Getting a loan has been made much easier today in Nigeria with the advent of financial technology organizations. There are a plethora of financial technology organizations in Nigeria offering financial services to millions of users across Nigeria, one of the best financial technology platforms that provide timely loan facilities to individuals and businesses alike in Nigeria is Palmpay. Want to know how to get a loan from Palmpay today read on!
Palmpay is a financial technology online bank and payment processing platform that offers banking and several other financial services. Palmpay was established in the year 2019 and has continued to provide top-notch secured payment processing for over 5,000,000 customers across Nigeria.
Palmpay has also provided affordable instant loans to millions of its customers in its four years of operation. Payments using Palmpay are excellent as attested to by users and operators in the financial industry. Palmpay has the goal to empower over 100 million consumers and 10 million businesses with access to relevant, reliable and affordable financial services.
Does Palmpay Give Loans
Yes, Palmpay gives users on its platform instant business and personal loans provided such user meets the Palmpay loan requirements. Palmpay loans are disbursed to the applicant’s desired bank account immediately after the loan is approved. Palmpay loan is only available to registered customers of the company. Palmpay Flexi loan that provides loans to customers of Palmpay is funded by Rockit Lenders Nigeria Limited.
Palmpay Loan Interest Rate
Palmpay loan is offered to customers at an interest rate that is competitive with other similar fintech companies in the industry. Palmpay loan interest rate is determined depending on the loan amount, user credit score, and credit history. Palmpay loan interest rate ranges from 15% to 30%. Note that Palmpay charges a high interest rate to its customers, especially first-time borrowers, Palmpay also gives its customers a very short loan repayment period.
Palmpay Loan Eligibility
To get a loan from Palmpay you need to meet the eligibility requirements for Palmpay to approve your loan request. The eligibility requirements for getting a Palmpay loan include:
- You must have an active Palmpay account
- You need to have a valid bank account
- You need to have your bank verification number (BVN) linked to your account
- You will have a valid means of Identification such as NIN, Int Passport, Drivers License, Voters Card
- You need to have your utility bill
- You need to be at least 22 years old
- Your credit score must be good and you must not have any pending loans to repay
Palmpay Loan Application Process
To apply for a Palmpay loan is an easy process, to apply for a Palmpay loan follow these steps:
- Download the Palmpay app
- Sign up for an account by clicking on the signup button at the top left corner of the Palmpay app homepage
- Input your phone number then input the OTP that will be sent to your phone
- Then fill in all other required fields in the app
- Click on the loan button at the bottom page of your Palmpay app
- Click on the Get Flexi Loan now button and provide the required information and permissions
- Submit your loan application and wait for your loan application to be approved
- Once your loan is approved the loan amount will be disbursed to your preferred selected bank account
Benefits of Palmpay Loan
Getting a Palmpay loan comes with benefits including:
- Palmpay loan gives you quick access to capital as you need
- You can get a Palmpay loan without using your bank verification number
Pros & Cons of Palmpay Loan
There are several pros and cons that come with getting a loan from Palmpay.
Pros of Palmpay Loan
- Availability of in-app and USSD loan application methods
- Flexible loan repayment terms
- You can extend your loan repayment time
- You do not need guarantors
- You do not need BVN to get a loan
- Instant disbursement of funds on approval
Cons of Palmpay Loan
- Your phone will be blocked and you will be reported to the credit bureau if you default on your loan and persistently refuse to pay back the loan
- Defaulting on your loan repayment could lead to a substantial increase in your loan interest rate and a late repayment fee
- The borrowable amount is limited without BVN linked to your Palmpay app
Getting a loan is a straightforward process when you’re dealing with Palmpay, and you’re guaranteed to get your loan instantly disbursed to your bank account on approval of your loan request by Palmpay.