How To Extend Palmpay Loan: Everything You Need To Know

Probably, if you use Palmpay regularly, you may have found yourself in a situation where it may be necessary for you to seek a loan extension. Maybe you’re unable to repay the loan in due time to unforeseen circumstances or unexpected expenses. Whatever’s the reason, the good news is that extending your Palmpay loan is possible and  is relatively easy and straightforward. In this article, we will discuss how you can extend a Palmpay loan and what you need to know to do that successfully. However, before we dive deep into the steps for extending your Palmpay loan, let’s briefly discuss what a Palmpay loan is and how it works.

What Is A Palmpay Loan?

Palmpay loan is a credit facility offered by the Palmpay platform to its users. The loan amount ranges from ₦2,000 to ₦100,000, and the repayment period is between 14 and 30 days. The loan interest rate is 5% for first-time borrowers and 3% for subsequent loans. The good thing about this loan is that it is disbursed within a few minutes of application, and the borrower can access the funds through their Palmpay wallet.

How To Extend Your  Palmpay Loan

You may wish to extend your loan term due to unforeseen circumstances or any other reason, if you wish to extend your Palmpay loan, there are some eligibility criteria you must meet, not only that, you will still follow some steps to extend it. Without further ado, the eligibility criteria and steps you need to follow to extend your Palmpay loan are outlined below:

1.Check Your Eligibility Criteria

To be able to extend your Palmpay loan, you must meet certain eligibility criteria. These include:

  • You must have a verified Palmpay account.
  • You must have a good repayment history with Palmpay.
  • You must have paid back at least two loans before applying for an extension.
  • Your current loan must not be in default or overdue.

If you meet the above criteria, then you can proceed to the next step.

2.  Apply For An Extension

Once you have confirmed your eligibility, you can proceed to apply for an extension. To apply for an extension, follow these steps below:

  • Open the Palmpay app on your phone.
  • Click on the “Loan” tab.
  • Select the loan you want to extend.
  • Click on the “Extend Loan” button.
  • Choose the repayment period you want.
  • Confirm the extension request.

3.  Wait For Approval

After applying for a loan extension and submitting it, the next thing to do is to wait for approval from Palmpay. Palmpay will review your application and decide whether to approve or decline your request. If your request is approved, Palmpay will extend your loan repayment period to the new  selected period. If your request is declined, you will have to pay back your loan within the original repayment period. If the extension request is declined, it is best to seek out measures to repay your Palmpay loan to avoid stiff sanction from the platform.

4. Repay Your Loan On Time

Once your loan extension has been approved, it is advisable to make necessary preparations to ensure that you repay your loan on time. Because if you fail  to repay your loan on time as agreed, it  will result in additional charges which may also affect your creditworthiness negatively. To avoid this, ensure that you have enough funds in your Palmpay wallet to repay your loan on or before the due date.

Wrap Up

Extending your Palmpay loan is pretty simple since it is a straightforward process that can be completed in a few simple steps. However, to be able to extend your Palmpay loan you have to meet certain eligibility criteria. If your loan extension request is approved, ensure that you repay the loan on or before the due date to avoid it attracting extra charges. By following these steps, you can successfully extend your Palmpay loan and enjoy the benefits of additional funds for a longer period.

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