Last Updated on December 9, 2023 by admin
Are you salary earners, your account is domicile with Access bank also you are a financial trap with Sometimes emergencies needs. If yes, Access bank payday loan and salary advance is the best option that fits your immediate needs.
Access bank Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at a low interest rate with no documentation or collateral needed.
You can also apply for a salary advance if your salary is earned with a reputable organization or you are a government employee… 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).
This article will guide you how to apply for Access bank payday loan and salary advance, also you learn the requirement attached to each loan application to enable you qualify.
1. Access Bank PayDay Loan
This is an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC). The quick and instant loan from Access bank enables you to offset emergency bills before your next payday arrives. The Payday Loan is designed for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at a low interest rate with no documentation or collateral needed.
Customers can borrow as many times as they like, as long as they have not exceeded their eligible amount.The repayment is due 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
Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due. if the bank fails to deduct any inflow into your account. Where the loan is past due, deduction will be made from any account linked to your BVN.
What is the tenor for the Access bank PayDay Loan?
The Access bank payday loan tenor is due after 30 days or your next salary payment, whichever comes first.
What are the rates/fees for Access bank PayDay Loan?
The interest rate for Access 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 much can I get with a PayDay Loan?
The maximum amount of Access bank payday loan (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.
How do I apply for an Access bank PayDay Loan?
You can request for a Access bank Payday Loan through any of the following ways:
1.Dial the USSD code *901*11#
2. You can also make use of mobile apps and online banking to apply.
3. Access Bank Internet Banking and WhatsApp Banking channels
2. Access Bank Salary Advance
With Access bank Salary Advance. Customers can get loan amount up to 200% of their net monthly salary and repay for 6 months. This kind of loan package does not require any documentation and collateral.
The instant digital loan product is designed for salary earners who meet the Bank’s Risk Acceptance Criteria (RAC). your account needs to be in Access Bank and needs to be active for at least three (3) months to enable you qualify and it also serve as security for the credit facility.
To be eligible for Salary Advance, you must earn a minimum ₦50,000.But if your account is not funded for repayment on the due date. The loan amount will be deducted from any account linked to your BVN.
When is your Acess bank Salary Advance loan due for repayment?
Your Access bank Salary Advance loan will be repayment in three monthly instalments every 30 days from the day the loan was taken, and the repayment amount will be automatically deducted from your account.
What are the rates/fee for Salary Advance?
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.
How many times can I request for a loan?
You can apply for Access bank salary advance loan as many times as you may like, as long as you have not exceeded 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.
How do I Apply for Access Bank Salary Advance Loan?
You can request or apply for Access bank Salary Advance Loan through any of the following ways:
1.the USSD code *901*11*1#
2.Download the QuickBucks App, available on Google Playstore or Apple App Store.
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