PalmPay Flexi Cash
PalmPay Flexi Cash
PalmPay Flexi Cash is a revolving credit service built directly into the PalmPay app, provided by Blooms Microfinance Bank. Unlike a standard one-time loan, Flexi Cash works as a flexible credit line that eligible users can access instantly at any time. If you use PalmPay regularly for bill payments and transfers, this guide explains exactly how Flexi Cash works, how much you can borrow, and what it costs.
What Is PalmPay Flexi Cash?
Flexi Cash is PalmPay’s flagship credit product designed for everyday financial needs. It differs from the regular PalmPay Loan in one key way: it functions as a revolving credit line, meaning you can borrow, repay, and borrow again without a new application each time. It is powered by Blooms Microfinance Bank, ensuring regulatory compliance in Nigeria.
PalmPay Flexi Cash Loan Amounts and Terms
- Minimum loan amount: ₦3,000
- Maximum loan amount: ₦100,000 (up to ₦1,000,000 for high-volume or business accounts)
- Repayment period: 7 days to 4 months (up to 120 days)
- Interest rate: 0.6% to 1.5% per day
- Late payment penalty: 1% to 2% per day on outstanding balance
- Collateral required: None
The daily interest rate means Flexi Cash is best suited for short-term needs. Repaying your loan early significantly reduces the total interest paid and often increases your available limit.
Is PalmPay Flexi Cash Worth It?
| Feature | PalmPay Flexi Cash |
|---|---|
| Minimum Loan | ₦3,000 |
| Maximum Loan | ₦100,000 (up to ₦1M for top users) |
| Repayment Period | 7 days – 4 months |
| Daily Interest Rate | 0.6%–1.5% |
| Late Payment Penalty | 1%–2% per day |
| Collateral | None |
| Disbursement Speed | Instant (in-app) |
| Buy Now Pay Later | Yes (0% for eligible purchases) |
Flexi Cash is ideal for users who need small amounts quickly and plan to repay within days. The zero-interest Buy Now Pay Later (BNPL) feature makes it a strong choice for paying bills and buying airtime or data through PalmPay.
PalmPay Flexi Cash Fees
The following charges apply when using Flexi Cash:
- Daily interest: 0.6% to 1.5% per day on the outstanding loan amount
- Late payment penalty: An additional 1% to 2% per day if repayment is missed
- BNPL purchases: 0% interest if paid within the promotional window
Tip: Repaying your Flexi Cash loan before the due date often results in interest discounts and a higher credit limit on your next borrowing.
Eligibility Requirements
To access PalmPay Flexi Cash, you must meet the following requirements:
- Be a registered PalmPay user aged 18 years or older
- Have a verified PalmPay account with BVN and NIN linked (Tier 2 or Tier 3 for higher limits)
- Maintain regular transaction activity within the PalmPay app such as bill payments, transfers, and airtime purchases
- Have a good repayment history with PalmPay if you have used credit before
PalmPay Flexi Cash Contact Information
- Phone: 02018886888
- Email: [email protected]
- In-app support: Tap the help icon inside the PalmPay application
- Social media: @palmpayapp_ng on Instagram and Facebook
Conclusion
PalmPay Flexi Cash is a fast and convenient credit solution for active PalmPay users in Nigeria. With loan amounts starting from ₦3,000 and no collateral required, it is accessible to a wide range of users. However, the daily interest rate makes it important to borrow only what you can repay quickly. For a broader comparison of loan apps, visit our guide on the Top 10 Loan Apps in Nigeria for Instant Cash.
In comparison with traditional bank loans, you might also want to check our review on the FCMB Personal Loan options for larger borrowing limits.
I enjoy reading, chess, writing, and creating things for the internet. Since I was a child, I wanted to create meaningful things. Here, I found my purpose.
