Life is unpredictable, and emergencies can strike at any time. When you find yourself in need of quick cash before your next paycheck, Access Bank’s Payday Loan can be a lifesaver.
This instant loan product is available to both salary and non-salary earners, offering low-interest rates and the convenience of no documentation or collateral requirements.
Originally, it should be noted that the access payday load is strictly for salary earners. But to qualify for the access payday loan as a non-salary earner, your account must have a huge flow of transactions for at least 6 months.
In this article, we’ll guide you on how to get access bank payday loan quickly and easily.
Table of Contents
Accessing Your Payday Loan
One of the standout features of Access Bank’s Payday Loan is its accessibility. You can obtain this loan using various methods:
- USSD Codes: Dial *901*11# or *426# to initiate your loan request conveniently from your mobile phone.
- Mobile Apps: Access Bank offers a user-friendly mobile app that allows you to apply for a Payday Loan. You can also use the QuickBucks App for this purpose. You can get both the Access Bank App and QuickBucks App from Google Playstore or iOS App Store.
- Internet Banking: Access your Payday Loan application through Access Bank’s Internet Banking platform.
- WhatsApp Banking: If you prefer using WhatsApp for banking, you can request a Payday Loan through this channel. Here is the Access Bank Whatsapp Banking Number +2349090901901
Key Features of Access Bank Payday Loan
Access Bank Payday Loan is designed to be hassle-free and customer-centric. Here are some key features:
- 24/7 Service: You can access your Payday Loan anytime you need it without the need to visit a physical bank branch via *901*11#, *426#, QuickBucks App, Internet Banking, and Mobile App.
- No Documentation Required: Unlike traditional loans, Access Bank’s Payday Loan doesn’t require extensive paperwork.
- No Collateral Needed: You won’t have to put up any assets as collateral.
- Flexible Tenure: You can choose a repayment period of up to 36 months, allowing you to tailor the loan to your financial situation.
Eligibility and Application
To be eligible for an Access Bank Payday Loan, you must be a salary earner who meets the bank’s risk acceptance criteria (RAC). Here’s how to apply:
- Request: Initiate your loan request using the USSD code *901*11# or through one of the other mentioned channels.
- Account Opening: If you don’t already have an Access Bank account, one will be automatically opened for you when you request a Payday Loan. The loan amount will be disbursed into this new account.
Interest Rate and Charges
Access Bank offers a competitive interest rate of 10% for its Payday Loan product. However, third-party non-Access Bank customers will have a slightly higher rate of 11%. Additionally, there are upfront charges that include a 1% management fee and a 0.3% credit life insurance fee.
Loan Tenor and Amount
The repayment tenor for an Access Bank Payday Loan is typically 30 days or your next salary payment, whichever comes first. You can borrow up to 75% of your monthly salary, subject to a maximum disbursement cap of ₦500,000. Your eligibility will be displayed when you request the loan.
Factors Affecting Eligibility
Several factors can affect your eligibility for an Access Bank Payday Loan, including:
- Existing outstanding loans with Access Bank or other financial institutions.
- Use of a phone number not linked to your BVN.
- Lack of evidence of salary payments in the previous month.
- Exceeding your eligible amount due to other digital loans.
- Having an existing loan with a monthly repayment higher than your eligible amount.
Repayment and Penalty
Your Payday Loan will be due for repayment on your next salary payment or within 30 days from the loan disbursement date, whichever comes first. The loan amount will be automatically deducted from your salary account.
Customers have the option to self-liquidate their existing Payday Loan using the QuickBucks platform.
Alternatively, you can contact Access Bank through their customer service channels or visit a branch to arrange loan repayment.
Late payments may incur a 1% penal charge per month for defaulting on the loan from 31 days past due.
- How to Obtain an Access Agent Loan (Access CLOSA Agents)
- How to Borrow Money from Access Bank: A Comprehensive Guide
- Roadmap to Loan Approval: How to Get a Loan to Start a Business
Final Thoughts on Securing a Payday Loan from Access Bank
Access Bank’s Payday Loan is a convenient and accessible solution for individuals facing unexpected financial challenges.
With its straightforward application process, competitive interest rates, and flexible repayment options, it provides valuable support when you need it most.
Remember that responsible borrowing is essential, and always consider your ability to repay before taking out a loan.