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How to Apply for a Loan on PalmPay

Have you always wanted to get a loan online? Well, here it is. In this article, we will be exploring how to apply and successfully get a loan on the Palmpay app without the use of BVN.

Table of Contents

What is Palmpay?

Palmpay Loan Application
Palmpay Loan Application

Palmpay is a financial platform that offers a range of services like Account opening, money transfer, bill payments, airtime and data recharge, savings, and investments. Palmpay also has the feature of granting loans to its steady customers. With this automatic lending platform, PalmPay aims to give credit to underserved Nigerians and those who are financially marginalized throughout Africa. To put it simply, the PalmPay platform helps those in need by lending money. After being approved by Palmpay as their steady customer, you can get a quick loan in just five minutes. Additionally, you can borrow money without needing any collateral or papers. As a new borrower, you can only apply for a NGN5,000 loan.

How to borrow money from Palmpay without BVN

Here are the steps on how to successfully borrow money from the Palmpay app without using BVN;

  1. Download and install the Palmpay app from Google Play Store on your mobile device.
  2. Next, register by providing your details on the registration form page.
  3. The app will direct you to your Account dashboard once your registration has been approved.
  4. Next, select "Loans" by navigating to it. 
  5. The maximum amount that you can borrow will be displayed to you or you can choose the amount you would like to borrow.
  6. Simply follow the procedures after that, and once your details and answers have been approved, Palmpay will release the loan to you.

What are the requirements for Palmpay loan?

In order to successfully get a loan on Palmpay, you must meet the following requirements below;

  • You must have a functioning Palmpay account.
  • Must have any of these documents [NIN, int. passport, driver's license, voters card] for identification.
  • Have a verified bank account with BVN.
  • Must be a citizen of Nigeria.
  • Must be at least up to 22 years of age.
  • Your credit score must be good with no pending loans to repay.

What is the repayment interest rate for Palmpay loan?

The interest rate on a Palmpay loan depends on the amount of loan you collected. It normally varies from the range of 15% to 30%.

For all first-time borrowers, Palmpay will charge and give you a high-interest rate and a short repayment duration. This will become better as long as you keep borrowing and paying it back on time.

How can I contact Palmpay?

PalmPay can be contacted via the methods listed below:

Via Email: support@palmpay.com

Telephone: 018886888

Website: palmpay.com