How to Borrow Money from PalmPay — request a loan from PalmPay and get an instant fund within seconds.
It offers several financial solutions ranging from deposits and transfers to processing subscriptions and other mobile banking services. PalmPay offers a complete menu on the mobile app, which provides easy access to the said services.
Perhaps, the most sought-after aspect of the mobile app is the transfer and utility payments feature. But recently, this traffic has slowly shifted from the transfer option to instant loans.
So, here is the deal: PalmPay offers instant loans on request. If you apply for a loan on the mobile app, you get the funds within minutes of forwarding the request. Currently, this service is uniquely fast-tracked by mostly PalmPay and Opay, but PalmPay gives more bonuses.
PalmPay Loan Overview
How to Borrow Money from PalmPay gets an increasing search on Google for the following reasons.
Palm Credit Subscription
You can subscribe for a data plan at the same tariff provided via the network providers’ USSD options.
This doesn’t restrict usage or bandwidth to certain regions. PalmPay basically provides an easy reference point — a simple, user-friendly UI that allows the user to purchase credit without dialing the network providers’ USSD. It circumvents network routers.
An alternative platform for data subscription is a welcome reprieve from the poor network issues prevalent in some areas.
Deposits and Transfer
PalmPay also allows app users to transfer funds from the senders’ account to the receivers’ account.
Further, this doesn’t require the user to have any prior deposits in their PalmPay Account before processing any transaction requests. For instance, once you sign up on the mobile app, you get a bonus, with options for coupons when you refer someone to register on PalmPay.
Subsequently, you can fund your account and opt for a transfer almost instantly. Also, you can transfer all the funds in your account to any receiver. There is no need to have any designated balance in the ledger.
PalmPay Loan
Are you looking for How to Borrow Money from PalmPay? If yes. Then this feature will probably suit you. It provides quick access to extra funds upon request.
The How to Borrow Money from PalmPay procedure is a simple guide to the loan request portal. It uses an easy format that helps you to access loans without collateral.
We explain How to Borrow Money from PalmPay in the sections below, including other amazing features of the mobile app.
Also Read:
PalmPay Code | Dial *652# Transfer & Account Balance USSD
Palmpay Login With Number | Digital Finance | Pros & Cons
How to Borrow Money from PalmPay | Step-by-Step Procedure
You can borrow instant loans from PalmPay through the mobile app. Everything is simplified and categorized to suit different user groups.
Now the prime offer is that PalmPay offers up to two hundred thousand nairas (N200,000) within minutes of the loan request. And like most instant loans, this doesn’t depend on collaterals or subsequent documents to support it.
How Does the PalmPay Loan Work?
PalmPay loan is Part of the services cache provided by the PalmPay company. It covers funding requests of up to N200,000.
At a glance:
- Up to N200,000 funds on the instant.
- No further request is needed apart from the borrowers’ contact and possibly BVN
- No collaterals are required for a loan
- PalmPay typically provides Unsecured Loans
- It comes with high rates
If you are looking to access a How to Borrow Money from PalmPay guide, check the official loan webpage on the app for an onscreen cue. Below are the pros and cons of using the platform for an instant loan.
How to Borrow Money from PalmPay | Pros & Cons
PalmPay has its good aspects and downsides. Currently, most users prefer the app to traditional banking services, which easily get entangled in network issues. Leveraging the opportunities in Fintech, PalmPay has made this transaction convenient for its customers.
Here are some general pros and cons of the mobile app.
Pros
It supports various online services without requesting prior deposits from the customer.
On the app, you can transfer all your deposits to any designated recipient.
No charges on any transactions
Multiple bonuses on several features (referral, recharge bonuses, top-ups, etc.)
Transfers are typically processed within seconds
It has good Customer Service.
Also, it pays as much as two hundred thousand naira.
The network is pretty fast and reliable
PalmPay provides instant funds without collateral
Cons
It uses customized ads on the UI which could quickly deplete your data if you are using the app briefly for any transaction.
The CS is not as highly rated as the other service/feature cohorts on the app.
High rates apply — as high as 30%
See How to Borrow Money from PalmPay without collateral in the section below.
How to Borrow Money from PalmPay | No Collaterals Required
As we’ve mentioned in this article, PalmPay can lend you money on request without demanding corresponding collaterals from you. Now, how is this possible?
Broadly, there are two (2) kinds of loans — Secured and Unsecured Loans. As the names suggest, each one either requires collateral or something else in exchange for it. For one, pawnbrokers require an item of yours to lend you money (unsecured loan).
PalmPay is one such app that only uses a few preliminary checks on the customers as a substitute for collateral. They provide Unsecured Loan.
So, the How to Borrow Money from PalmPay procedure basically gets you that sort of fund. Below is how it works.
First, download the PalmPay Mobile App from Google Play Store or App Store.
Create a verified account in minutes and get a unique PIN.
From your dashboard, opt for an instant loan.
Now, specify the amount that you wish to borrow.
Complete the loan request using the onscreen prompt.
Although you can borrow money from PalmPay without stating the reasons for the loan request, you will have to meet the eligibility criteria before applying for the loan.
Eligibility for PalmPay Loan
No snags — low credit scores or carried-over loans
Ensure you have a Bank Verification Number and a valid smartphone number.
The applicant must be up to the minimum age requirement (22 years old)
Only citizens in the resident country are eligible.