Access Bank Payday Loan – All You Need To Know

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Sirmike Friday, 8 November 2024, 5:57 pm

Access Bank Payday Loan – All You Need To Know

Access Bank Payday Loan is an instant loan product for customers (both salary and non-salary earners) that allows you to borrow money at a low-interest rate with no documentation or collateral needed. The loan amount is automatically deducted from your salary bank account on your next salary payment or 30 days from the day you take the loan.

Here are the key features of Access Bank Payday Loan:

Eligibility: You must be a Nigerian citizen and have a valid BVN. You must also have a salary account with Access Bank or be a customer of another bank that is linked to your Access Bank account.
Loan amount: The maximum amount you can borrow is 75% of your monthly salary, less any active loans at the Bank; subject to ₦500,000 disbursement cap.
Interest rate: The interest rate for PayDay Loan is 10% and 11% for third party non-Access Bank customers. Other charges include a 1% management fee, and 0.3% credit life insurance, which are taken upfront.
Repayment: The loan is repayable on your next payday or 31 days after (whichever comes first).
Application process: You can apply for the loan online, through the Access Bank mobile app, or by calling 90111*1#.

If you are looking for a quick and easy way to borrow money, Access Bank Payday Loan may be a good option for you. However, it is important to note that payday loans can be expensive, so you should only borrow what you need and be sure to repay the loan on time.

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Here are some additional things to keep in mind about Access Bank Payday Loan:

The interest rate is relatively high, so you will need to be sure that you can afford the monthly payments.
The loan is only available for a short period of time, so you will need to repay it quickly.
If you do not repay the loan on time, you may be charged late fees or have your account sent to collections.

Overall, Access Bank Payday Loan can be a convenient way to borrow money in an emergency. However, it is important to carefully consider the terms of the loan before you apply.

Access Bank payday loan eligibility

Here are the eligibility requirements for an Access Bank payday loan:

You must be a Nigerian citizen.
You must be at least 18 years old.
You must have a valid Access Bank account.
You must have a monthly salary of at least N50,000.
You must have a good credit history.
You must be able to provide proof of income and identity.

The maximum amount you can borrow with an Access Bank payday loan is N50,000. The loan term is 31 days or the next salary date, whichever comes first. The interest rate is 10% flat, and there is a 1% penalty for late payments.

To apply for an Access Bank payday loan, you can use the bank’s mobile app, internet banking, or USSD code. The approval process typically takes 2-5 working days.

Here are some additional things to keep in mind about Access Bank payday loans:

The loan amount will be deducted from your salary on the next payday.
You will be charged a late fee if you do not repay the loan on time.
If you default on the loan, your account may be sent to collections.

If you are considering an Access Bank payday loan, it is important to carefully consider your financial situation and make sure that you can afford to repay the loan on time. Payday loans can be a helpful way to bridge a short-term cash flow gap, but they can also be expensive if you do not repay them on time.

The maximum Access bank payday loan you can get

The maximum amount you can get with an Access Bank payday loan is 75% of your monthly salary, less any active loans at the Bank; subject to ₦500,000 disbursement cap.

For example, if your monthly salary is ₦100,000 and you have no other active loans, the maximum amount you could get with a payday loan from Access Bank is ₦75,000. However, if you already have an active loan with Access Bank for ₦25,000, the maximum amount you could get with a payday loan would be ₦50,000 (75% of ₦100,000 – ₦25,000).

The payday loan has a tenor of 31 days or next salary date (whichever comes first), and an interest rate of 10% flat. There is also a 1% flat management fee and a 0.3% flat credit life insurance.

To be eligible for a payday loan from Access Bank, you must be a Nigerian citizen, be at least 21 years old, and have a regular monthly income. You must also have a salary account with Access Bank.

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The application process for a payday loan from Access Bank is quick and easy. You can apply online or through the Access Bank mobile app. Once your application is approved, the funds will be transferred to your salary account within 24 hours.

Applying for the Access bank payday loan

Check your eligibility. You can check your eligibility for an Access Bank payday loan by dialing 90111# or visiting the Access Bank website. You will need to provide your BVN and some basic personal information.
Choose your loan amount. The maximum amount you can borrow with an Access Bank payday loan is 75% of your monthly salary, less any active loans at the bank. The minimum loan amount is ₦5,000.
Apply for the loan. You can apply for an Access Bank payday loan through the following channels:
- USSD code: 90111#
- QuickBucks app
- Access Bank Mobile App
- Internet Banking
- WhatsApp Banking

Wait for approval. The pre-approval process for an Access Bank payday loan takes 2 to 5 working days. Once you are approved, the loan will be disbursed to your account within 24 hours.

Here are some additional things to keep in mind when applying for an Access Bank payday loan:

The interest rate on an Access Bank payday loan is 11% per month.
The loan term is 90 days.
You will need to have a valid BVN and a bank account with Access Bank.
You will need to provide proof of income.

How to repay Access bank payday loan

Through the QuickBucks platform
- Download the QuickBucks app on your mobile phone.
- Sign in to your account using your Access Bank login details.
- Select the “Payday Loan” option from the menu.
- Enter the amount you want to repay and click “Pay”.
By calling Access Bank
- Dial the Access Bank customer care number on +234 700 300 0000 or +234 1 271 2005.
- Provide your account details and the amount you want to repay.
- The customer care representative will process your request.
By visiting an Access Bank branch
- Visit any Access Bank branch in Nigeria.
- Speak to a customer service representative and request to repay your payday loan.
- Provide your account details and the amount you want to repay.

The loan amount will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first). If you repay the loan before the due date, you will not be charged any interest.

Here are some tips for repaying your Access Bank payday loan:

Make a payment plan
- Sit down and figure out how much you can afford to repay each month.
- Set a realistic goal and stick to it.
Automate your payments
- Set up a recurring payment from your bank account to Access Bank.
- This will ensure that you never miss a payment.
Get help if you need it
- If you are struggling to repay your loan, there are resources available to help you.
- You can contact Access Bank customer care or a financial advisor for assistance.

Access Bank payday loan interest rate

The interest rate for Access Bank payday loans is 6.5% flat for Access Bank customers and 7.5% flat for third-party non-Access Bank customers. This means that for every $100 you borrow, you will pay $6.50 or $7.50 in interest, depending on your customer status. The interest rate is applied to the principal amount of the loan, and it is not compounded.

In addition to the interest rate, there are also other fees associated with Access Bank payday loans, including:

A 1% management fee
A 0.3% credit life insurance fee

These fees are taken upfront, so you will need to have enough money in your account to cover the loan amount plus the fees.

The repayment period for Access Bank payday loans is 31 days. This means that you must repay the loan in full within 31 days of the date of the disbursement. If you do not repay the loan in full by the due date, you will be subject to late fees and other charges.

It is important to note that payday loans are a high-cost form of credit. The interest rates and fees can be very high, and it can be difficult to repay the loan in full within the 31-day repayment period. If you are considering taking out a payday loan, it is important to carefully consider the terms and conditions of the loan before you do so.

Here are some tips for getting a payday loan from Access Bank:

Make sure you understand the terms and conditions of the loan before you apply.
Only borrow what you need and can afford to repay.
Repay the loan in full as soon as possible to avoid late fees and other charges.

If you are struggling to repay your payday loan, there are some resources available to help you. You can contact Access Bank customer service for assistance, or you can contact a credit counseling agency.

In Conclusion:

Getting a payday loan from Access Bank can be a helpful solution in times of financial need, but it’s important to approach it responsibly. By understanding the terms and conditions, borrowing only what you can afford, and repaying the loan promptly, you can avoid any additional fees or charges. However, if you find yourself struggling to repay the loan, don’t hesitate to reach out for assistance. Access Bank’s customer service team and credit counseling agencies are there to provide support and guidance.