How to Borrow Money from Palmpay Without BVN in Nigeria (up to 500k)

Do you want to know how to borrow money from Palmpay without a BVN? How much can you borrow for the first time? How can you extend your loan or make a repayment?

In this post, we provide answers to all these questions and many more. In 2024, you can get a loan from Palmpay without needing a BVN. I’ll show you everything step-by-step.

Whether you’re using an Android or an iPhone, the process is the same. Just follow carefully, and you can get a quick loan from Palmpay in minutes, even without a BVN.

Introduction to Palmpay

PalmPay is one of the top FinTech apps in Nigeria. It offers loan services for both business and personal needs. With it, you can do almost all major banking transactions. This includes money transfers, utility bill payments, and data subscriptions.

Several loan options are available with reasonable interest rates. Palmpay even offers interest-free loans in the form of “buy now, pay later.” I’ll show you how to apply for those too.

Features of Palmpay Loans

Palmpay loans have many standout features:

  • Up to 150,000 naira for personal loans or 500,000 for business loans
  • Instant disbursement
  • Flexible repayment terms
  • No collateral or paperwork needed
  • No guarantors needed
  • Loan options available without BVN

Steps to Borrow Money from Palmpay

Here are the steps to follow if you want to borrow money from the Palmpay app for the first time, whether you’re on Android or iPhone:

  1. Open Palmpay: You must have been using their app for some time. If you don’t have a Palmpay account yet, you may not get any loan offer.
  2. Go to the ‘Loan’ section: You’ll find this beneath the landing page of the Palmpay app.
  3. Choose your loan option: You’ll find two loan options: Flexi Cash and Flexi. Choose the one that best fits your needs.
  4. Fill in the required details: Submit the necessary information and click on submit.
  5. Wait for approval: This usually takes less than 5 minutes.
  6. Loan disbursement: Once approved, the loan will be credited to your Palmpay account. You can then transfer the money to any bank of your choice.

Palmpay POS Loan

Palmpay also offers business loans. If you run a POS business and use Palmpay POS, you can apply for a business loan from the Palmpay agent app.

You can get up to 500,000 naira to run your POS business. However, your loan amount will be determined by how many transactions you’re doing on the POS.

If you handle transactions worth 200k to 500k weekly, Palmpay can give you a loan of up to 500k to run your business smoothly.

Interest Rates

Palmpay loan interest rates can be high. They usually charge 1% daily, which translates to 30% in a month. For instance, if you borrow 100,000 naira from Palmpay for 30 days, expect to pay 30,000 naira as interest.

I think Palmpay needs to reconsider their interest rates and bring them down. Be sure you have a way to repay the loan before taking it.

On the other hand, Palmpay POS loans have better interest rates. On 10,000 naira, they charge about 300 naira for a 7-day period. That means 3,000 for a 100,000 naira Palmpay POS loan.

Palmpay Loan Without BVN

With Palmpay, you can borrow some money without a BVN. However, to increase your credit limit, you will need to add your BVN before you can borrow a significant amount. If this is what you want, you can do so following the same steps outlined above. The downside is that the loan amount you’ll be eligible for will be small until you link your BVN.

How to Repay Palmpay Loan

Repaying your Palmpay loan is very easy. Just make sure you have enough money in your Palmpay balance. The repayment will process automatically on the due date.

You can also pay back before the due date if you choose. To do this, head over to the Loan section and click on make repayment. Follow the easy steps.

Consequences of Default

Can you borrow money on Palmpay without paying back? As a Palmpay user, you can borrow money from the Palmpay app.

However, you will have to pay it back; otherwise, you may face some consequences. If you don’t pay back your Palmpay loan, Palmpay may block your phone and/or report you to the credit bureau.

This will negatively impact your credit score and affect your ability to get loans from other financial companies in the future.

How to Increase Your Maximum Loan

If you’re borrowing money from Palmpay for the first time, chances are you may not be offered more than 20,000 naira. However, you can boost your maximum loan amount by following a few simple steps:

  • Complete KYC: Ensure all your identification details are up to date.
  • Add BVN: Link your BVN to increase your credit limit.
  • Add your photo: Upload a profile picture on the Palmpay app.
  • Perform more transactions: Use the app frequently for various transactions.
  • Make early repayments: Pay back your loans on time to build a good credit history.

Palmpay Loan FAQs

Below are answers to some frequently asked questions that you might have:

  • How do I borrow from Palmpay? To borrow from Palmpay, you need to have a Palmpay account and ensure that you’ve used it for some time. Once you meet the requirements, you can access the loan feature on the app and apply for a loan.
  • How much can I borrow from Palmpay for the first time? If you’re borrowing for the first time on Palmpay, you can expect 10,000 naira to 25,000 naira. The limit will increase once you maintain a good record by paying back on time.
  • What is the interest rate for Palmpay loans? Palmpay loans come with competitive interest rates compared to other loan providers in Nigeria. The interest rate may vary depending on the amount and duration.
  • Can I borrow airtime or data from Palmpay? You cannot borrow airtime or data from Palmpay. However, you can buy airtime from your Palmpay flexi and repay later.
  • How long does it take to get a loan from Palmpay? Palmpay processes loan applications quickly, and once approved, the loan is disbursed to your Palmpay wallet within minutes.
  • Can I repay my Palmpay loan before the due date? Yes, you can repay your Palmpay loan before the due date without any penalty or additional charges.
  • What happens if I default on my Palmpay loan? Defaulting on your Palmpay loan can negatively affect your credit score and make it difficult for you to access credit in the future. It’s important to have a repayment plan and ensure that you repay the loan on time.


In conclusion, borrowing money from Palmpay has never been easier, with flexible repayment options and no collateral required. The Palmpay app is user-friendly, and with just a few clicks, you can apply for a loan, wait for approval, and withdraw the money for any use.

Remember, to increase your maximum loan amount, you need to complete KYC, add your BVN, add your photo to your profile, perform more transactions, and make early repayments.

Palmpay offers a convenient solution for those in need of quick cash without the hassle of traditional loan applications. However, always understand the interest rates and repayment terms before taking a loan to avoid any financial strain.

With Palmpay, you have a reliable partner for your financial needs. So why wait? Download the app today and explore the loan options available to you.

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