Using a loan app is one of the easiest ways to get a quick loan in Nigeria. Need a loan? Can’t decide what platform to use?
PalmPay is one of Nigeria’s leading and most reliable financial technology platforms. PalmPay allows users to perform various banking transactions, buy data subscriptions and even make payments on utility bills. It is a free and fast platform that allows the transfer of funds to any Nigerian bank account and PalmPay user. PalmPay also offers automated lending services to individuals across Africa to increase their access to needed credit.
How To Borrow Money From PalmPay
PalmPay has not released any official USSD code you can use to request a loan. To access a PalmPay loan, you must go through the mobile app. Follow these easy steps:
- Download the app: Download the PalmPay app from the Google Play or Apple app store. Install and launch the app.
- Register: On launching the app, follow the prompts to sign up or create an account for yourself.
- Provide details: You will be required to provide basic details about yourself. This will include your name, address, contact number, and Bank Verification Number (BVN), amongst others.
- Apply for your loan: Once you are done with providing all that is needed, you may proceed to apply for your loan. Navigate to the finance section and tap ‘APPLY’. You will be required to provide the contact details of any two family and friends.
- Wait: After providing the contacts of your family or friends, submit your loan application and wait a few minutes for your request to be processed and approved.
- Receive: On approval of your loan request, your PalmPay account will be credited. You may use the received funds to make purchases via the PalmPay app or send the money into your personal bank account.
PalmPay Loan Requirements
Users must meet certain eligibility requirements to be guaranteed a loan on PalmPay. These include:
- A mobile device to download the app.
- The user must provide valid bank details.
- The user must provide a valid Bank Verification Number (BVN).
- The user must complete the loan application properly.
PalmPay Loan Interest Rates
PalmPay loan interest rate is between 3% and 10% monthly. Interest rates largely depend on the amount you are taking. Users can see interest rates attached to loan amounts before taking the loan.
How Much Can You Get From Palmpay Loan
Palmpay loans are typically designed to be short-term. The loans are meant to help you care for urgent financial needs before your next payday. First-time users of PalmPay can get up to N10,000, and frequent users can access up to N50,000.
How To Repay PalmPay Loans
Repaying PalmPay loans is as easy as taking out the loan. You can repay your loans in two ways:
Through the app: To repay your loan through the app:
- Log into the app.
- Fund your PalmPay account.
- Use the repayment option within the app.
Through bank deposit or transfer: You can repay your PalmPay loan by directly depositing from your bank account instead of funding the app first.
PalmPay Head Office
The PalmPay head office is situated at 20 Opebi Road, Opebi 101233, Lagos.
PalmPay Customer Care
For enquiries, complaints, or support, you may contact PalmPay Customer care at:
Email – support@palmfinance.com
Contact number – 0700 7256 4357
PalmPay Loan App
PalmPay Loan app is available for download for both Android and iOS mobile devices on the app store.
PalmPay Website
PalmPay’s website is https://www.palmpay.com/
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