First of all, I want you to know that before you can get the Flexi Cash Loan, you must have been actively using the PalmPay App for your daily transactions. This is the major requirement to obtain the PalmPay Loan in Nigeria.
After which, the Flexi Limit Loan will first be available for you. This PalmPay Loan will let you recharge your mobile, pay bills and top up your betting account on credit.
However, the most interesting part of PalmPay's Flexi Limit Loan is that it's interest-free type of Loan. In other words, aside that fact that the loan category required-not a paperwork or collateral, it's also interest free.
In this article, I will explain how I got my PalmPay Flexi Cash Loan easily without collateral, paperwork or any hassles. Let's dive into the explanation.
How to get PalmPay Flexi Cash Loan
For long, I wasn't using my PalmPay Account. But one day, the fintech company sent me a message and said I must update my BVN and NIN as mandated by the Central Bank of Nigeria (CBN) or else my account will be blocked.
So, I rushed to update my BVN/NIN on my account and after that, I received another message that my account has been updated and upgraded to Tier 3. In addition, I was given free unlimited transfers for three months. These impressed me and keep me using the app for my day to day banking activities.
After I persistently using the fintech app, I was given a notification via in-app chat that I'm now eligible to get PalmPay Flexi Limit. I ignored it because I don't like to borrow a Loan.
One day, I was stuck out of my banking app and I needed to recharge my phone. I was frustrated and stranded. Suddenly, I remembered that I have options of topping up my phone on credit without any interest rate on PalmPay.
I quickly open my PalmPay App and navigate to Loan section at the bottom menu of my dashboard. Then I make used of the Flexi Limit to top-up my phone number.
The second day, when my bank rectified their issues, I transfer the loan amount and repayed it immediately. Instantly I repayed the outstanding loan, the loan application amount limit increased, and option to obtain Flexi Cash Loan was enabled.
Previously, I was only able to get N700 Flexi Limit Loan and the option for Flexi Cash Loan wasn't activated. However, as I repayed my obtained Loan, the loan limit increase and other Loan options were activated.
Note: The Lesson Learned from this is that; when I repayed the Loan I obtained on time, I was given the privilege to obtain higher limit and other Loan options like Flexi Cash Loan was activated.
How to get Flexi Cash Loan
It's easy to get PalmPay's Flexi Cash Loan as per my experience. However, it's important to meet the Loan criteria and requirements.
Requiremnts to get Flexi Cash Loan
- Be at-least 18 years old.
- Have an active PalmPay Account.
- Your KYC verification must be in tier 2 Account.
- Must of it all, you must have a good credit history on the PalmPay App.
Once you meet all these criteria and requiremnts, you can go ahead to apply for the Loan and get approved.
Applying for Flexi Cash Loan
- Login to your PalmPay Account
- Click on "Loan" at the bottom menu of your dashboard
- Tap on "Flexi Cash" and the amount which you're eligible to borrow will be displayed on your screen.
- Click on the account to obtain the Loan
- The Loan amount will be disbursed into your PalmPay Wallet.
- You can then transfer it to any bank account of your choice in Nigeria.
PalmPay Loan Interest Rate
As per my discovery, PalmPay charges interest of 15% to 30% rate depending on your Loan amount. For a start, PalmPay gave me N1,500 Flexi Cash Loan and will repay N1,800 in maximum of seven days duration. If I'm unable to repay the Loan in due date, the interest rate will start to increase.
In conclusion, PalmPay offers two type of Loans; Flexi Cash and Flexi Limit. The Flexi Cash is disbursed into your wallet as a dispensable cash while the Flexi Limit is a Buy Now pay Later (BNPL) service that let you top-up your mobile, pay bills and fund your betting account on credit.
However, to get these PalmPay Loans, you must maintain a good credit history on your PalmPay Account and upgrade your KYC as per CBN's directive.
FAQs about PalmPay Loans
What happens if I don't pay my loan on PalmPay?
First of all, if you don't repay your outstanding Loans on PalmPay, aside from being disturbed by PalmPay Loan agents via calls and messages, you're also hurting your credit score and history, which usually limiting users to future loans and credits. In addition, if you fail to repay your Loans on PalmPay, interest rate will start accumulating and become cumbersome that will be huge for you to pay the debts.
Furthermore, if your loan repayment has over due, it may lead to legal actions against you. PalmPay may decide to inform the credit bureau scheme and when your name enters the blacklist, you will not be able to get any loans from any financial institutions in Nigeria and you will not be able to travel out of the country via plane until your repay the loan and the institution you're owing verify that you've paid.
How much can I borrow from PalmPay?
The amount you can borrow from PalmPay depends on your credit history and repayment history. When I first obtained my Flexi Cash Loan on PalmPay, I was given an amount of N1,500 with option to repay on time to increase my limit to N10,000. In a nutshell, you can borrow upto N100,000 from PalmPay depending on your credit history and repayment status.
What is PalmPay Loan Interest Rate?
Depending on your Loan Amount and repayment schedule, PalmPay charges 15% to 30% interest rate. The interest imposed on my N1,5000 Flexi Cash Loan was 15% interest rate because my repayment duration was seven days. Hadn't been I chose 3 months, I may have to pay 30% interest rate in the Loan.
What are PalmPay Loan Requiremnts?
You must be at least 18 years and have an active PalmPay Account that's verified to Tier 2 and have a good credit history.