How to get Access Bank Payday loan – requirements,tenor and How to apply

Do you know how to apply for  Access Bank Payday Loan – Are  you  salary earner with federal or state government or gainfully employed in a private establishment company and your salary account is domicile with Access bank. If yes payday loan is designed to meet your urgent financial needs

The payday loan by access bank is designed to meet emergencies before your salary arrive.The time loan facility can be access within ten minutes without collateral or guarantor of any kind provided you meet up with the requirements and terms and condition.

The credit facility is available to customers in Nigeria, Ghana, Zambia, DR Congo.Gambia and any other Africa countries where Access bank operate. You can get Up to 50% – 75% of monthly salary.

The post will walk you down he line to under how access bank payday work, requirements , tenor and how to apply

Also read:Steps To Apply for Access Bank Salary Advance Loan – Requirements & Interest Rate

How Does Access Bank Payday Loan woks?

Access Bank PayDay Loan is a quick loan facility for salaried workers. It is ideal for those who need to meet immediate cash flow constraints quickly and seamlessly.If you ever need some quick cash for your emergencies, Access Bank’s PayDay Loan will be exactly
what you need.

This facility is available for utilization only upon satisfactory compliance with the conditions precedent to drawdown as may be prescribed by Access Bank and you must meet the Bank’s Risk Acceptance Criteria (RAC). You can get up to 75% of your monthly salary, less any active loans at the Bank.

The Borrower shall covenants with the Lender that the Salary account would be sufficiently funded up-front to absorb interest, commission and other charges. Also you must maintain a salary account with the  Access bank during the loan period

What is the requirements for Access Bank payday Loan?

Before you can qualify for Acces bank pay day loan, Borrower must be a salary earner who’s account domicile with the bank, also you must not below age 18 as when you are apply for the credit faicility
2. you must not have outstanding loan(s) in Access Bank or other banks.
3. You must apply with a phone number that is link to your BVN
4.Your digital loans MUST NOT exceeded eligible amount.
5. Monthly repayment must not be higher than your eligible amount.

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What is the tenor for the PayDay Loan?

The Access bank Payday loan duration is one month which is exactly 30days or your next salary payment, whichever comes first Within that period, your loan is still active.

Benefits of  Access bank Payday Loan

Access bank payday loan gas numerious benefits which includes:
1.Loan is disbursed instantly to bank account
2.No documentation required to apply for loan
3.No collateral required.
4. No need to visit a branch to apply
5.Available to you 24/7
6.Up to thirty-one (31) days tenor.

 

When is the PayDay Loan due for repayment?

Your PayDay Loan will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first). The loan amount will be automatically deducted from your salary account.

Penalty for not repaying the loan on time

Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.Where the loan past due date, deduction will be made from any account linked to your BVN.

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How do I apply for a PayDay Loan?

You can request for  Access bank  PayDay Loan through any of the following ways:

1. Dial the USSD code *901*11*1# (for former Diamond customers only)
2. Download the QuickBucks App, available on Google Playstore or Apple App Store.
3. Go to the Access Mobile App and select Loans & Investments
4. Access Bank Internet Banking and WhatsApp Banking channels

Security for Acess bank Payday Loan

The facility shall be secured with the following:

1. Irrevocable domiciliation of salary
2. Credit life insurance covering the risk of death/disability, and retrenchment of the
Borrower.

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