Does PalmPay's Flexi Loan have access to your contact list? Are they calling you everyday to request for your repayment? I have also experienced these issues in weeks ago. I don't even know; I top-up my mobile phone through my PalmPay Account and after three days, I got a call from PalmPay that I should repay my loan. I was like, did I obtain a loan from you?
I quickly login to my PalmPay Account to check what's going on. I tapped on "Loan" and I saw that I have a Flexi outstanding Loan that was used to purchase airtime. The fact is that, when I wanted to recharge, the Flexi Loan option was chose and I didn't know about it.
In a nutshell, as I discovered that I'm owing an outstanding loan, I pay my loan and I don't get any calls from PalmPay again.
PalmPay Flexi Loans
PalmPay offers two different types of Flexi Loans; Flexi Cash and Flexi Limit. The Flexi Cash is a cash advance loan that gives you access to quick loans. While the Flexi Limit is a bill payment loan option on the PalmPay App.
With Flexi Limit, you can pay for your airtime, data, TV cable subscription, Electricity and more. However, when you borrow Flexi Loan, you're expected to payback in due date or else, you be disturbed by PalmPay Loan Agent until you pay up.
You're owing Flexi Cash Loan for a very long time, PalmPay might access your contact list and start sending or calling your contact list to harass and embarrass you. As you know, it will be very unlikely to allow PalmPay to do such a thing. So, it's advisable to repay any outstanding loan before the due date to avoid being harassed by any loan apps in Nigeria.
How to Repay Flexi Loan
You must repay Flexi Loan in full on the due date by depositing the amount into your PalmPay Account linked to the Flexi and login to your account for repayment.
Repayments can be made via bank transfers, card payments or at any authorised Agent. It is recommended to repay on the very day the bill is due to avoid interest.
However, if you wish to pre - repay before the due date, click on the Flexi Homepage >> Click Repay and enter the repayment amount.
How to Use Flexi in PalmPay
The Flexi service is a third-party buy now, pay later service which offers you a revolving line of Credit Limit for your online airtime, data bundle and other purchases within the platform of PalmPay APP. Qualified Users are entitled to use the Flexi service to enjoy post-payment (interest may incur)
When you intends to use the Flexi service, you will have to apply for the Service on Flexi by activating the Service.
When you're qualified, the you will be granted with a maximum Credit Limit within the Flexi Account under the Service.
The Credit Limit under the Service is the total amount that you are entitled to use to pay for each transaction when you purchase airtime, data bundle and other purchases within Flexi (“Fundamental Transaction”).
The payment amount will be taken out of your Credit Limit and will be returned to you after you have made the repayment.
PalmPay's Flexi Loan Interest Rates
The Credit Limit is free of any interest and fee if the User promptly completes the repayment on or before the Interest Free Repayment Date of each billing cycle.
For example, if you pay N500 for an airtime card on Aug 27th with Flexi, you wll receive the bill on Sep 1st. Your total bill is N500 and you can just pay N500 back on Sep 1st without any interest.
Conclusion
In a nutshell, to effectively manage your Flexi Loan on PalmPay, you've explored the options for pausing or stopping the service. Remember, pausing only suspends temporary charges, while stopping entails full deactivation and loan repayment. By following the outlined steps for deactivation and ensuring full settlement, you can successfully terminate your Flexi Loan usage.