How to Borrow Money on Palmpay Flexi [Up to 150K]

How to borrow money on Palmpay is why you are here. To borrow money on Palmpay is very simple and easy. I have to best guide for you to tackle this hard task of borrowing without BVN and other authentication and authorization methods.

What is Palmpay Flexi Cash?

Palmpay Flexi Cash is a financial service that has been introduced by Palmpay to enable it users to facilitate and collect overdrafts for the sole purpose of settling other or emergency situation involving paying of bills, purchase of airtime, and data.

Palmpay has two different ways of providing overdrafts to customers based on scale which include the Flexi Limit and the Flexi Cash the two different ways to borrow money on Palmpay.  

Steps to Borrow Money on Palmpay [Flexi Cash]

To borrow money on Palmpay, you can follow these steps:

Step 1: Download and Install Palmpay

• Go to the App Store or Google Play Store on your mobile device.
• Search for “Palmpay” and download the app.
• Install the app on your device.

Step 2: Sign Up or Log In

To borrow money on Palmpay;

• Open the Palmpay app.
• If you’re a new user, click on “Sign Up” to create a new account.
• Fill in the required details, such as your phone number, email address, and create a password. Follow the on-screen instructions to complete the sign-up process.
• If you already have an account, click on “Log In” and enter your credentials to access your existing Palmpay account.

Step 3: Link a Bank Account

• After logging in, Palmpay will prompt you to link a bank account to your profile.
• Follow the instructions to link your preferred bank account. You may need to provide relevant bank account information, such as your account number and bank verification number (BVN).

Step 4: Verify Your Account

• To increase your borrowing limit, you’ll need to verify your Palmpay account.
• Navigate to the settings or profile section of the app.
• Look for the verification options and follow the instructions to complete the verification process.
• This may involve submitting some personal identification documents, such as your ID card or passport.

Step 5: Explore the Borrowing Features

• Once your account is verified, you can access the borrowing features in the Palmpay app.
• Look for the “Borrow” or “Loans” section within the app.
• Click on it to view the available loan options and terms.
• Review the loan terms, interest rates, and repayment schedule for each loan option provided by Palmpay.

Step 6: Apply for a Loan

To borrow money on Palmpay you must;

• Select the loan option that suits your needs and click on it to begin the application process.
• Fill in the required information, such as the loan amount you need and the purpose of the loan.
• Provide any additional documents or information as requested by the app.
• Review the terms and conditions, including the interest rate and repayment schedule.
• Submit your loan application.

Step 7: Loan Approval and Disbursement

• After submitting your loan application, Palmpay will review it for approval.
• This process may take some time, and you’ll receive a notification or email once your loan is approved.
• If approved, the loan amount will be disbursed directly into your linked bank account.

Step 8: Repayment

• Ensure you are aware of the repayment schedule for your loan.
• Palmpay will deduct the loan repayment amount automatically from your linked bank account on the agreed-upon dates.
• Ensure you have sufficient funds in your account to cover the loan repayments.

How to Borrow on Palmpay Flexi Cash

Flexi Cash is another overdraft service by Palmpay to borrow money on Palmpay, real cash that would be transferred to your Palmpay Balance once the load application is completed.

You can borrow as much as 150 thousand naira (150k) from Palmpay if you qualify for the Palmpay Overdraft.

Here’s how to borrow money from Palmpay Flexi Cash;

1. Navigate to Palmpay application.
2. Click on Finance Bar on the Down Nav Bar.
3. Tap on Flexi cash navigation.
4. You will be required to activate Flexi cash if you are borrowing for the first time.
5. Enter some Personnel information.
6. Input BVN/Card details for verification of identity and to increase your limit.
7. Enter two contact Numbers.
8. Enter the Amount you wish to borrow from the Limit Provided.
9. Enter pin and successful.  

How to Borrow on Palmpay Flexi-Limit

Flexi Limit is not actually collecting cash to but is more of a Cash back I king of feature which is only needed to buy airtime and pay bills.

To Borrow money on Palmpay Flexi Limits follow the steps below:

• Login to Palmpay dashboard
• Under the down navigation tap on Finance
• Click on Flexi Limit and click on Apply.
• You will be asked to put in some of personal information to verify that it really you.
• You see the money available to speed on either Bet wallet or Airtime purchase.’
• When you wish to purchase Airtime or fund bet wallet.
• Input four-digit PIN for the transaction.
• Successful  

FAQs on How to borrow money on Palmpay

What are the Ways I can borrow money on Palmpay?

The two ways to Borrow from Palmpay is either through Flexi-Limit Spending or Flexi Cash. That is to say you can borrow from Palmpay from either the Limits’ or the Flexi cash.

What is the Interest Rate to borrow money on Palmpay?

You will be charged an interest rate of 2% every day on the amount you borrow on Palmpay. For example if you borrow 100 naira on Palmpay you will be charged an interest of 2 naira every day.  

How can I repay when i borrow money on Palmpay?

You can either turn on auto repay on Palmpay or follow the following steps to repay loan on Palmpay

1. Go to the Palmpay dashboard
2. On the bottom navigation bar tap on Finance.
3. Click on “loan repayment”.
4. Enter the repayment amount.
5. Click repayment method.
6. Make repayments.

CONCLUSION

Remember, borrowing money on Palmpay is a serious financial commitment. Before applying for a loan, carefully consider your repayment capacity and ensure you understand the terms and conditions provided by Palmpay. It’s important to borrow responsibly and only take on loans that you can comfortably repay.

Now you can easily login to your Palmpay account and borrow more on Palmpay in this guide I hope you get to know everything useful needed to borrow money on Palmpay.

Make sure you read our guide on Palmpay. Opay and other useful financial articles to help you in Nigeria