Have you heard about PalmPay loans? wondered how can you borrow money from PalmPay even though it’s not really a loaning app. Well, the question to that answer is very simple. PalmPay is not known to be a loan app but it’s one of the best loan apps in Nigeria despite being a digital banking app.
Users now have the opportunity to not only request loans but at the same time enjoy the privilege of instantly getting the loan. You will receive step-by-step on how to borrow money from PalmPay and have it credited to your account without any further stress.
About PalmPay Loans
PalmPay loans focus on providing financial access to PalmPay users in Nigeria. This system is designed to grant any PalmPay user loans in the fastest way possible. PalmPay offers fast loans and one of the best features of loaning from them is that you don’t need a guarantor and neither collateral will be needed if you want to loan from PalmPay.
New customers on PalmPay can borrow up to ₦10K from PalmPay and old customers can borrow more. If you want to know how to borrow money from PalmPay, just follow the simple steps below.
What do you need to borrow from Palmpay?
Before you can get a loan on the PalmPay app, you’ll need to have the following details below. They’ll mostly be need them when you are just creating an account on PalmPay. You must have a PalmPay Account before you can apply for loans.
- Valid Bank Account
- BVN
- Means of Identification (NIN, Int Passport, Driver’s License, Voters Card)
- Utility Bill
How to Borrow Money from PalmPay
Before you apply for loans on PalmPay, you’ll need to follow the steps below. These steps are available for new users who want to sign up on PalmPay and borrow money from PalmPay.
- Download PalmPay & Sign up
To get started, 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 register for an account.
- Install and Grand App Access
After signing up there would pop up a command prompt to allow PalmPay access to certain settings on your phone. If this pops up click the “Allow” button and they will direct you to your setting app. On your Setting app, move the checkout button to one to effect the change. If you didn’t receive a notification to allow it, go to your settings and manually allow the app to make changes to your device.
- Add BVN and Other Details
You’ll 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 bigger loan options.
- Borrow Money from PalmPay
As a newly registered user on PalmPay, you’re expected to receive a very low loan offer, but an old PalmPay user stands a chance to get bigger 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 required details > Wait for a few mins for validation.
- Withdraw Funds
Once your loan is confirmed , you can now withdraw your funds, you can either send the money to another bank account that is yours or you withdraw it to the linked bank account on your PalmPay account. Once you’ve done that, you should repay your loans as soon as possible to get a bigger loan offer next time.
Conclusion
You can easily get a PalmPay loan with BVN. But to get more you need to add your bank verification number. Nevertheless, as of now, there is no PalmPay loan code to access this service. But the company will look into adding it in their future update.