Are you aware that you can enroll in the ongoing Access bank loan opportunity? Yes, it’s another golden opportunity for Nigerians to take our financial status to the next level.
We understand the economic standard of Nigeria currently and that’s one of the reasons why you shouldn’t let this life-changing opportunity pass you by.
With the ongoing Loan services, individuals can access up to N500,000 worth of the loan. is it good or very good…we believe its excellent.
In this article, we will take a deep look at PayDay Loan and everything you need to know about their loan services.
Let us start by explaining what payday loan is all about.
What is Access bank loan?
The payday loan is an instant loan product designed strictly for salary earners. With a PayDay loan, you as an individual (employed) can borrow money at a very low-interest rate against your next salary.
For the self-employed individual don’t worry we get you covered. If you are not employed (Seld-employed) you can as well access a loan from other lending companies like Carbon, Fairmoney, Branch, and Quickcheck.
Note that you need to download and install the loan app listed above for you to be able to access their loan services.
Bear in mind that the PayDay loan is not only the type of loan offered by Access Bank, just continue reading you will get to know more.
Before you think of applying for this loan, the first question that should come to your mind is what exactly can affect my loan eligibility.
What can affect my loan eligibility on Access bank loan?
Your loan eligibility can be effected through the following listed below;
- If you have an unpaid loan in Access Bank, other Banks or any lending company i.e. if you have a bad credit score.
- If your salary account is not correct or if you used an invalid phone which is a phone number that is not linked to your BVN (Bank Verification Number).
- Inability to show evidence of salary into the provided account number for the last 45 days.
- You have reached your payday loan limit i.e. that you have collected existing payday loan up to your eligible amount already.
How to check Access bank loan eligibility
Here are tips on how you can check if you are eligible to borrow money/loan from Access bank;
We understand that you may be bothered on how you can check your loan eligibility, don’t worry we will show you how you can show your eligibility.
You can check your loan eligibility, by dialing *901*11# or *426*11#, after dialing the USSD code, you will see your eligibility status and if by any chance you didn’t qualify for the Access bank loan/payday loan, you will be asked to visit any branch or call their contact center on 012712005-7
Access Bank loan requirements
Every loan provider has there own requirement but we will focus more on the Access bank loan requirements.
The requirements for getting a loan from the Access bank is pretty affordable and they are listed below;
- Firstly, you must be employed at a reasonable salary.
- Secondly, you must have a salary account with Access bank or Remita.
- Then finally, you don’t need any paperwork, collateral or guarantor to apply for this Access bank payday loan.
How to apply for Access Bank loan
Applying for the loan is simple and easy you don’t need to visit any Access Bank branch before you can apply for this loan here everything is done online.
All you have to do is to dial the loan code which is *901*11# then you will see the amount Access Bank can borrow at the time (presuming you are eligible). You can also visit any of the Access Bank ATM stands or download the Quickbucks application from Google play store.
Note that Access Bank will always be open for you in case you need any further assistance in the application process.
Access bank loan interest rate
Access bank charges a 4% interest rate which you are expected to pay back on the agreed date which is your salary day.
Let’s take, for instance, if you borrowed N20,000 from Access Bank, you are expected to pay back N20,400 within 31 days or on your salary day.
Note that before you can get a loan from Access Bank, you will pay a flat interest of 1% and an upfront fee of 1% also 0.15% for insurance total of 5.15% total payable upfront fee.
Access bank loan repayment
How can I repay the loan I borrowed from Access bank?
Makin a loan repayment is pretty simple, remember you applied using your salary account details, so your loan will be automatically deducted from your account on the agreed date that is on salary payday.
For instance, if you borrow N30,000 from Access Bank and your salary is N50,000, Access Bank will deduct N30,400 (at 4% interest rate) from your salary leaving N19,600.
Types of loan offered by Access Bank
Below are different types of loan you can get from Access bank and their requirements
At the beginning of the article, we promised to explain other types of loan offered by Access Bank and here are they;
They also offer a personal loan that is designed for individuals or civil servants who are gainfully employed.
On the Access bank personal loan, you can get up to 75% of your net annual salary.
The most important part of this loan is that Access bank can give you up to 36 months (tenure) to pay back this loan.
Requirements for a personal loan
- Completed application form.
- Completed employee status inquiry/employee’s confirmation form.
- Evidence of confirmation ( Letter of confirmation, last promotion letter).
- A copy of employment ID and valid means of identification.
- BVN (Bank Verification Number).
- Credit checks.
- Letter of lien/Set-off.
2. Access bank school fees Advance loan
This loan is for those who aim at attending a better education or for parents who cannot afford to pay their children/child school fees.
If you have the mind of pursuing an undergraduate or postgraduate degree, you are at the right play.
If you have a child or children who want to attain a higher level of education, with the school fees Advance loan you can achieve that.
Furthermore, you can access up to N15 million naira and also get refinancing.
Requirements for school fees loan
- Completed application letter.
- Admission letter.
- Tuition advise.
- Letter domiciliation of salary account with Access Bank.
- Copy of employment ID valid means of identification.
- BVN (Bank Verification Number).
- Credit checks.
3.Vehicle finance loan
This another wonderful opportunity for those who want to have a car but don’t have what it takes to have a car.
With the vehicle finance loan, you can get your dream car with an affordable repayment plan.
Requirements for a vehicle loan
- Completed vehicle lease application form.
- Pro forma invoice from any of the approved bank vendors.
- Credit checks.
- Blank transfer of ownership form.
Additional vehicle loan requirement for salaried income earners
- Letter of introduction.
- Employee status inquiry/employer confirmation and undertaking.
- Recent six months payslip/salary bank statement.
Additional requirements for SMEs and Corporates.
- The company profile.
- Recent management/audited accounts.
- Personal guarantee of the Director of the company supported by a notarized statement of net worth.
- Board resolution (applicable to corporates only).
4.Home or Mortage loan
They also offer Mortage or house loan to those that want to acquire a house in some part of Nigeria like Lagos, Abuja, and Port Harcourt.
The Mortage loan is available to salary earners and business entrepreneurs in Lagos, Abuja and in Port Harcourt with a minimum of 30% equity contribution.
Furthermore, they provide up to 10 years of repayment plan (tenor).
If you in any way encounter any difficulties while applying for the loan, you can reach the bank on 234 1-2712005-7, 234 1-28025000 or 07002255222377.
You can as well reach out to the bank through email at firstname.lastname@example.org
Requirements for home or Mortage loan
- Completed Mortage application form.
- Employee status inquiry/employer’s confirmation form.
- Letter of offer from the property seller.
- Title documents of the property.
- Valuation report from any of the approved bank’s estate valuer.
- Search report.
- Credit checks.
We promised at the beginning of this article that we are going to explain every single thing concerning the PayDay loan and that’s what e are doing right now.
Access bank loan code
You can apply for the loan without visiting any Access bank branch just by dialing their newly launched loan USSD code*901*11# or *426*11#.
There are some frequently asked questions about the loan services which we are going to explain as you proceed with the content.
How can I have access to the loan in my new account?
You can access the funds from your new account by visiting any nearest branch to get a debit card.
How long does it to for Access Bank to disburse the loan?
After successful registration, the loan requested will be instantly approved and disburse to your account.
What is the term of the Access bank loan tenor?
Maximum of 31 days or on the salary payday.
What are the charges for the Access Bank loan?
Upfront fee of 1% flat 4% flat interest and insurance fee of 0.15% of the loan amount disbursed.
Alternatives to Access Bank loan
They are many alternatives to this loan in particular which can also loan you a higher amount than Access bank, below are the alternatives and the amount you can get from them;
Carbon paylater: The Carbon Paylater is a loan provider in Nigeria which is bent on providing loans for employed and unemployed citizens of Nigeria. With Carbon Paylater, you can access up to N1million naira and up to N10million naira as an entrepreneur and for you to access up to N10million naira loan as an entrepreneur you must leave and work in Lagos state.
FCMB Loan: Applicants can access loan up to N10million naira on the FCMB loan service and it comes with a wonderful repayment plan which everyone can afford.
Xcredit: Xcredit is another loan provider in Nigeria that helps individuals meet with their financial problems with an instant loan of N500,000.
GTBank loan: The Guaranty Trusted Bank has made easy for its customers to be financially independent by providing an instant loan amount of N5million naira to who so ever that is eligible and wants to take his or her business to the next loan and this GTBank loan can as well serve as an alternative to the Access bank loan.
Note that the GTBank loan comes with a very good repayment plan which everyone can afford to pay happily.
Zedvance: Here is another loan provider designed mainly for the employed and it gives access to instant N5million naira, it also comes with a good repayment plan.
Branch: Branch is another lending company in Nigeria and many other countries which are bent on providing financial assistance to its users. With Branch loan, you can access up to N200,000 just on your first application depending on your credit score.
Don’t think of applying for this loan if you are not employed.
Furthermore, for the unemployed, you can as well get a loan from other loan providers like Carbon Paylater, Quickteller, Fairmoney or Branch.
If you have any questions about this article or any other article on our website, don’t hesitate to reach us through the contact page.
Most importantly, don’t forget to share your thoughts on these loan services through the comment section.