Do you want to learn how to borrow money from PalmPay without BVN on iPhone and android using the loan USSD code?
If YES, then this is the only post to read today.
Getting started…
PalmPay Loan
Palmpay is a leading mobile payment and financial services platform that provides users with easy and convenient access to various financial services, ranging from personal loans to business loans, which can be accessed through the app.
You can get a loan of up to ₦200,000 instantly on PalmPay.
You do not need any paperwork or collateral to obtain the loan.
Depending on your credit score, and the loan amount you want, the interest rate can range between 15% to 30%.
It varies within that range depending on the amount of loan you obtain and your credit score.
The loan repayment period is between 1 month to 1 year.
The first time you borrow, you’ll be charged a high interest rate and your repayment period will be short.
As you continue to borrow and repay on time, this will improve.
Requirements
Here are the requirements to qualify for the PalmPay loan:
- Be a Nigerian citizen living in Nigeria
- Be at least 22 years old
- Have a good credit score
- Identity card
- Valid bank details
- BVN
- Android Phone or iPhone
- Complete application
How to Apply for PalmPay Loan
Here are the steps to borrow money from PalmPay without BVN:
- Download the PalmPay App and create an account.
- Log in to your account on the mobile app.
- Click on the “Finance” tab at the bottom of the homepage.
- Look for the “Flexi Cash” option and click on “Borrow Now”.
- As a new user, Fill out the loan application form by providing accurate information about yourself, including your name, phone number, and address.
- Go with your current limit or enter the loan amount you want to borrow.
- Review your loan application details and click on “Submit.”
- Once you’ve submitted your application, PalmPay will review it and notify you of the loan’s approval or rejection within a few minutes or hours.
USSD Code
Here 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 account.
What Happens If You Don’t Pay Palmpay Loan?
If you cannot back your loan on time, your interest on PalmPay will be increased by 20%.
Over time, if you still don’t repay the loan, your name and details will be sent to the Credit Bureau to blacklist.
Blacklisting makes you unable to borrow a loan in Nigeria until you pay back the loan.
How to Pay PalmPay Loan
Here are the steps to repay your loan on PalmPay:
- Open the app on your phone and login into your account.
- Go to the dashboard and look for the “loan repayment” tab.
- Click on the tab and select your medium of repayment.
- Choose either a Bank transfer or an ATM.
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