Palmpay loan app is one of the loan apps in Nigeria that gives out instant loans. To get the loan, you just need your phone and bvn and you’re good to go. With palmpay, you can get a loan of up to #200,000 at once.
What is palmpay app
Palmpay is a mobile bank that lends money to people in Nigeria without collateral or paperwork. You can also invest your money with them and earn more than 10% interest. They have a license from CBN and insurance from NDIC, so you don’t have to worry about them.
Requirement to get a loan from Palmpay
Here are the things you have to do to get a loan from palmpay:
- Be from Nigeria and live there.
- Have a good credit score
- You can’t have missed a payment on a loan before.
- Have a bank account and a BVN
- Be at least 22 years old
- You need a smartphone to download the app.
How to get a loan from PalmPay
The first step to take is to head over to play store and download palmpay app
- You can sign up with your name and other information.
- After you sign up, you’ll be able to log in to your dashboard.
- Find “loan” on your dashboard and click on it.
- There, you can find out how much of a loan you can get.
- Click on it, and then wait for your loan to be paid out.
If everything goes well, your loan will be paid out 30 minutes after you fill out the application.
How much you can borrow from palmpay
With palmpay, you can get a loan of up to #200,000 without putting up any paperwork or collateral. If this is your first loan, you might not be able to get this much, but as you take out loans and pay them back regularly, you’ll be able to borrow more.
The interest rate and payment period for Palmpay
The interest rate on a Palmpay loan ranges from 15% to 30%, depending on the amount of the loan and the credit score of the person who gets it.
The time to pay back the loan is between one month and one year. As a first-time user, you’ll get a high interest rate and a short time to pay back the loan. This will change as you use the app more.
Repaying your palmpay loan
Your palmpay loan will be paid back through the app. To pay back your loan, log in to your dashboard, look for “loan repayment,” click it, and choose a method. You can pay back with a bank transfer or an ATM card.
Make sure you have the right account number when you send money from one bank account to another.
The payment will show up on your dashboard once you’ve made it.
What happens if I don’t pay?
If you don’t pay back your loan, the interest rate will go up by 2%, and your name and other information will be sent to a credit bureau for “black listing.” This means that you won’t be able to borrow money in Nigeria again until you pay off your debt.
Is palmpay legit
Yes, palmpay is real. It is approved by the CBN and insured by the NDIC, and it has good reviews on.
Palmpay is a real company that will give you a loan without charging you a fee to process it. The loan process is quick and easy, and you can get the loan within 30 minutes of applying.
They are one of the loan apps in Nigeria that you can trust. They don’t send slanderous messages to the contact information of their customers.
Conclusion
Even though Palmpay is a real loan app that doesn’t send slanderous messages to their customers’ contacts, they know how to get their money back, so I recommend that you only take out a loan that you can pay back. If you can’t, it could be embarrassing, and I wish I had known about it before.
