How to Borrow Money from PalmPay (PalmPay Loan) in 2022

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You’ve heard of PalmPay loans and wondering how to borrow money from PalmPay even though it’s not really a loan application. Well, the question to this answer is very simple.

PalmPay is not recognized as a lending app but it is one of the best lending apps in Nigeria despite being a digital banking app.

The advent of many fintech companies has seen relative ease of access to credit facilities and at the same time the rapid disbursement of these facilities. Individuals now have the opportunity to not only apply for loans but at the same time enjoy the privilege of getting the loan instantly.

In today’s article on NaijaKnowHow, I will walk you through step by step how to borrow money from PalmPay and have it credited to your account with no more stress.

About PalmPay Loans

PalmPay loans focus on providing financial access to PalmPay users in Nigeria. It is a system designed to grant loans to any PalmPay user in the fastest way possible. PalmPay offers quick loans and one of the best features of their loan is that you don’t need a guarantor and no collateral will be needed if you want to borrow from PalmPay.

New customers on PalmPay cannot borrow anything less than ₦10K from PalmPay and old customers can borrow more. If you want to know how to borrow money from PalmPay, just follow the steps below.

PalmPay loan requirements

Before you can apply for a loan on the PalmPay app, you must have the following information below. They will mainly be required when you have just registered with PalmPay. You must have a PalmPay account before you can access loans.

  • Valid bank account
  • BVN
  • Means of identification (NIN, international passport, driver’s license, voter’s card)
  • utility bill

How to borrow money from PalmPay (loan from PalmPay)

Before the loans are accessible on PalmPay, you will need to complete the steps below. This procedure is primarily intended for new users who wish to register with PalmPay and borrow money from PalmPay.

Step 1: Download PalmPay and register

To get started, you will need to download the PalmPay app on your Android or iOS device, you can use the app button below to download from Google Play Store or Apple Store. Once done, launch the app and create an account.

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Step 2: Set up and access the Grand app

After signing up, a command prompt will appear to allow PalmPay to access certain settings on your phone. If this appears, click on the “Allow” button and you will be redirected to your configuration application. On your Settings app, move the payment button to one to make the change. If you haven’t received a notification to allow it, go to your settings and manually allow the app to make changes to your device.

Step 3: Add a BVN and other details

You will need to enter your bank verification number and some important details like your means of identification, you will also need to link a bank account to your PalmPay account. This will allow your credit score on PalmPay to increase for larger loan options.

Step 4: Borrow money from PalmPay

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As a newly registered PalmPay user, you are supposed to get a very low loan offer, but a former PalmPay user has a chance to get higher loan options on the PalmPay app. To borrow money from PalmPay, here’s what you need to do. Click on the home dashboard and locate the Finance tab on PalmPay > Click on Loan > Enter the required details > Wait a few minutes for validation.

Step 5: withdraw funds

Once your loan is approved, you can now withdraw your funds, you can either send the money to another bank account that belongs to you or withdraw it to the bank account linked to your PalmPay account. Once you have done this, you should repay your loans as soon as possible to get a bigger loan offer next time.

Conclusion

If fast disbursement, low interest and no collateral, PalmPay is your one-stop loan option. With a loan disbursement of up to ₦50,000 and a flexible payment plan, there should be no reason why taking out a loan from PalmPay should be tiring. It should be noted however that with the OKcard option in the loan application, the maximum loan offer is ₦10,000 with the same stipulations as with the finance tab loan option.

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