Palmpay loan, interest rate, extension, Repayment, borrow money

93 Likes Comment
Palmpay loan, interest rate, extension, Repayment, borrow money

Whether you’re looking for Palmpay loan interest rate, their repayment methods, available loan extension or more you’re in the right place.

Palmpay offer loan to individuals without asking for any collateral or paperwork. But what many may not know is their rates and how to extend the payment period.

PalmPay loan Interest Rate

The PalmPay loan interest starts from  2% and can go up to 10% of the total loan taken depending on the amount taken.

This interest rate is fair enough considering the risk involve on the part of the company.

Also, as this may change from time to time, especially from the time of writing this article. you may need to confirm their current interest.

What are the PalmPay loan requirements?

To obtain a loan from PalmPay, you must meet the following criteria:

1. You must be a Nigerian citizen currently residing in Nigeria.

2. You must be at least 18 years old.

3. Have a working phone in order to download and register through the PalmPay app.

4. You must have a good credit score and no outstanding loans to repay.

5. Have an active Bank Verification Number.

How can I apply for a PalmPay loan?

Follow the procedures below to borrow a loan from PlamPay:

1. Install the app on your phone.

2. Next, create an account by filling out the registration form with your information.

3. When your registration is complete, you will be able to access your dashboard.

4. Navigate to your dashboard and select “Loans.” You will see how much you are entitled to borrow, and then you can borrow it.


The loan repayment time on PalmPay ranges from one month to one year. The site will charge you a high interest rate and a short repayment period the first time you borrow. This will improve if you continue to borrow and repay on time.

It’s easy to make Repayment of palmpay loan. All you need is just login with the app and fund it. You will see option for repayment right within the app.

You may also make the repayment directly from your bank instead of funding the app first. All options for this is available in the palmpay loan app .

PalmPay Loan extension

Now the question you may be asking is How do I extend my PalmPay loan? Or is it even possible. The good news is that you can extend your loan right from the app.

Just log in and click on the loan tab below the app homepage you will find your overdue loan. Below it you will find a button to extend your loan.

Click on the button and follow the instructions that follows.

Is PalmPay loan Legit?

PalmPay loan is legit, has been authorised by Central Bank of Nigeria, and as well insured by NDIC, so you don’t have to worry about being defrauded. To avoid being banned though, be sure you can repay whatever amount you borrow.

Also note that the only viable and trustworthy place to get loan from Palmpay is through their app not via nairaland or any other websites.
Avoid anyone who may claim to be a PP agent on nairaland to not fall victim of scam.

What is i don’t pay back

Endeavor to pay back your palmpay loan. If you do not repay the loan, PalmPay will transmit your name and information to the Credit Bureau to be blacklisted. You cannot borrow money in Nigeria if you are blacklisted.


Hope you’re now in the know of the palmpay interest rate and other related questions. If you have any questions please drop them as comments and I’ll get back as soon as possible.

Please Share

You might like

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!