Palmpay Flexi Cash Loan: Everything you should know

Flexi cash loan is a Palmpay loan product that allows customers to borrow up to ₦500,000 over a period up to 6 months at interest rates that could be as low as 0.1%. They also promise fast disbursement of the loan amount (within 2 minutes). This article would be talking about the Palmpay Flexi Cash Loan and how you can apply for it.

Things you should know about Palmpay Flexi Cash Loan

  • Low Interest Rate: With the Flexi cash loan you could get loans with low interest rates. This interest rate could be as low as 0.1% 
  • Long repayment period: Flexi cash loans typically have long repayment periods that could span as long as 6 months for you to pay back the loan
  • Fast Disbursement of Loans: Flexi cash loans are usually quickly disbursed. The disbursement could be as quick as within 2 minutes. 

How to apply for the Palmpay Flexi Cash Loan

  1. Download the Palmpay app from Google playstore or ios appstore
  2. Create a new Palmpay account or SignIn if you already have a Palmpay account.
    • This would require your mobile number. after you enter it, a verification code would be sent to your mobile number. 
    • Enter the verification code to proceed
  3. Complete your Selfie verification to proceed to the next step
  4. Enter your Identification number. This identification number could either be your Bank Verification Number (BVN) or your National Identification Number (NIN). 
  5. After this, your signup is complete. If you already have an account, all you need to do is login with your phone number. 
  6. On the mobile dashboard, in the ‘Services’ section, click on Loan to proceed
  7. This would show you the Flexi Cash Loan dashboard.
  8. Click on the “Get Loan Amount Now” button to proceed.
  9. Enroll your Face by taking a valid selfie. Make sure you are not wearing glasses, the room is well lit and that your face is completely inside the frame.
  10. Enter your key contacts information. The contacts must the active and authentic and you would be required to state how you know them. They could be your family, friends or colleagues.
  11. Confirm your application once and wait for y

How many contacts are required for Flexi cash loan application?

You are required to provide two contacts for the Palmpay Flexi cash loan application. 

How can I take an accurate selfie for Palmpay Flexi cash loan?

To take an accurate and valid selfie for Flexi cash loan, follow the following steps: 

  • Make sure you are not wearing glasses
  • Make sure your face is inside the round frame
  • Ensure that you have good lighting. If there is no light, go outside if it’s daytime, do not take the selfie in a dark room. It would not be accepted.

What are the penalties for not paying back your Flexi cash loan on time?

If you fail to repay your Flexi cash loan on time, you may face the following penalties:

  1. Automatic Debits: Your bank account could be automatically debited to pay back the loans.
  2. Late Fees: You may be required to pay extra charges on the loan.
  3. Flexi Credit Penalties: Your account could be frozen, or your loan amount may be reduced.
  4. Your records would be reported to the Credit Bureau, and you could face legal action.

Conclusion

Flexi cash loan is a Palmpay loan product that allows customers to borrow up to ₦500,000 over a period up to 6 months at interest rates that could be as low as 0.1%. You could apply for a loan today and depending on your Credit history, personal information, credit profile, a loan could be given to you for your business or other reasons.

Thanks for reading this article. Please feel free to leave a comment if you have any questions. Also, you’re welcome to join our growing community where we talk about finance and topics related to it. 

Ciao!

Leave a Comment