Palmpay Loan: Requirements, USSD Code, and How to Apply

If you want to know how to apply for the Palmpay Quick Loan and the necessary requirements, read this article to the end.

Palmpay is a popular online lending platform that offers loan services to its customers.

This platform became popular because of its ability to give instant personal loans to its customers.

Additionally, the positive reviews from users have also boosted its popularity, making it a go-to for individuals.

The platform allows users to access loans from the comfort of their homes.

Furthermore, they do not only offer loan packages; they also allow users to send and receive money, get airtime top-ups, purchase data, and pay bills through their platform.

Choosing Palmpay as a financial partner has been one of the best decisions for many because of the numerous benefits associated with the platform.

So, in this article, we will discuss in detail the PalmPay loan, how to apply for it, the requirements, and frequently asked questions. We hope you can get all the information you need here.

About Palmpay

Palmpay is a lending platform licensed to operate in Nigeria by the Central Bank of Nigeria (CBN).

They offer credit facilities to both old and first-time users and borrowers.

Their loan package has a flexible repayment plan and a competitive interest rate when compared to many lending platforms.

Furthermore, to access the loan, you do not require either a guarantor or collateral, but some necessary requirements do exist, which we will discuss later in this article.

New customers can receive up to N10,000, and Palmpay will increase this amount if they repay the loan on or before the due date.

To secure a loan from PalmPlay, you have to download the mobile app from the Google Play Store or Apple Store and sign up.

Features of the PalmPay Loan

Just like every other lending platform, Palmpay stands out because of its unique attributes, which are:

Instant Access: The Palmpaly platform is structured in such a way that it allows funds to be sent immediately to borrowers after their loan application has been approved. So, you get the loan sent to your account if you meet all the requirements.
Flexibility: The platform has various loan options and repayment schedules, and borrowers can choose the one that suits their financial situation.
Low interest rate: Its low interest rate makes the loan affordable for borrowers and they can also repay it without any difficulty. You can get as low as a 15% interest rate for payday loans, which is relatively cheap.
Transparent Terms and Conditions: They give borrowers clear and understandable terms and conditions so that they understand what is required for the loan package they want to secure.
Building Credit History: If you are looking to work on your credit history and make it better for future loans, Palmpay is the go-to platform. So, borrowing and repaying on or before the due date will show that you are reliable and give you access to bigger loans in the future.

Plampay Loan Requirements

Palmapay loans are the easiest to obtain, but they will not approve your loan if you do not meet the requirements, so it is important to read this section carefully to understand all that is required.

Below are the requirements to secure a PalmPay loan:

You must be a resident of Nigeria.
A good credit score will make your loan application very easy.
The eligible age to apply for a loan is 18 years and above.
You need to have a valid PalmPay account.
Applicants need to have a source of income that is verifiable.
You need to have a bank account where the loan amount will be transferred when they approve your loan application.
They need your bank verification number (BVN) to verify your details.
You need a smartphone to download the mobile app, which will give you access to the loan.

How to Download the PalmPaly Loan App

The Palmpay loan app gives you access to the various loan options and also allows you to make repayments after securing the loan.

The Palmpay loan app has over 10 million+ downloads and over 704k reviews from people all over Nigeria, which highlights the ability of the lending platform to effectively provide quality loan service.

Additionally, it has an easy interface that makes navigation seamless, and you can also monitor all incoming and outgoing transactions with the mobile app, which makes it interesting.

Downloading the mobile app is a very simple and straight-forward process that can be done by anyone.

To download the Palmpay Loan app, follow this step-by-step process.

On your smartphone, go to the Google Play Store or Apple Store.
On the search bar, type ‘Palmpal loan app’.
Click on the install button and patiently wait for it to download.

Alternatively

Go to the PalmPay official website on your internet browser and download either the Google Play Store version or the Apple Store version that your phone supports.

Please note that you need an internet connection to download the PalmPay mobile app from either the Google Play Store, Apple Store, or their website.

How to Apply for a PalmPay Loan

Applying for a loan from Palmpay is pretty easy, but you have to do that carefully.

Not providing the right information can make them decline your loan application.

To apply, follow this simple process:

Launch the Plampay mobile app and sign up to create an account.
You will need to provide some basic information, such as your phone number, email address, and other information.
They will send a verification code to your phone to verify your account.
Create a strong password and a 4-digit pin for transactions.
On the dashboard, go to finance and select loan.
Choose your preferred loan option and the repayment plan that suit your financial situation.
Complete the application form, and submit
The application form will be reviewed, and loan will be sent to your account once it is approved.

How to Apply for a Palmpay Loan with the USSD Code

PalmPay has made it very easy to get a loan faster using the USSD code.

Applying for the PalmPay loan with the USSD code does not require internet connection.

The application is a simple and straightforward process.

To apply, do the following:

Dial *652# on your mobile phone
You will see an on-screen pop-up menu. Choose ‘Loan ’
You will need to enter your personal information, loan amount, and other necessary information.
Submit the application and wait while they review it.
If they approve the loan application, they will send an SMS to your phone and immediately credit your account.

Take note that the loan must meet the requirements, so you should read through the terms and conditions associated with the loan option you want to choose.

Additionally, if you have any questions, you can contact customer care support for clarification.

Palmplay Interest Rate and Repayment Plan

The interest rate depends on the amount you intend to secure from PalmPay and also on your credit score.

The interest rate is around 15% to 30%, and one notable thing about the interest rate is that it reduces as the loan amount increases.

The repayment plan spans from 30 to 365 days; new users get a shorter repayment period and it increases when they repay on time.

How to Repay a PalmPay Loan

The repayment is done on the PalmPay mobile app.

Follow this step-by-step process during repayment.

Log into the mobile app on your phone.
Click on repayment on the dashboard.
Choose the repayment option that suits you.
Provide your ATM card details if you select the dank card section.
Your account will be debited instantly.

Make sure you fund the account before you attempt to repay the loan.

Penalty for Loan Default

Palmpay does not take it lightly with loan defaulters, so it is advisable to borrow what you can comfortably repay.

When you secure a loan, endeavor to plan a budget that will help you to repay on or before the due date, so that you do not end up on the wrong side of the lending platform.

That being said, if you default, you will face the following penalty from the lending platform:

They will add a late fee of 5% too the interest rate, making it 20%.
If you do not pay up, Palmpay will report you to the credit bureau, and you will be blocked from getting a loan anywhere in the country.

Frequently Asked Questions (FAQs)

How do I contact Palmpay?

You can reach them through the following means:

Send them an email at support@palmpay.com.
Call the on 018886888
Send them a message on all their social media handles, @palmpaynigeria,

How much loan can I get as a first-time user?

You can only get access to N10, 000, but this loan amount will continue to increase if you repay the loan on time.

Does Palmpay have a USSD code for loan applications?

Yes, you can secure a loan from them by dialing *652# and following the instructions. However, make sure that you meet the requirements for the loan option you choose.

What is the maximum loan I can get from Palmpay?

You can get a maximum of N300,000, and this loan comes with no collateral, which is very good.