The Access Bank payday loan is something people remember anytime they intend to raise some money for urgent needs. The loan is a quick loan, which is supposed to be repaid quickly and it’s truly very helpful in some situations.
This Access bank payday
loan was created for employed
Nigerians to borrow money until they get their salary at the end of the month.
The Requirements For Access Bank Payday Loan
Below are the requirements for getting your payday loan from Access bank.
- Applicants must be employed and earn salaries.
- Must have a salary account with access bank or Remita.
- You don’t need collateral, paperwork or guarantor to apply for the loan.
The Eligibility And Conditions
Just as we already mentioned above, you need to be employed to get
your payday loan from Access bank in Nigeria. Although Access bank
has a risk acceptance criteria that every employed individual must meet.
Below are how you know if you are eligible to apply for this loan from access bank.
- You must possess a salary account with access bank
- You must use the phone number that you linked with your BVN.
- You must have consistently earned money into the salary account ( meaning that a brand new account will probably not be eligible to get this loan)
- You must ensure you have a good loan credit history (example, if you have borrowed and not paid bank loans from any company in Nigeria, you will probably not be eligible for Access bank loan)
- You must have a good repayment history (if this is not your first time of getting a loan)
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Here Is How To Apply For PayDay Loan From Access Bank
This Access bank Payday loan procedure is very simple and not stressful. No need to visit the bank (everything is done online). So to apply;
- Simply dial *901*11# from your phone (which is the access bank payday loan USSD code)
- After which, you will see how much Access bank can borrow you
- After accepting, you will get your alert within minutes (assuming all went well).
Note that you can also visit any of the Access bank ATMs around you (this is for those you like to physically apply for this loan).
The Access Bank Loan Interest Rate
The Access bank charges a 4% interest rate which you must pay
back by the agreed due date (your salary date).
An example is if you ask for a loan of N30,000 from Access bank, expect to probably payback N31,200 within 31 days.
Also, before you get your loan, Access bank will require that you pay a 1% flat interest.
And in addition, you will also pay insurance of 0.15%.
All these means that Access bank will charge a total of 5.15% upfront fee.
The Access Bank Payday Loan Repayment Plan
Please note that because you applied using your salary account, your
repayment will be done automatically.
An example is, if your salary is N80,000, and you borrowed N10,000, you are required to pay around N10,400 (remember the 4% interest rate?)
As a result, you will get N69,600 as your salary for that said month.