How to stop Flexi loan on Palmpay

Follow these steps to stop Flexi loan on your Palmpay account

  • Complete payment of your current due loan
  • Do not apply for a new loan
  • Contact Palmpay customer support for further issues regarding your loan
how to stop flexi loan on palmpay

FAQs about Palmpay Flexi Loan

Who can get the PalmPay Flexi Loan?

To qualify for a flexi loan on PalmPay, you must:

  • Be a Nigerian citizen living in Nigeria
  • Be at least 22 years old
  • Have a good credit score with no pending loans
  • Have an active bank account with BVN

What is the maximum amount I can borrow from Palmpay?

You can borrow up to N5,000,000, depending on your income and credit history. Check your credit score for free on nairaCompare!

What is the interest rate on PalmPay Flexi Loan?

The interest rate is a fixed 10% per month for the entire loan duration.

What is the repayment term for this loan?

You can choose a flexible repayment term from 1 to 12 months to suit your needs.

Are there fees associated with PalmPay Flexi Loan?

Yes, to secure the loan, you must pay a 1% origination fee. Late payment fees may apply in certain cases.

How long does it take to get approved for PalmPay Flexi Loan?

Once you submit your application, we’ll review and get back to you within five minutes. If approved, funds will be deposited into your bank account within one business day.

Do I need collateral to be approved for PalmPay Flexi Loan?

No, it’s an unsecured loan, meaning you don’t need to offer any collateral for approval.

What are the benefits of PalmPay Flexi Loan?

If you’re facing financial challenges, here are some advantages:

  • Fast approval (as little as 5 minutes)
  • Flexible repayment terms (1 to 12 months)
  • Competitive interest rates (starting at 10%)
  • No collateral required

Are there downsides of PalmPay Flexi Loan?

Yes, late payment fees apply if you miss a payment. Timely payments are crucial to avoid additional charges.

How to Apply For PalmPay Flexi Loan on nairaCompare
  1. Click on ‘PalmPay Flexi Loan’
  2. Read through the product page for more details
  3. Click on ‘Apply’ to initiate the application process
  4. Fill in your personal details
  5. Submit the application form for review and processing
  6. Upon successful review, receive an email confirmation of your application

Conclusion

To stop Palmpay Flexi loan, first, you must complete payment of your current due loan if any, then you mustn’t apply for a new loan.

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