PalmPay is a mobile money operator and wallet that has grown to over 25 million users in Nigeria. This platform makes opening an account for sending and receiving money, topping up airtime, and paying bills a breeze. They have also incorporated a loan function within the PalmPay app called Flexi Cash which is serviced by their partner bank, Blooms Microfinance Bank.

In this post, you will learn about the Flexi Cash loan on PalmPay, how it works, how to qualify for a limit, and how to repay. If you are curious about this service, let’s get started immediately.

What is PalmPay Flexi Cash?

PalmPay Flexi Cash is a loan service on the PalmPay app offered by Bloom Microfinance Bank that allows you to borrow up to a certain amount of money you can use to sort out one or two expenses and repay at a later date with interest.

Flexi Cash loan limit

Your PalmPay Flexi Cash limit depends on how well you are using the PalmPay app for transactions, how quickly you repay the earlier loans you were given, and your overall credit history.

Benefits of PalmPay Flexi Cash:

PalmPay’s Flexi Cash has several benefits when compared with loans from other platforms. Some of its benefits include:

  • Quick and easy application: You can easily apply for a credit limit directly within the PalmPay app in minutes. No paperwork or lengthy procedures are involved.
  • Flexible repayment options: You have the option of repaying your loan in installments or in full on or before the due date.
  • Competitive interest rates: The interest rate is much lower compared to some other platforms, plus you get to see the fees you will be required to pay before you even take the loan.
  • Convenient access: You can easily manage your loan, track your balance, and make repayments directly through the PalmPay app.
  • No collateral required: You do not need any collateral or guarantor before you are given this loan.
See also  Best Nigeria Online Banking Apps & Wallets Without BVN

How to Apply for PalmPay Loan:

  1. Download and install the PalmPay app: If you haven’t already, download the PalmPay app from the Google Play Store or App Store.
  2. Register or log in to your account: Create an account if you’re new or log in if you already have a PalmPay account.
  3. Tap the loan section: On the bottom of the PalmPay homepage, tap the “Loan” option, and select Flexi Cash.
  4. Tap on “Borrow Now”: If there’s a loan limit available to you, simply tap on it, and then tap on the “Borrow” button.
  5. Grant PalmPay location access: PalmPay will ask for permission to access your location, they need to ascertain that you are applying for this loan in Nigeria. Grant them access.
  6. Enter the amount you need: You can choose to borrow all the amount you were given or you can reduce it according to what you need.
  7. Review the loan fees: Carefully view the loan application form and see the fees you will be required to pay and at what date. You can also click the loan agreement link to read through the terms and conditions.
  8. Get your money: If satisfied with the agreement, tap on the “Next” button and enter your pin. The money will be added to your PalmPay balance immediately.

How to Qualify for Flexi Cash Loan

The PalmPay Flexi Cash loan is not available to every user. If you find that you are not able to apply for a loan on the PalmPay app, there are things you need to do.

See also  Does Moniepoint Give Loans in Nigeria? [Find Out]

To qualify for a loan limit, you need to consistently use the PalmPay app for transactions like buying airtime, sending and receiving money, paying bills, etc. You may also need to have good borrowing records with other loan platforms.

Frequently Asked Questions (FAQs):

Q: What is the maximum credit limit I can get?

A: Your maximum credit limit depends on your profile and creditworthiness. However, you can get up to 10,000 naira and even more with Flexi Cash.

Q: How do I increase my Flexi Cash limit?

A: As has been stated, your limit is determined by how often you interact with the PalmPay app and how you handle repayments on the previous loan you were given. To increase your loan limit, use the PalmPay app more, invite users to PalmPay using your invitation code, and repay your loans on time.

Q: What are the interest rates for Flexi Cash?

A: The interest rate on a Flexi Cash loan is low compared to some other platforms. For every 1000 naira you borrow, you are expected to pay a daily interest of just 20 naira.

Q: How do I repay my Flexi Cash loan?

A: PalmPay will automatically try to debit any money you have in your PalmPay account on the due date to cover your loan. If there are no or insufficient funds in the account, you will need to transfer money to your PalmPay account to repay the loan.

Q: How long do I have to repay my Flexi Cash loan?

A: You get between 14 days and a month to repay your loan. You can also repay earlier than the due date without any penalty.

See also  How to Apply for Tinubu Student Loan in Nigeria

Q: What happens if I miss a payment?

A: Late payments will incur a daily penalty fee. It’s important to make your repayments on time to avoid additional charges and maintain your credit score.

Q: Is Flexi Cash legit?

A: PalmPay is a licensed and regulated financial service provider, so you can be sure that the loan is legit. Your information is also safe and secured with them.

Important Note

Before applying for any loan, make sure you fully understand the terms and conditions by reading through them carefully. Be certain that you can comfortably afford the repayments as at when due, and only borrow what you need. Remember, responsible borrowing is key to maintaining good financial health.

I hope this comprehensive blog post provides a clear and informative overview of the PalmPay Flexi Cash loan. If you have any further questions, feel free to leave a comment below or contact PalmPay directly for more information.


This blog post is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any financial decisions.


Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

Leave a Reply

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