PalmPay Loan Code: This post is all about how to borrow money from PalmPay using any phone.
Are you in need of a loan? One of the fastest and easiest ways to access credit now in Nigeria is by taking loans online. This is because you don’t need collateral or a guarantor to get them.
Palmpay is one of the apps that give this opportunity. This app gives users easy access to quick loans, also known as Flexi Cash PalmPay loan.
So, whether you’re looking for how to borrow money on PalmPay app, how to borrow money from PalmPay without BVN, how to get PalmPay loan on iPhone and Android, or how to request money on Palmpay, we’ve got you covered.
In this post, you’ll discover how to be eligible for the loan, how to apply, its interest rate, and also how to repay Palmpay Ok Card loan.
Without further ado, let’s get started!
What is PalmPay?
PalmPay is a mobile money and financial services platform in Nigeria that allows users to access a range of financial services, including borrowing money.
That’s not all, PalmPay also allows customers to save money, transfer and receive funds, buy airtime, pay bills, and also enjoy free money on the app.
How Does PalmPay Loan Work?
PalmPay loan, also known as, Flexi Cash, is a loan service that offers low-interest collateral-free loans to PalmPay users.
This service offers loans with or without BVN, and the loan amount ranges up to N50,000. PalmPay loan tenor ranges from 16 to 30 days, and during that time, you won’t be disturbed to repay.
Ok Card loan is flexible, as you can also extend your loan on PalmPay if you don’t currently have the repayment. However, this comes with a cost.
It is very easy to borrow from PalmPay, as the major thing you need is an account. Although, there are more requirements.
How to Be Eligible for PalmPay Loan?
If you’re asking how can i borrow money from PalmPay, you must know that there are certain eligibility requirements that must be met. Here are the requirements:
- You must be a Nigerian citizen.
- You must have a registered PalmPay account.
- You must have a valid Bank Verification Number (BVN). This is optional though.
- You must have a valid means of identification (e.g., a National ID card, driver’s license, or international passport). It is optional too.
If you meet all of these requirements, then you are eligible to apply for PalmPay loan. Now let’s see how to get loan on PalmPay.
How to Borrow Money from PalmPay in 2023: Step-By-Step Guide
Here’s a comprehensive step-by-step guide on how to borrow money on the PalmPay app in 2023:
Step 1: Download PalmPay App and Create an Account
Head to your app store and download the PalmPay app. Once it’s installed, open it up and create a new account. Just follow the prompts; it’s pretty straightforward.
Step 2: Log In to Your Account
After your account is set up, log in to the PalmPay app. You’ll be landing on the homepage.
Step 3: Go to the “Finance” Tab
At the bottom of the homepage, you’ll see various tabs. Tap on the “Finance” tab to move to the next step.
Step 4: Select “Flexi Cash” and “Borrow Now”
Once you’re on the Finance page, scroll a bit, and you’ll find the “Flexi Cash” option. Click on it, and then tap the “Borrow Now” button.
Step 5: Fill Out the Loan Application Form
As a new user, you’ll have to fill out some details. Make sure the info is correct—your name, phone number, address, and so on.
Step 6: Choose Your Loan Amount
You’ll see a loan limit set for you. You can either go with this limit or enter a different amount that you’d like to borrow.
Step 7: Review and Submit
Before hitting that “Submit” button, double-check all the details you’ve entered. Once you’re sure, go ahead and click on “Submit.”
Step 8: Wait for Approval
After you’ve submitted your application, PalmPay won’t keep you waiting for long. They’ll review it and get back to you within minutes or sometimes a few hours to let you know if it’s approved or not.
Step 9: Receive the Funds
If you get approved, the cash will hit your account, and you can use it for whatever you need. If not, no worries; just check the reason and try again later.
That’s simply how to borrow money on PalmPay app both on iPhone and Andriod.
It is important to read the PalmPay Ok Card terms and conditions before submitting the PalmPay loan application. This will let you know the penalties for PalmPay loan defaulters.
Alternatively, you can use the PalmPay loan code to borrow money. If you’re seeking how to borrow money from PalmPay without BVN, this is the perfect method for you. Let’s check that out!
Related: How to Get Loan on Opay
What is the PalmPay Loan Code?
The PalmPay loan code is *652#. To apply for a loan with PalmPay, you’ll need to dial this code using the phone number that’s linked to your PalmPay account. After that, just follow the on-screen prompts and select the “Loan” option.
Once approved, the loan amount will be disbursed directly into your PalmPay account. It’s a quick and simple way to get a loan when you need it.
Below are the steps to use the Palmpay USSD code for loan:
- Dial *652# using the phone number registered with your PalmPay account.
- Select the option that says “Loan”
- Follow the prompt and apply for a loan
- Get your loan disbursed into your PalmPay account
Having known how to borrow money from PalmPay using the PalmPay loan code and also the app, let’s the interest rate of PalmPay loan.
PalmPay Loan Interest Rate
PalmPay loan interest rate ranges from 15% to 30% for a loan period of 30 days. This is usually 0.80% per day.
Keep in mind that this interest rate may be lower or higher depending on your credit score. Borrowers with good credit scores tend to have a lower loan interest rate, while those with a bad credit scores are often offered loans with high interest.
Also, note that failure to repay your PalmPay loan on the due day may attract an increase in the interest rate of your loan.
Talking about repayment, let’s see how to repay PalmPay loan.
How to Repay PalmPay Ok Card Loan
Once your loan is approved and disbursed, you will need to start repaying the loan on the due date. PalmPay offers different repayment options, including:
Repay using your PalmPay balance
If you have a PalmPay balance, you can use it to repay your loan by clicking on the “Repay” button on the loan details page.
Note: If you do not repay manually before your loan is due, PalmPay will automatically use the money in your wallet to repay.
Automated Direct Debit (ADD)
This is a feature that allows you to set up automatic loan repayments using your bank account details such as a Debit (ATM) card.
It’s important to note that failure to repay your loan on the due date can attract additional charges and affect your credit score.
Benefits and Risks of PalmPay Flexi Cash Loan
Borrowing money from PalmPay comes with its benefits and risks. Here are some of the pros and cons of PalmPay credit:
- Fast loan disbursement: PalmPay processes loan applications quickly, and once approved, the loan is disbursed to your PalmPay wallet within minutes.
- Flexible repayment options: PalmPay offers different repayment options that suit your income flow.
- No collateral needed: Unlike traditional banks, PalmPay doesn’t require collateral for loan approval.
- Low-interest rates: PalmPay offers competitive interest rates compared to other loan providers in Nigeria.
- Defaulting on loan repayment can negatively affect your credit score.
- Borrowing beyond your capacity to repay can lead to more debt and financial instability.
So, With those (above) loans on PalmPay come with more benefits and fewer risks.
Tips for Responsible Borrowing and Managing Debt
When borrowing money from PalmPay, it’s important to borrow responsibly and manage your debt effectively. Here are some tips to help you do that:
- Only borrow what you need: Avoid borrowing more money than you need to avoid over-indebtedness.
- Have a repayment plan: Before you borrow money, ensure that you have a plan for repaying the loan on time to avoid defaulting.
- Budget wisely: Create a budget that includes your loan repayment plan and stick to it.
- Keep your credit score in good standing: Late or missed loan payments can negatively affect your credit score, which can make it difficult for you to access credit in the future.
have some questions on how to borrow from PalmPay. Find your answers below.
Check Out: List of PalmPay USSD Code
PalmPay Loan App – FAQs
How can I borrow money from PalmPay?
To borrow money from Palmpay, you need to download the Palmpay app, create an account, and apply for a loan through the Palmpay Credit service.
Does Palmpay give loan?
Yes, Palmpay offers loans through its Palmpay Credit service called Flexi Cash.
How to borrow money on Palmpay on iPhone?
To borrow money on Palmpay on iPhone, you need to download the Palmpay app from the App Store, create an account, and apply for a loan through the Palmpay Flexi Cash service.
How to borrow money from Palmpay without BVN?
To borrow loan from PalmPay without BVN, all you need to do is create a Basic (Tier 1) account with PalmPay, and apply for an Ok Card or Flexi Cash loan on the PalmPay App. Keep in mind that, you’ll only be eligible for small loan amounts until you link your BVN.
What is the USSD code to borrow money from PalmPay?
The USSD code to borrow money from PalmPay is *652#.
How do I borrow money from PalmPay on Android?
To borrow money from Palmpay on Android, you need to download the Palmpay app from the Google Play Store, create an account, and apply for a loan through Palmpay Flexi Cash.
Is PalmPay and Palmcredit the same?
No, PalmPay and Palmcredit are different. PalmPay is a fintech app under Transsnet Financial, while Palmcredit is one of Newedge’s Finance Limited products.
How much can I borrow on PalmPay?
The loan amount you can borrow on PalmPay depends on your credit score and other factors. However, you can borrow up to N50,000 if you meet all the requirements.
How do I borrow money from my PalmPay account?
You can borrow money from your Palmpay account by navigating to the Finance section on the app, and then clicking on the “Borrow Now” button.
Can I withdraw the money I borrow from PalmPay?
Yes, you can withdraw the money you borrowed from PalmPay. This can be done by transferring the money to your bank account the way you do normal transfers on Palmpay.
Borrowing money from PalmPay is a convenient and efficient way to access funds quickly. With this step-by-step guide, you can now apply for a loan on PalmPay and manage your debt effectively.
However, it’s essential to borrow responsibly and manage your debt effectively to avoid financial difficulties. By following the tips on how to borrow money from PalmPay outlined in this post, you can easily get PalmPay loan and achieve your financial goals.