Verification Number (BVN)
  • A good credit history hence, you should not have any outstanding loans to pay on other lending platforms or be blacklisted by any lending platform.

How Much Can Be Borrowed From Palmpay?
With PalmPay, as an old user, you can secure a loan of up to NGN 200,000 whereas new users can borrow up to  NGN10,000.

Palmpay Loan Interest Rate

The Interest rate of a PalmPay loan depends mainly on the amount borrowed and credit score.
Generally, the PalmPay interest is as low as 15% and as high as 30%. However, if you continue to borrow and repay on time, rates and loan terms improve.

Palmpay Loan Repayment

After taking a loan from palmpay, you are expected to pay back between 1 month [30 days] to 1 year [ 12 months].
Do note that the first loan borrowed comes with a shorter repayment period but gets better after a while of borrowing and repaying on time.

Palmpay Loan Payment Default

If you do not repay your loan at the scheduled time, PalmPay will increase your interest rate by 20%. Over time if you still do not repay the loan, Palmpay will report you to the Credit Bureau, which can get you blacklisted. Blacklisting makes it impossible to borrow loans in Nigeria until you pay off the loan.

How To Contact Palmpay

PalmPay can be contacted through the following ways:
Phone Number: 018886888
Website: www.palmpay.com


Can I borrow money from palmpay?

Yes you can. Palmpay offers loans ranging from NGN 10,000 to NGN 200,000.

How much Loan does palm pay give?

Palmpay can give out loans from a range of NGN 10,000 to NGN 200,000.

Is PalmPay Legit?

Yes. PalmPay is a legit platform under the Central Bank of Nigeria (CBN).  PalmPay is boosted to be one the best digital platforms for making transfers, paying bills, and obtaining loans at low-interest rates in Nigeria.

How much can I borrow from the PalmPay loan app for a start?

For a start as a new user on Palmpay, you can borrow NGN 10, 000 while old users can borrow up to NGN 200,000.

Can I withdraw the money I borrowed from PalmPay?

Yes. Once your loan is approved and deposited into your account you can withdraw the money.


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