Home»Loan and Debt Help»Page 14
  1. Asked: August 4, 2025In: ,

    Have you ever borrowed from palmpay?, share your experience

    De Mogul
    De Mogul Expert Mind A student

    Borrowing money is actually not a good thing at all which is why we all have to be develop this act of being disciplined and dedicated to whatever we are doing. Palmpay is an app that gives you loan from 2,000 Naira upwards and you have to pay back in a week with a 400 Naira interest which I think iRead more

    Borrowing money is actually not a good thing at all which is why we all have to be develop this act of being disciplined and dedicated to whatever we are doing.

    Palmpay is an app that gives you loan from 2,000 Naira upwards and you have to pay back in a week with a 400 Naira interest which I think is not a good thing because opay has a lesser interest rate than them.

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  2. Asked: August 2, 2025In:

    Should I collect loan to start a business?

    Adebanjo Tunde
    Adebanjo Tunde Newcomer

    If you're asking whether to collect a loan to start a business in Nigeria, the honest answer is only if you have a clear plan, low-risk model, and guaranteed income stream—not vibes and hope. Let me break it down like this: When collecting a loan makes sense: You already tested the business idea (e.Read more

    If you’re asking whether to collect a loan to start a business in Nigeria, the honest answer is only if you have a clear plan, low-risk model, and guaranteed income stream—not vibes and hope.

    Let me break it down like this:

    When collecting a loan makes sense:

    You already tested the business idea (e.g., selling thrift wears online with small profits).

    You’ve had consistent sales but need funds to scale.

    You have real customers, not just hype.

    You’ve done the maths and know exactly how you’ll repay (with backup plan).When collecting a loan is a bad idea:

    You’re starting from scratch with no experience.

    You want to “try something” because others are doing it.

    You’re jobless and want quick income (you’ll just stress yourself more).

    You plan to use all the loan to set up shop or buy fancy equipment without testing market first.

    A guy in Warri borrowed ₦500k to open a barbing salon in an area where there were already 4. He used most of it to decorate and buy expensive clippers. Business started slow, repayment started quick. He ended up selling his clippers to settle debt.

    Better route? Start small with your own money, test and grow. Only borrow when demand is bigger than your capacity to serve it. If you must borrow, try family first or cooperative societies with low interest.

    Na business, no be show. Think with your head, not pressure.

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  4. Asked: July 29, 2025In:

    Smart Strategies for Effective Debt Management

    Ibiwari George
    Ibiwari George Newcomer

    If you're stuck in debt, managing it smartly starts with tracking everything you owe—who, how much, and when it's due. That’s your first lifeline. Here’s how real Nigerians are getting out of debt the smart way: 1. List All Your Debts Clearly Include the creditor’s name, total amount owed, interestRead more

    If you’re stuck in debt, managing it smartly starts with tracking everything you owe—who, how much, and when it’s due. That’s your first lifeline.

    Here’s how real Nigerians are getting out of debt the smart way:

    1. List All Your Debts Clearly
    Include the creditor’s name, total amount owed, interest rate, and minimum monthly payment. You can use free tools like Money Manager app or even Excel.

    2. Tackle High-Interest Ones First (Snowball or Avalanche Method)
    Snowball works by clearing the smallest first (motivating but slow). Avalanche attacks the highest interest rate first (faster savings). For Nigeria, focus on clearing loan apps like Carbon, Palmcredit, and branch loans early—they pile interest fast.

    3. Cut Unnecessary Spending
    Unsub from that daily shawarma, reduce nightlife, pause buying aso-ebi every two weeks. Redirect the cash to pay off debts.

    4. Negotiate with Lenders
    Don’t be shy to ask banks like GTB, Access, or loan apps for rescheduling. Some will reduce your rate or give a payment plan. Speak up.

    5. Start a Side Hustle
    Write on Trendri, take freelance gigs on Fiverr or Upwork, or even flip used items on Jiji.ng. Every extra naira counts.

    6. Avoid Taking New Loans to Pay Old Ones
    Na trap be that. You’ll just be rolling debt like akara on hot oil. Unless it’s a 0% interest loan from family, avoid that route.

    7. Automate Repayments if You Can
    Set recurring transfers with Kuda or Opay—once salary drops, your loan eats first. It removes temptation to flex with the money.

    Quick Advice:
    If you’re owing more than you earn monthly, you need to stop borrowing completely till you’re in control. Face the embarrassment now or face bankruptcy later.

    Everyone’s story different, but the path out of debt always starts with facing the truth. No shame—just fix it one step at a time.

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  5. Asked: July 23, 2025In:

    I need a loan of 50,000 naira without BVN

    Rume Olias
    Rume Olias Newcomer

    You can get a ₦50,000 loan without BVN, but your options are limited, and most come with higher interest or short repayment time. In Nigeria, some apps don’t ask for BVN upfront but may limit how much you can borrow until you add it later. A few that might give small loans without BVN include: 1. PaRead more

    You can get a ₦50,000 loan without BVN, but your options are limited, and most come with higher interest or short repayment time.

    In Nigeria, some apps don’t ask for BVN upfront but may limit how much you can borrow until you add it later. A few that might give small loans without BVN include:

    1. Palmpay – Offers airtime/data loan and sometimes small cash loans without BVN (usually < ₦10k to start).

    2. Okash (by Opay) – You can register and get pre-approval before they request BVN.

    3. FairMoney & Carbon – Require BVN, but some users claim they got small initial loans before BVN was needed (not guaranteed).

    4. GetCash or KashKash – Very risky apps. They may give loans without BVN but harass contacts if you default.

    What to avoid:

    Never give your ATM PIN or card info to any app just to collect a loan.

    Avoid any loan app asking you to pay money before approval – it’s a scam.

    Real Advice:

    If you need ₦50,000 urgently and don’t want to use BVN, consider asking from cooperative societies, church groups, or trusted lenders instead of relying only on shady apps. Most legit platforms in Nigeria now require BVN for verification and to avoid fraud.

    Unless it’s life-or-death urgent, it’s better to use your BVN with trusted apps than risk a fake loan app that can scam or blackmail you.

    Have you tried platforms like Opay, Carbon, or Branch already? If not, start there.

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