How to borrow money from palmpay for the first time [Online & USSD]

Currently, the usage of payment apps across the world had greatly increased, even to a point where people no longer carryout much transactions via their bank app, due to the fact that payment apps are super flexible and easy to handle series of transactions on the go. For example the likes of Opay, Palmpay and the rest comes with advanced features which includes daily offers, recharge coupons, auto savings safe box, the borrow me feature to access flexible loans and lot more. Here we’ll discuss about palmpay borrowing for first time user.

Palmpay app

Palmpay is an online mini-banking with presence in countries like Nigeria, Ghana, Tanzania and other African countries which enable users send and receives money locally within their region and country of residents. Palmpay do not have a physical building where people could visit when they’ve issues with their accounts as financial institute like banks do. However, all activities including resolving issues and contacting customer support team are carried out via online through a powerful dedicated server ensuring all accounts are kept safe and secured.

Palmpay installment loan and cash loan

Palmpay borrowing is subdivided into two types “Mobile Installment Loan” and “Cash Loan”. The installment features enable you acquire items in stock as such smart phones, laptops and computers based on installmental payments when you deposit in advanced at least 25% down payment for the device with repayment period ranging from 90days to 270days. The application and approval process is via online easy and concise.

Now coming down to palmpay cash loan borrow me feature; this allows those with an active account take certain percentage of money for a period of time with 0.1% interest fees of the total principal loan amount. Through palmpay dashboard you could access the borrowing option, but it is good you know that these loans are managed and handled by several different financial institutes under flexi micro finance bank collaborating with palmpay.

Palmpay loan requirements

You’ll need to meet certain requirements before you become eligible for palmpay loan especially when you’re using this feature for the very first time so below are some of these requirements:

Must be above 18 year of age according to most lending platform and resident in supported countries.
Smartphone is a necessity with palmpay app already downloaded and installed alongside having data bundle to connect the internet.
It is paramount you have an active palmpay account or make palmpay your primary payment app and have been carrying out transactions with it for a while let say 3 months.
Country like Nigeria require borrowers provide their NIN/BVN documents to be eligible for borrow through palmpay while Ghana may requires Ghana Card alongside valid bank account.

How to borrow money from palmpay online and USSD

For first time user, there are two ways to borrow money from palmpay either you applied for it through palmpay app from the dashboard when you click “Loan tab” located at the bottom of the payment app to see how much you’re currently eligible for or you dial palmpay loan code USSD *861# with the phone number associated with your account. Dialing this code incur a service fee of #10 charged directly from your balance and to use this services, you must’ve set a password beforehand under the “Me Tab” click “USSD Service” on the palmpay app to activate.

To enjoy borrowing money from palmpay, we strongly advice you initiate this process when you’ve made palmpay your primary payment app, participating in daily contexts, games and actively carrying out transactions on your account for at least 3months because your usage and account tier directly impacts how much loan you could access at a time that’s to say, even on your first try you may be eligible for higher amount than usual. Additionally, palmpay loan limit ranges between #2,000 and #500,000 in Nigeria currency.

FAQs

What happens if you don’t pay palmpay loan?

When you defaults payment on your loans acquired through palmpay app, it negatively impact your entire credit score making it hard to secure loans in the future and as well as reducing loans amount you can acquired at a time.

Can i borrow money from palmpay without bvn in Nigeria?

Yes, users may be eligible to borrow money through palmpay without linking their BVN (Bank Verification Number) but the amount you could access will be less than #10,000 so do link your BVN and NIN to unlock higher loan amounts.