In this post, we’ll look at the Access Bank Payday Loan and how to apply, as well as other aspects of the loan.
Access Bank is one of Nigeria’s largest financial institutions, offering reliable financial services to the public, allowing smooth transactions, and assisting in the management and creation of wealth.
Sometimes emergencies appear out of nowhere, and as a salary earner or any other income earner, waiting until the end of the month for your next inflow of cash may be a very lengthy wait. You’d need a payday loan in an emergency.
Related:
How to upgrade your Access Bank Account transfer limit
Here’s How to Set Up Automatic Transfers with the Access Bank App
How to Request a Debit, Credit, and Virtual Card on Your Access Bank App
Contents
What is the Access Bank Payday Loan?
The Access Payday loan is a digital credit facility that disburses loans immediately to the requesting customer when they receive and accept the application.
Approval of this digital loan product hinges exclusively on whether you fulfill Access Bank’s lending requirements, which they term Risk Acceptance Criteria (RAC).
In a nutshell, a payday loan is intended to provide financial support to both salaried and non-salaried individuals.
The Eligibility Criteria, Terms, and Conditions
The following will make you eligible to be granted this Access bank loan:
- No outstanding loan in Access bank or any other bank
- A phone number that is linked to your BVN (here’s how to check BVN)
- Evidence that you received salary payment in the previous month
The maximum loan amount you can get
With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors:
- Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for a payday loan amount of 75% of your monthly salary.
- Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access Bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,000.
Applying for the Access Bank Payday Loan
Since the payday loan is a digital product, you do not need to apply for it in person. You can secure a payday loan by any of these methods:
1. Dialing the Access Bank payday loan code *901*11*1#
2. Using internet banking, which allows you to borrow money online instantly
3. By using Access Bank’s WhatsApp Banking platform
4. Via the Access More Mobile App (on iOS or Android) and the QuickBucks App.
The application process usually takes up to 24 hours, after which the bank disburses the funds.
How to repay the Access Bank payday loan
Your Access Bank loan is eligible for repayment either by your next salary payment or 30 days from the day you take the loan. You don’t have to go through any process to repay it. The loan amount is automatically deducted from your salary bank account.
The Access Bank loan interest rates
The Payday Loan interest rate is 3% flat and this is subject to prevailing market conditions. This means that your interest rate may be different from 3%. Ensure that you make all the necessary inquiries from the bank before applying for a loan.
Conclusion
Finding yourself in a financially hard situation is no joy. For a salary or steady income earner, the Access Bank payday loan is a great soft loan option for those rainy days.