Access Bank is a trusted Nigerian financial institution that provides reliable financial services to the public. The bank is known for facilitating seamless transactions,managing and creating wealth for its clients. In this article, we will discuss Access Bank’s payday loan, its features, and eligibility requirements.
What is Access Bank Payday Loan?
Access Bank payday loan is a digital credit facility that provides instant loans to customers who apply and meet the bank’s lending criteria. Loan is approved and disbursed promptly, making it ideal for urgent situations.
Eligibility Requirements for Access Bank Payday Loan
Access Bank payday loan eligibility:
- No outstanding loans with Access Bank or any other bank.
- You must have a phone number linked to your BVN (here’s how to check BVN)
- You must have evidence that you received salary payment in the previous month
Maximum Loan Amount
- The maximum loan amount you can get with the Access Bank payday loan is 75% of your monthly income. However, the amount you can borrow is subject to certain factors.
- Factors Affecting the Loan Amount
The following factors affect the loan amount you can get:
Access Bank offers a variety of loans to its customers to meet their urgent financial needs. Among them is the Payday Loan which is designed to provide salary earners with quick access to funds to tackle unexpected expenses before the end of the month.
One of the benefits of the Access Bank Payday Loan is that salary account holders with the bank can borrow up to 75% of their monthly salary.
Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you can borrow up to 50% of your monthly salary, as long as it does not exceed NGN 500,000.
Applying for the Access Bank Payday Loan
Applying for the Access Bank payday loan is easy and can be done through several channels. One way is to use the USSD code 90111*1# to access the loan. You can also apply for the loan online using the Access Bank Internet Banking platform, the Access Mobile App, or QuickBucks App. Another option is to apply through Access Bank’s WhatsApp Banking platform.
Application takes 24 hours and funds are disbursed by the bank. Ensure eligibility and required documents before applying.
Access Bank Payday Loan Repayment
Repayment of the Access Bank payday loan is straightforward and hassle-free. The loan amount is usually due for repayment by your next salary payment or within 30 days from the day you take the loan. The loan repayment is automatic and deducted from your salary bank account. Contact Access Bank for loan repayment options if unable to pay on time.
Access Bank Payday Loan Interest Rate
The Access Bank payday loan interest rate is 3% flat, subject to prevailing market conditions. Interest rates for the Access Bank payday loan vary depending on creditworthiness and other factors; ensure to make inquiries from the bank before applying.
Eligibility Criteria for the Access Bank Payday Loan
To be eligible for the Access Bank payday loan, you must meet the following criteria:
- Have no outstanding loan in Access Bank or any other bank.
- Have a phone number linked to your BVN.
- Provide evidence that you received salary payment in the previous month.
Maximum Access Bank Payday Loan Amount
The maximum amount you can borrow with the Access Bank payday loan is 75% of your monthly income. However, the loan amount you qualify for depends on several factors, such as whether you are a salary account holder with Access Bank or receive your salary through another bank.
Salary Account Holders with Access Bank
If you have a salary account with Access Bank, you can borrow up to 75% of your monthly salary. This rate is subject to change depending on prevailing market conditions.
Other Bank Customers
If you receive your salary through another bank, processed via IPPIS or Remita, you can borrow up to 50% of your monthly salary, provided it does not exceed NGN 500,000.
In conclusion, the Access Bank payday loan is an excellent option for salary earners who need quick cash during emergencies. It offers a simple application process, automatic repayment, and a reasonable interest rate. However, before applying for a loan, ensure that you meet the eligibility criteria, understand the repayment terms and interest rates. With the Access Bank payday loan, you can access soft loans to meet your financial needs.