How to Borrow Money from PalmPay For The First Time (without BVN) 2024

Borrow Money PalmPay First Time no BVN

Learn How to Borrow Money from PalmPay for the First Time (Without BVN).

In a pinch and need some quick cash? PalmPay, a popular mobile mo platform in Nigeria, offers a convenient loan service that can help.

But, what if you lack valid BVN? Don’t worry, PalmPay understands.

This post uncover everything you need to know about borrowing money from PalmPay for the first time, even without a BVN.

Who Can Borrow Money from PalmPay without BVN?

Not everyone can access loans without a BVN on PalmPay.

  • You must be a resident of Nigeria to use PalmPay’s loan services.
  • You need to be 18 years old or older.
  • You’ll need an active PalmPay account to apply for a loan.
  • Currently, the StartCredits service, which allows borrowing without BVN, is only available on the Android app.
  • Steady Income: While not explicitly stated, it’s likely PalmPay considers your stability when assessing your eligibility.

Things to Know Before Borrowing from PalmPay

  • Interest Rates: PalmPay doesn’t publicly disclose its interest rates. However, it’s important to be aware that interest rates on mobile Mo loans can be higher than traditional bank loans.
  • Repayment Timeline: Loan terms for first-time borrowers without BVN are typically short-term, often ranging from a week to a month.
  • Fees: There might be additional fees associated with the loan, such as processing or late payment fees. Be sure to review the loan details carefully before applying.

How to Borrow Money from PalmPay For The First Time (Without BVN) – Step-by-Step Guide

  1. Open the PalmPay App: Ensure you have the latest version of the PalmPay app downloaded on your Android phone.
  2. Locate the Loan Section: Look for the “Loans” or “StartCredits” section within the app. This might vary depending on the app version.
  3. Review Eligibility: PalmPay will display information on loan eligibility and terms. Read through it carefully to ensure you meet the requirements.
  4. Choose Loan Amount: Select the amount you wish to borrow. Remember, first-time borrowers without BVN typically have lower limits.
  5. Review Repayment Details: Double-check the repayment timeline, interest rates, and any applicable fees associated with the loan.
  6. Submit Your Application: Once you’re confident about the terms, confirm your application. PalmPay will assess your eligibility and provide a decision within minutes.

How Much Can You Borrow from PalmPay without BVN?

The exact loan amount you can borrow without a BVN depends on your individual circumstances. However, first-time borrowers can typically expect limits on the lower end, often starting around ₦10,000 (subject to change).

Repaying Your PalmPay Loan

  • In-App Repayment: PalmPay allows you to conveniently repay your loan directly within the app using your PalmPay balance or linked bank account.
  • Other Options: Depending on your location and app version, there might be additional repayment options available, such as agent banking or bank transfers.

Alternatives to Borrowing from PalmPay without BVN (Optional)

If you don’t meet the eligibility criteria for borrowing without a BVN, here are some alternative options to consider:

  • Get a BVN: Obtaining a BVN is a relatively straightforward process. You can visit your bank branch to initiate the registration. Having a BVN unlocks access to a wider range of fi services, including traditional bank loans with potentially lower interest rates.
  • Approach Friends or Family: Borrowing from close contacts can be a viable option, but ensure clear communication regarding repayment terms and interest (if any) to avoid straining relationships.
  • Explore Microfinance Institutions: Microfinance institutions cater to individuals who might not qualify for traditional bank loans. They offer smaller loan amounts with potentially higher interest rates, but can be a helpful option in a pinch.


PalmPay’s StartCredits service offers a convenient way to access quick cash, even for those without a BVN. However, remember to borrow from PalmPay responsibly, then understand the terms and conditions. Also, only borrow what you can comfortably repay PalmPay. If you don’t qualify for a PalmPay loan without a BVN, consider getting a BVN or explore alternative options.