Access Bank PayDay Loan

How to apply for Access Bank Payday loan and requirements

This post was last updated on October 14th, 2022 at 05:27 am

Do you have any emergence and you require urgent cash to offset it before your next payday loan? Access bank has unveiled Payday Loan product designed for both salary and non-salary earners) which come with low interest rate and it doesn’t require any documentation or collateral during local application process.

The Access bank payday loan is designed for federal, state local government as well those that are gainfully employed in a private establishment company to help them meet emergencies before Their next 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 loan tenor is 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 then be automatically deducted from your salary account.

The maximum amount (i.e. eligible amount) you can get is 75% of your monthly salary, less any active loans at the Bank subject to ₦500,000 disbursement cap. Your eligibility is displayed when you request for the loan.

 

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

 

What can affect my eligibility to apply for Access bank payday loan?

Your eligibility will be affected by any of the following:

1. If you have any outstanding loan(s) in Access Bank or other banks.
2. If you apply using a phone number that is not linked to your BVN.
3. If there is no evidence that you received salary payment in the previous month.
4. If you have taken previous digital loans and exceeded your eligible amount.
5. If you have an existing loan and the monthly repayment is higher than your eligible amount.

 

What is the penalty for late repayment of loan ?

When take access bank payday loan and fail to pay on time, the bank will deduct the loan amount from any account linked to your BVN. But should case they are unable to get their money, customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.

 

What is the interest rate for Access Bank Payday Loan?

The interest rate for Access bank PayDay Loan is 6.5% and 7.5% for third party non-Access Bank customers. Other charges include a 1% management fee, and 0.3% credit life insurance, which are taken upfront.

How to pre-liquidate PayDay loan?

Access bank payday loan borrow are at liberty to pay off their loan at their convenience. Interested customers can self-liquidate their existing PayDay Loan on the QuickBucks platform. Alternatively, customers can contact Access Bank on +234 700 300 0000 or +234 1 271 2005; send an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch to liquidate their loans.

What is Access bank Payday loan Tenor?

The 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 then be automatically deducted from your salary account.

 

How many times can I request for a loan?

Customers can apply for Access bank payday loan as many times as they like, as long as they have not exceeded their eligible amount.

I don’t have Account with Access bank can i take payday loan?

If you don’t an account with Access bank kindly visit the nearest branch to obtain a debit card and submit documentation for the new account.You can also open account using USSD platform *901# (please note that you can only transfer ₦20,000 at a time).

 

How do I repay the Access bank PayDay loan?

Your loan amount can be repay directly by the bank because they will deduct at source from your next salary payment, meaning the funds will be taken from your salary before the salary hits your account.

How long does it take to get a payday loan?

Once your payday loan request is successful, your Access Bank account is credited instantly. However, it may take up to 24 hours to process before disbursement into your account. In such an event, we will notify you of any delays.

 

You may like:How to check Access Bank Account Balance and Transfer Money

How much can you get as PayDay Loan?

The maximum amount you can get is 75% of your monthly salary, less any active loans at the Bank subject to ₦500,000 disbursement cap. Your eligibility is displayed when you request for the loan.

Where you have existing loans, the monthly repayment(s) will be used to calculate your eligible amount. Your eligible amount will therefore be 75% of your monthly salary, less any monthly repayment(s). If the monthly repayment is higher than your eligible amount, you will not be able to take a PayDay Loan.

How do I request for a PayDay Loan?

You can request for a Payday Loan through any of the following ways:

1. You can apply for Access bank payday loan by Dialing the USSD code *901*11#

2. You can also Download the QuickBucks app, available on the Google Playstore or iOS App Store Or click here to visit the QuickBucks website
3. Go to the Access Mobile App and select Loans & Investments
4. Access Bank Internet Banking and WhatsApp Banking channels

 

Are there other instant digital loans with longer repayment plans?

 

Yes, there are. Please see the table below for other instant digital loan products available.

Loan Type Available to Loan Amount Repayment Plan Pricing
Salary Advance
(SADV)
Salary account holders with Access Bank who earn a minimum of N50,000 Up to 200% of monthly salary 180 days with repayment over six (6) monthly instalments Interest Rate: 5.4% (on reducing balance)

Management Fee: 1%

Credit Life Insurance: 0.7%

Small Ticket Personal Loan
(STPL)
Salary account holders with Access Bank who earn a minimum of N100,000 Up to 400% of monthly salary 365 days with repayment over twelve (12) monthly instalments Interest Rate: 5.2% (on reducing balance)

Management Fee: 1%

Credit Life Insurance: 1%

Device Finance
(DFPS)
Salary account holders with Access Bank & other bank customers Up to 33% of annual salary, but subject to a max. of ₦500,000 365 days with repayment over twelve (12) monthly instalments Interest Rate: 27% (flat)

Credit Life Insurance: 1%