How to Borrow Money From PalmPay 2024 [PalmPay Loan Code]

PalmPay Loan Code:

If you’re banking with PalmPay and find yourself in need of some quick cash, you’re in the right place. PalmPay loan service is here to help you out.

Now, what’s cool about PalmPay is that they’re among the top-notch loan providers in Nigeria, catering to both individual and business needs.

And guess what? You don’t have to stress about collateral when trying to access some of their loan offers.

But wait, it gets even better! With just a simple dial on your phone, you can trigger the PalmPay loan code, and voila! Your requested loan can be in your account in no time.

In this guide, we’ll walk you through the eligibility criteria, the application process, the interest rates, and of course, how to pay back your loan with ease.

Check out How To Deactivate Palmpay Account

But first, what is PalmPay Loan Code?

What is the PalmPay Loan Code?

To apply for a loan through PalmPay, use the loan code *652# on your registered phone number.

Follow the on-screen instructions, choose the “Loan” option, and complete the application process.

Once approved, the loan amount will be promptly deposited into your PalmPay account.

This straightforward and efficient method provides a quick solution when you require a loan. Follow these steps for easy access to the PalmPay USSD code:

1. Dial *652# from the phone number linked to your PalmPay account.
2. Opt for the “Loan” option.
3. Follow the prompts to submit your loan application.
4. Receive the disbursed loan amount directly into your PalmPay account.

Now that we have discussed the palmpay loan code, let’s proceed to the Step-By-Step guide to borrow money from them with ease.

How to Borrow Money From PalmPay 2024

Below are the comprehensive guides on how to obtain a loan from Palmpay in 2024;

Step 1: Download PalmPay App and Create an Account

Visit your app store, download the PalmPay app, and proceed to create a new account by following the simple prompts.

Step 2: Log In to Your Account

Once your account is set up, log in to the PalmPay app, and you will be directed to the homepage.

Step 3: Navigate to the “Finance” Tab

Navigate to the bottom of the homepage, locate the various tabs, and select the “Finance” tab to proceed.

Step 4: Click “Flexi Cash” and “Borrow Now”

On the Finance page, scroll down to find the “Flexi Cash” option. Click on it and then tap the “Borrow Now” button.

Step 5: Fill Out the Loan Application Form

Provide necessary details as a new user, ensuring accuracy in information such as your name, phone number, address, and more.

Step 6: Select Your Loan Amount

Review the loan limit set for you and decide whether to borrow the specified limit or enter a different amount of your choice.

Step 7: Review and Submit

Before submitting, carefully review all the entered details. Once verified, click on the “Submit” button.

Step 8: Hold on for Approval

After submitting your application, PalmPay will promptly review it and notify you of the approval status within minutes or a few hours.

Step 9: Get the Funds

Upon approval, the borrowed funds will be credited to your account, ready for use. If not approved, check the reason and consider reapplying later.

Important Note:

• It is crucial to familiarize yourself with the PalmPay Ok Card terms and conditions before submitting the loan application. This will provide insights into penalties for PalmPay loan defaulters.

How to Be Eligible for PalmPay Loan?

If you’re wondering how to borrow money from PalmPay, it’s essential to understand and fulfill specific eligibility criteria. The requirements include:

1. Nigerian Citizenship: Applicants must be citizens of Nigeria.
2. Registered PalmPay Account: A prerequisite is having an active and registered PalmPay account.
3. Bank Verification Number (BVN): This is optional, but having a valid BVN is recommended.
4. Valid Means of Identification: This is also optional, but applicants may be asked to provide a recognized identification document such as a National ID card, driver’s license, or international passport.

If you satisfy all these criteria, you are eligible to apply for a PalmPay loan.

Now that you read about how to borrow money from Palmpay, let’s proceed to the PalmPay loan interest rate.

PalmPay Loan Interest Rate

PalmPay’s loan interest rate falls between 15% and 30% for a 30-day loan period, translating to approximately 0.80% per day.

It’s worth noting that your specific interest rate can vary, influenced by your credit score.

Generally, individuals with good credit scores enjoy lower interest rates, whereas those with lower scores might face higher rates.

It’s important to be aware that if you don’t repay your PalmPay loan on the due date, the interest rate on your loan may go up.

So, it’s a good idea to make timely repayments to avoid any increase in interest charges.

How to Repay PalmPay OK Card Loan

Once your loan gets the green light and lands in your account, it’s time to kick off the repayment journey when the due date rolls around.

PalmPay has got you covered with various repayment options:

1. Repay with PalmPay Balance: If you’ve got a stash of funds in your PalmPay balance, simply hit the “Repay” button on the loan details page. Easy peasy!Note: Don’t worry if you forget to manually repay before the due date; PalmPay will take care of it by automatically deducting the amount from your wallet.
2. Automated Direct Debit (ADD): Get in the groove with the Automated Direct Debit feature. Set up automatic loan repayments using your bank account details, like your trusty Debit (ATM) card.

Remember, the due date is your deadline. Failing to repay your loan on time could tag extra charges and even ruin your credit score. So, stay on the ball with those repayments!

FAQs on How to Borrow Money From PalmPay

How can I borrow money from PalmPay?

To borrow money, simply download the PalmPay app, create an account, and apply for a loan through the Palmpay Credit service.

Kindly scroll to the top to read the full step-by-step guide to get a loan from Palmpay.

Does Palmpay give a loan?

Yes, Palmpay offers loans through its Palmpay Credit service called Flexi Cash.

How to borrow money on PalmPay on iPhone?

On iPhone, 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 without BVN, create a Basic (Tier 1) account with PalmPay, and apply for an Ok Card or Flexi Cash loan on the PalmPay App. Note: You’ll only be eligible for small loan amounts until you link your BVN.

USSD Code to Borrow Money from PalmPay

Dial *652# to access the USSD code for borrowing money from PalmPay.

How do I borrow money from PalmPay on Android?

On Android, 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 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?

Navigate to the Finance section on the app and click on the “Borrow Now” button to borrow money from your PalmPay account.

Can I withdraw the money I borrow from PalmPay?

Yes, you can withdraw the borrowed money by transferring it to your bank account through the normal transfer process on PalmPay.

See the answer to the question “Is PalmPay a Microfinance Bank?“

Wrapping Up

And that is it. We are done with all the information you need on how to borrow money from Palmpay or Palmpay loan code.

However, if you still have additional information kindly drop your questions in the comment section.