How To Borrow Money From PalmPay [PalmPay Loan Code]

PalmPay is one of the leading online lending platforms that offer instant loans to their users. The PalmPay quick loan is also called ‘’Flexi Cash’’. Hence, if you need instant cash to meet your urgent financial needs, then borrowing from PalmPay is an option to consider. The PalmPay loan application process is quite simple, since it is done electronically without need for endless paperwork.

However, just like other online lending platforms in Nigeria, PalmPay has its terms and conditions that borrowers must meet before they can access loans from the platform. So, it is important to understand their lending terms like loan amount, interest rate, loan term etc before opting for their lending services to enable you to make informed decisions beforehand.

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Requirements for Palmpay Loan

To qualify for a Palmpay loan, the applicant must meet certain eligibility criteria. The requirements are outlined below:

Citizen: The loan applicant must be a Nigerian who is resident in Nigeria.
Age: You must be at least 22 years old.
Credit Score: Good credit score without pending loan is required.
Bank Account: Active bank account with BVN will also be needed for the loan disbursement.
PalmPay Account: You must have a verified PalmPay account before applying for the loan.
Means of identification: Valid means of identification like National ID, Voter’s card, Driver’s license will also be required.

Having known loan requirements, let’s quickly look at how you can borrow money from Palmpay

How to Borrow Money From PalmPay

Applying for loan from PlamPay is straightforward and pretty simple, follow the steps below to apply for the loan:

Download and install the PalmPay app from the official app store.
Register with the required details to get started.
Sign in to PalmPay account.
Look at the bottom of the homepage, and tap on the ‘’Finance’’ tab .
Search for the ‘’Flexi Cash’’ option and tap on the ‘’Borrow Now’’ tab.
At this point, you’ll need to fill the loan application form with the necessary details.
Enter the loan amount that is suitable for you following the PalmPay loan limit guide.
Go through your loan application form to ensure that you entered all the details correctly and tap on ‘’Submit’’ tab.
If approved, the loan amount will be disbursed to your account in a matter of minutes.

Palmpay Loan Code

Alternatively, you can use the Palmpay USSD code to borrow money from Palmpay. To do this, you just have to dial: *652# on your phone, using the particular phone number/SIM card registered with Palmpay.

PalmPay Loanable Amount

The loan amount that borrowers can take from PalmPay lending platform is not fixed; it is determined by the borrower’s creditworthiness and credit score. The better your credit score the higher the loan amount that you will be eligible for and vice versa. The PalmPay loanable amount ranges from N50,000 – N200,000.

Palmpay Loan Repayment Period

PalmPay loan term is relatively flexible, the loan tenure ranges from 1 – 12 months, depending on the amount borrowed, and the customer’s credit score.

PalmPay Loan Interest Rate

The interest rate of a PalmPay loan varies because it is determined by the loan amount taken and the repayment plan chosen. Not only that, borrowers’ credit scores also play a vital role in determining the interest rate because borrowers with good credit scores may likely enjoy lower loan interest rates. The PalmPay loan interest rate is between 15% – 30%. However, it is important to pay off your loan on time to avoid accruing extra interest.

PalmPay Loan Code

The PalmPay loan code is ‘’*652#’’.

If you don’t have a smartphone, you can still make use of this code to borrow money from PalmPay. To use the PalmPay loan code to borrow money, follow the steps below:

Dial *652# on the phone number that is linked to your PalmPay account.
When a message prompts, choose the ‘’Loan’’ option.
Now, you will need to follow the onscreen prompts to apply for the loan.
If you follow the instructions carefully and you’re qualified, the loan amount will be disbursed to the PalmPay account within a few minutes.

How can I Repay my PalmPay Loan?

If you want to repay your PalmPay loan, follow the simple steps below:

Open your PalmPay app.
Sign in with your details.
Go to your PalmPay dashboard and search for the ‘’loan repayment’’ tab.
Now, tap on the tab and choose your repayment method. You can decide to choose Bank or ATM transfer depending on what works for you.

How To Download PalmPay Loan App?

Downloading PalmPay loan app is very simple, follow the steps below to download the app:

Go to the Apple Store or Google Play Store for iOS & Android users respectively.
On the search bar, type ‘’PalmPay’’.
Once seen, tap on download and subsequently install the app.
Finally, create a PalmPay account with the required details like your name, phone number etc.

Palmpay Customer Care

If you need assistance or you want make an inquiry,do not hesitate to contact the PalmPay customer care unit on the following handles:

Call: 018886888

Email: support@palmpay.com.

Conclusion

Borrowing money from PalmPay is a straightforward process and the application process can be completed online hence making it easy to apply without endless paperwork as it is with conventional borrowing systems. If you meet their eligibility criteria, you can apply for the loan. If the loan is approved, don’t forget to repay your loan as agreed to enable you to build your credit score, and also build a good reputation with the PalmPay lending platform against future transactions..