Perhaps if you’re in need of a quick loan to meet your financial needs, worry not! Palmpay gets you covered. Sometimes, due to financial challenges, we may need urgent cash to run our daily activities. If you find yourself in such a scenario, there’s no need to worry much because Plampay is always there to help you out. If you don’t know how to borrow money from Palmpay using your iPhone, there’s no cause for alarm because we’re here to guide you. Stay tuned!
Palmpay is a fintech company that offers different financial services to its esteemed customers. This means that Palmpay not only offers collateral-free loans, but they also offer other financial services like savings, bill payments, fund transfers and lots more via their mobile app.
Additionally, it may interest you to know that you can borrow money from Palmpay without collateral. You will not be asked to provide any item as collateral before you can access the PalmPay loan. Nevertheless, before you can get a loan from Palmpay, you’re expected to meet some eligibility criteria but if you don’t know the requirements, no worries! Just keep scrolling to get the desired information you want.
Palmpay Working Principle
As we have noted in the introduction, Palmpay offers collateral-free loans, but the name of the loan is called Flexi Cash. Hence, if you hear Flexi Cash, just know that it is referring to a Palmpay loan. This loan is only available to Palmpay users. Interestingly, the application process is very easy.
As a new user, the least amount of money that you can borrow from Palmpay is N10,000. Generally, the loan amount that Palmpay users can get ranges from ₦10,000 to ₦150,000. On the other hand, the Palmpay repayment plan is between 16 and 30 days.
Meanwhile, it is possible for you to extend your repayment plan beyond 30 days. The negative aspect of it is that the Palmpay repayment plan extension comes with charges. Hence, it is best to repay the loan within 30 days if you don’t want to pay fees. In all, we strongly recommend that you repay your loan within the stipulated time to enable you to build a good reputation with the platform.
Palmpay Loan Requirements
As it is with other lending platforms, before you can borrow money from Palmpay, there are some basic requirements that you must meet. The requirements are outlined below:
- You must have a functional PalmPay account.
- You’ll be required to provide valid means of identification like driver’s license, National ID card, etc.
- You may also be asked to provide your Bank Verification number, though it is usually optional.
- You must be at least 22 years old.
- You will also be required to have a functional bank account.
After going through this eligibility criteria and proving you’re qualified, you can now proceed to apply for the Palmpay loan using your iPhone.
How To Borrow Money From Palmpay On iPhone
Before you start applying for a loan from Palmpay, we presume that you’ve gone through their eligibility criteria and you’re qualified. If so, let’s proceed.
To borrow money from Palmpay using your iPhone, follow the simple steps below:
- Download the PalmPay App from the Apple store.
- Create a Palmpay account.
- Sign in to your PalmPay account via the mobile app using your login details.
- Look at the bottom of the homepage and tap on the ‘’Finance’’ tab.
- Search for the ‘’Flexi Cash’’ option and tap on ‘’Borrow Now’’
- At this point, you’ll be required to complete the loan application form by filling in your personal details, like your full name, address, phone number, etc.
- Enter the exact loan amount that you want to borrow.
- Go through your loan application form to ensure that you entered your details correctly and tap on ‘’Submit’’.
- After submitting your loan application, PalmPay’s team will review it, and you’ll be notified shortly if your application is approved or rejected.
- If your application is approved, your account will be credited with the loan amount you requested.
N/B:
We strongly recommend that you understand the terms and conditions of Palmpay loan services before opting for it. Having said that, ensure that you repay your Palmpay loan as agreed to enable you to build a good reputation with the platform in case of future transactions.
Palmpay Loan Code
In Palmpay’s effort to ensure that none of their customers are left behind, they also have a USSD code where users who don’t have smartphones can still borrow money from the platform.
So if you don’t have a smartphone and you want to borrow money from Palmpay, you can use this USSD code, *653#, to access the loan. Not only that, if you wish to borrow money from Palmpay without using your BVN, this Palmpay USSD loan code is an ample opportunity for you.
To borrow money from Palmpay using the USSD code, just follow the steps below:
- Use the phone that is linked to your PalmPay account and dial *653# .
- Choose the ‘’Loan’’ option.
- Follow the onscreen instructions that will prompt you to carefully apply for the loan.
- If your loan application is successful, your account will be credited with the loan amount.
Can I Borrow Money On Palmpay?
YES. You can borrow money from Palmpay. The loan amount that Palmpay users can borrow ranges from N10,000 to N50,000. However, as a new user the loan amount that you can access will not be as big as that of existing customers because you need to build trust with the platform before they can give you a higher amount.
PalmPay Loan Interest Rate
The Palmpay interest rate is not fixed; it ranges from 15% to 30% for a repayment plan within 30 days.
It is crucial to note that it is the user’s credit score that determines the interest rate. Hence, if your credit score is good, you will get a lower interest rate and vice versa.