Failure to repay your PalmPay loan comes with more consequences than you can ever imagine. Hence, under no circumstances should you think of defaulting your PalmPay loan repayment because it attracts lots of negative rewards.
However, we know that life can happen to anyone which may lead to defaulting on loan repayment. So, if you find yourself in a condition that you won’t be able to repay the loan as scheduled, it is best to contact the PalmPay customer care unit before the scheduled date and explain to them what you’re passing. Inform them about the effort you are putting on ground to pay the loan, hopefully they may adjust your repayment plan.Â
What Will Happens if I Don’t Pay My PalmPay Loan?
Failure to repay your PalmPay loan as agreed comes with lots of consequences. Some of the negative rewards that follows defaulting PalmPay loan payment are outlined below:
- 1. You may be reported to the Credit Bureau: If you fail to repay your PalmPay loan as agreed, PalmPay may be be left with no other opinions than to report you to the Nigeria Credit Bureau. Once reported, you’ll be blacklisted, which means you won’t be able access loans from any financial institution in Nigeria until you pay off your loan with accrued interest.
- 2. Interest Rate Increment: Once you fail to pay off your loan, PalmPay will increase the interest rate of your loan by 20%.
- 3. Your Credit Score will be Affected: Another negative effect of defaulting your PalmPay loan payment is that your credit score will be affected negatively, which may hinder you from accessing loan from Palmpay or other loan platforms in future.Â
- 4. Your Phone may be Blocked: If you fail to repay your PalmPay loan, the phone that you used during the loan application may be blocked. This is possible because PalmPay has a security plugin that stops you from using your phone when you fail to repay your loan.
- 5. Your PalmPay Account may be Blocked: Another consequence is that your PalmPay account may be blocked which means that you won’t be able to borrow money from PalmPay in the future.
- 6. You May be Arrested: It is no more news that PalmPay agents had on several occasions arrested loan defaulters for failing to repay their loan. So, if you fail to pay your loan, you risk being arrested because you can be tracked with the information on your BVN.Â
Does Palmpay Call Your Contacts?
When you borrow money from Palmpay, Palmpay will never call your contacts, as long as you don’t default the loan agreement. However, Palmpay may call your contacts only when you have exceeded your grace period without paying back your loan.
PalmPay Customer Care
If you try paying off your loan and the network is not allowing you to do so or you have challenges that prevent you from repaying your loan, you can simply reach out to the PalmPay customer care unit for help because they are always there for you. The PalmPay customer care contacts are outlined below:
Call: 0700 PALM HELP (0700 7256 4357)
Email: support@palmfinance.com.
Conclusion
It is very important to repay your PalmPay loan as scheduled because failure to pay your loan attracts lots of consequences like being arrested, negative impact on your credit score, accumulation of interest, being reported to the Credit Bureau among other effects. However, if you have any genuine reason(s) that will prevent you from repaying your PalmPay loan on time, do not hesitate to contact PalmPay customer care unit for help.
