Last Updated on July 1, 2024 by admin
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 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.
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.
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 or apply for access bank 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
Access bank Salary Advance
Do you you need salary Advance loan from access bank to offset your immediate needs before your salary is paid? this kind of loan does not require any documentation ,No collateral required and you extend the payment for Six (6) months tenor.
The interest rate for Access bank Salary Advance is 10% on reducing balance. Other charges includes a 1% management fee, and 0.7% credit life insurance, which are taken upfront.
The maximum amount (i.e. eligible amount) you can get is 200% of your monthly salary, less any active loans at the Bank; subject to ₦1,000,000 disbursement cap. Your eligibility is displayed when you request for the loan.
You must earn a minimum ₦50,000 to qualify for access bank Salary Advance loan,
The credit facility has 24/7 service which does not require visits to the bank and application is done conveniently via QuickBucks App or USSD code *901*11*1#
Other loan package offer by Access bank
Access bank also offers the following loan package to customers
1.Vacation Finance
2.Access Agent Loan
3.Access Device Financing
4.Advance for School Fees
5.Cash-Backed Loan
6.Consumer Asset Lease
7.Creative Sector Loan
8.Home Loan
9.Lending Against Turnover (LATO)
10.Maternal Health Service Support
11.Payday loan
13.Personal Loan
15.Salary Advance
16,Small Ticket Personal Loans
17.Vehicle Finance
18.W Power Loan
