How To Borrow Money From PalmPay

Read all about how to borrow money from PalmPay.

PalmPay is a digital finance app licensed by the Central Bank of Nigeria as MMO and its deposits are insured by the NDIC. It provides a digital wallet for funds transfers, bill payments, airtime purchases, and getting loans.

Unlike Before, getting a loan from PalmPay as a first-timer is not that easy because you need to continually use the app to make transactions over time before you can access the loan service. Even though there are several loan apps in Nigeria, PalmPay has proven to be fast and reliable.

PalmPay has helped a number of Nigerians having financial issues to borrow money from the comfort of their home. With PalmPay, users can get from N10,000 to N200,000 loans within 5 mins without the need for any documentation, guarantor, or collateral.

This article will discuss how to borrow money from PalmPay and PalmPay Loan Requirements.

Read all about PalmPay Flexi cash/credit

PalmPay Loan Requirement

For a user to be eligible to obtain a loan from the PalmPay app, they will need to meet certain criteria. Below are the requirements you have to meet to borrow money from PalmPay.

• The user must have a PalmPay account
• The user must have been using the PalmPay account to carry out the transaction for a while
• The user must have linked his PalmPay account to a valid Bank account
• The user must have linked BVN
• User must provide a valid means of identification such as NIN, international passport, driver’s license, and Voter cards
• User must be above 21 years old

How To Borrow Money from PalmPay

Below are the steps on how to borrow money from PalmPay.

• Download the PalmPay app
• Create an account for new users or log in if you are an existing customer
• For new users, the app will take you to your dashboard after a successful registration.
• Click on Finance
• Click on Get Flexi Credit Limit
• Enter your key contact information and submit
• If you are eligible, your credit limit would be displayed while if you are not eligible, a msg to please keep doing transactions in PalmPay would be displayed.
• If you are eligible, follow the instructions and enter the amount you want to borrow.
• After a few minutes, the funds would be credited to the destinated account selected.

FAQs

Can I use PalmPay to borrow money?

Yes, PalmPay users can borrow money from the app. As a new credit or existing user, you must have been using PalmPay to carry out transactions so you can be eligible to obtain a loan.

How do I borrow money from my PalmPay account?

Steps on How to borrow money from My PalmPay Account

• Click on Finance
• Click on Get Flexi Credit Limit
• Enter your key contact information and submit
• If you are eligible, your credit limit would be displayed while if you are not eligible, a msg to please keep doing transactions in PalmPay would be displayed.
• If you are eligible, follow the instructions and enter the amount you want to borrow.
• After a few minutes, the funds would be credited to the destinated account selected.

Can I get a loan from PalmPay immediately as a new user?

No, as a new user, you need to perform a lot of transactions with PalmPay to be eligible to access a loan from the app.

Conclusion: How To Borrow Money From PalmPay

A number of Nigerians have resorted to online loan apps to resolve their emergency financial problem. With PalmPay, it is a convenient and flexible way to borrow money from their smartphones because they offer low-interest loans with little or no documentation required.

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