Last Updated on July 1, 2024 by admin
Access bank has introduced Salary Advance that is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC). The enable depositors access up to 200% of their net monthly salary and repay for 6 months
Are you a salary earner and your monthly salary income is domicile with Access bank, active for at least three (3) months and you are financially trapped, looking for how to get a quick loan to enable you settle your bills? Then you can apply for an Access Bank Salary Advance Loan.
This kind of loan is an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC). Salary earner can get the maximum amount (i.e. eligible amount) you can get is 200% of your monthly salary, less any active loans at the Bank. Your eligibility is displayed when you request for the loan.
The borrower account needs to be in Access Bank and needs to be active for at least three (3) months. The tenure of the bank is up to Three (6) months/180 days and you can take salary advance credit as many times as you may like, as long as you have not exceeded your eligible amount.
The interest rate for Access bank Salary Advance is 5.4% on reducing balance. Other charges include a 1% management fee, and 0.7% credit life insurance, which are taken upfront.
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The Access bank salary advance loans of Access bank do not require any collateral to apply. To be eligible for Salary Advance, you must earn a minimum ₦50,000 and above The loan amount will be deducted from any account linked to your BVN should case you fail to fund your salary account with access bank
What is Access bank Salary Advance
The Access bank salary advance is an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC). There the credit facility is designed for salary earner with federal, state, local and public sector
How much salary should you earn to qualify for Access bank Salary Advance loan?
To be eligible for Salary Advance, customers must earn a minimum ₦50,000. Also you should have an active salary account with access bank and operate it for a least 6 months .
What are the rates/fee for Access bank Salary Advance?
The interest rate for Access bank Salary Advance is 5% on reducing balance. Other charges include a 1% management fee, and 0.7% credit life insurance, which are taken upfront.
When is your Access bank Salary Advance loan due for repayment?
Customers that take an Access bank Salary Advance loan will be repaid in three monthly installments every 30 days from the day the loan was taken, and the repayment amount will be automatically deducted from your account.
How many times can I request for a loan?
Customers can apply for Access bank salary advance as many times as they may like, as long as they have not exceeded their eligible amount.Also they remember to pay day on time to avoid rejection when they want to borrow again.
But here you have existing loans, the equated monthly instalment (EMI)/ monthly repayment(s) will be used in calculating your eligible amount. Your eligibility amount will therefore be 200% of your monthly salary, less any EMI. If the monthly repayment is higher than your eligible amount, you will not be able to take a Salary Loan.
What can affect ACCESS BANK SALARY IN ADVANCE eligibility?
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 loan and exceeded your eligible amount.
5. If you have an existing loan and the monthly repayment is higher than your eligible amount.
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How long does it take to get a loan?
As soon as your loan request is successful, your Access Bank account is credited immediately.Also you can apply as many times as you may like, as long as you have not exceeded your eligible amount.
REQUIREMENTS TO GET ACES BANK ADVANCE
1. To enable you qualify for Access bank salary advance, your account needs to be in Access Bank and needs to be active for at least three (3) months.
2. Mobile phone number registered with Access bank
3. You should not below 15 years of age and above 65
4 You must earn a minimum ₦50,000 to be eligible for Salary Advance
Features of Access bank salary in advance loan
The following features is attached to access bank salary in advance loan
1. 24/7 service which does not require visits to the bank and application is done 2.conveniently via QuickBucks App or USSD code *901*11*1#
3.No documentation required
4. No collateral required
5. Six (6) months tenor
You can also read:How to get Access bank e-statement account online and carryout WhatsApp Banking
HOW DO I APPLY FOR ACCESS BANK SALARY IN ADVANCE
You can request for Access bank Salary Advance Loan through any of the following ways:
1.Just Dial the USSD code *901*11*1# and follow the prompt message
2 Or Download the QuickBucks App which available on Google Playstore or Apple App Store.
