Palmpay is one of the loan app that give out instant loan in Nigeria, you don’t need collateral or paper work to secure the loan with your phone and bvn you are good to go. With palmpay you will secure up to #200,000 loan at a go
What is palmpay app
Palmpay app is a mobile bank they give out loan to people in Nigeria without collateral or paper work and apart from that you can also invest your money with them and get interest rate of more than 10%. They are licensed by CBN and insured by NDIC so you don’t have anything to worry about
Requirement to get loan form Palmpay
Below are the requirements you need to obtain loan from palmpay
Be a Nigeria and reside in Nigeria
Have good credit score
You must not have defaulted on any loan before
Have BVN and bank account
Be above 22 years of age
Have smartphone with which to download the app
How to apply for palmpay loan
The first step to take is to head over to play store and download palm pay app
Register with your name and other features
After the registration you will be login into your dashboard
On your dashboard locate and click on loan
There you will see amount of loan you are eligible to obtain
Click it and wait for your loan to be disburse
Within 30 minutes of application your loan will be disburse if everything is right.
How much you can loan from palmpay
With palmpay, you can loan up to #200, 000 loan without paper work or collateral but as first timer you might not be able to obtain up to this, but as you take loan and payback regularly the amount of loan you can obtain will increase.
Palmpay interest rate and repayment period
Palmpay loan interest rate is between 15% to 30% depending on the amount of loan secure and the credit score of the recipient.
The repayment period is between 1 month to 1 year. As a first timer you will get high interest rate and short repayments period, this will improve as you continue to use the app.
Repaying your palmpay loan
Repaying your palmpay loan will be done on the app. To pay back your loan login to to your dashboard and look for loan repayment, click it and chose a medium. You can pay back with ATM card or bank transfer.
When making bank transfer ensure you have the correct account number to avoid story that touch.
Once you make the payment it will reflect on your dashboard.
What will happen if I default
If you default your loan interest rate will be increase by 2% and if you decide not to pay back your name and other details will be sent to credit bureau for black listing which means you will not be able to take loan again in Nigeria until you pay back your debt
Is palmpay legit
Yes palmpay is legit, they are approved by CBN and insured by NDIC, also they have good review on .
Our verdict on palmpay
Palmpay is a legit company, they will give you loan without collecting processing fee, their loan processing is fast and easy within 30 minutes of application you will secure the loan.
They are on of the genuine loan app in Nigeria. They do not send defamatory messages to their customer’s contact
Conclusion
Though Palmpay is a genuine loan app that do not send defamatory message to their customer’s contact they surely know how to collect their money so I will advice you to take loan that you can pay back to avoid embarrassment and had I know
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