Are you interested in knowing how to borrow money on Palmpay app? In this article I will provide you with a an easy way to obtain loans from palmpay in 2022.
PalmPay is among the most popular FinTech applications in Nigeria. You can use it to perform the majority of bank transactions, utility bill as well as data subscriptions.
The good news is not just that you can get money through Palmpay however, there’s an interest-free loan available for you right on the application.
PalmPay Code for loan
- Low interest rates
- As high as 50,000 naira
- Instance disbursement
- Flexible payment
- No collateral is required
- There are no guarantors required
In the moment, Palmpay is not able to provide an USSD codes that are official to use to obtain a loans. You can use their loan facility via the application.
1. Download the Step 1: sign in
You can visit Google Playstore and install PalmPay application if you haven’t already completed it. Lunch the app, and join the app.
Step 2: Add BVN, and add others
If you are using a PalmPay loan, you’ll be required to register your bvn prior to accessing the features of the app. There may be a requirement to complete other tasks prior to proceeding.
Step 3 Apply
After you’ve registered make sure you go to the finance tab and click apply. You’ll need to supply two numbers for people to call. They could be any relatives or friends.
Step 4 Wait for approval
After you’ve submitted your request you’ll have wait a few minutes before you can get your approval.
Step 4: Withdraw money from your account
After the request for a loan through palmpay approval is granted, you’ll be able to deposit the money from your account at a bank or can use it to purchase items using the application.
Does Palmpay Give Loan
Yes , Palmpay gives loan to worthy customers and non customers , Palmpay can give up to 5 million naira to customers and 1 million to non customers.
Palmpay app Rate of interest
Palmpay loan rates are between 5-10 percent. You can examine the principal and interest on the loan prior to obtaining it.
Palmpay Ok card
If your loan has not been approved due to any reason, there’s another loan option you could try in the app for palmpay.
If you click OK, you will see the loan you want ready to be accepted. The reason behind what you will find is that highest amount you can take out is 10,000 Nigerian. But the best part is that it is a loan that does not charge interest.
Which bank is PalmPay under?
PalmPay is a business which is duly licensed by the Central Bank of Nigeria (the “CBN”) Mobile payment regulatory authorization is to offer Mobile Money Services including mobile payment services to both banked as well as the unbanked and to increase financial integration in Nigeria.
What is credit limit in PalmPay?
It is important to know that customers are able to access as much as N150,000 in Ok card cash. Credit limit for users can be set by their level level as well as how frequently they use the app to conduct transactions.
Do I have to utilize PalmPay with or without BVN?
All you require is your BVN and the number you have registered to the BVN. When your upgrade is to Tier 2 your daily limit of transactions will be increased to N200,000 , and the maximum balance in your wallet will be raised to N500,000. This means you will be able to perform more transactions with PalmPay each day.
How can you extend the loan using the PalmPay application?
The application does not offer loan extensions. But the interest rate is reasonable enough to be able to put anyone with. If, for any reason you are unable to pay at the time of due it is possible to get in touch with PalmPay customer support and be that you’ll be heard.
Is PalmPay an account at a bank?
It is the PalmPay account lets you manage your funds and pay your relatives and friends, buy airtime or pay for bills. You can earn rewards using PalmPoints that can be used to redeem or stored for future use. There is a charge of N10 for transfers of money to other banks, while bill payment and airtime top-up transactions are completely free.
How legit is Palmpay?
The parent company Newedge Finance Limited is fully licensed by the CBN to function as a financial institution in Nigeria. It means that their activities are completely controlled. So, yes. Palmcredit has been recognized by the CBN and is real.
Who is the owner of PalmPay?
While it’s not a Transsion service, PalmPay is owned by Transsnet, a joint venture company that is a partnership between Transssion as well as NetEase. Alongside the funding, Transsion will offer PalmPay an exclusive advantage on the market as the payment app will be pre-installed for Transsion’s mobile phone brands, including Tecno, Itel and Infinix
Palmpay app Code USSD
Certain people might prefer to use this service using ussd codes but at the present moment PalmPay has not yet introduced any codes to access their loan services.
I hope you’ve learned how to borrow money on palmpay app. Thanks for reading!
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