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).
In this post, We are going to discuss terms and conditions to apply for access to bank payday and salary advance loans and requirements in detail.
1. The loan application process for access bank payday loan is a 24/7 service which does not require visits to the bank and application is done conveniently via *901*11*1# QuickBucks App, Internet Banking, Mobile App.
2. No documentation is required during the application process.
3. No collateral required.
3.Payday loan tenor is for thirty-one (31) days. while for salary advance is designed for Six (6) months tenor
Access bank payday loan borrowers can get up to 75% of their monthly salary, less any active loans at the Bank. their eligibility is displayed when they request for the loan.
To be eligible for Salary Advance and payday loan you must earn a minimum ₦50,000 on monthly basis. Your repayment will be deducted from your next salary and taken from your other bank account.
The interest rate for Salary advance is 1.9%. Other charges are: 1% Management fee, 0.20% Credit life insurance.
Salary account holders with Access Bank interest rate for payday loan is 4% – Management fee 1% – Credit Life Insurance 0.3% and Penal Charge 1% per month upon default.
Other bank customers whose salaries are processed via IPPIS or Remita Interest rate is 5% while Management fee 1% – Credit Life Insurance 0.3% and Penal Charge 1% per month upon default.
What can affect eligibility?
Your eligibility will be affected by any of the following:
1. Having an outstanding loan(s) in Access Bank or other banks.
2. Apply using a phone number that is not linked to your BVN.
3. when 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. you have an existing loan and the monthly repayment is higher than your eligible amount.
Please note: When 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 to repay loan:
The loan amount will be deducted at source from your next salary payment, meaning the funds will be taken from your salary before the salary hits your account. However,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.
How many times can I request for a loan?
You can request for pay day loan and salary advance As many times as you may like, as long as you have not exceeded your eligible amount.
Having existing loans, can I still get a Salary Advance and payday loan?
Where 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.
Terms and Conditions
The credit facility shall be secured with the following:
1. Irrevocable domiciliation of salary
2. Credit life insurance covering the risk of death/disability, and retrenchment of the
3. To maintain a salary account with the Lender during the loan period
4.. To supply all necessary information required by the Bank during the validity of the
5. To immediately inform the Lender of any material adverse change in his/her
personal cash flow within 24-hours of the occurrence.
6. The Lender reserves the right at any time to convert this facility to overdraft,
advances, commercial papers and other money market instruments available to
7. The Lender reserves the right to withhold further disbursement, recall or cancel
the facility for reasons of default or non-compliance with the Covenants hereunder
and the occurrence of any or all of the following events:
How to apply for Access bank salary advance and Payday loan
To apply for Access bank payday loan and salary advance kindly follow the steps below.
1.Dial the USSD code *901*11*1# from the phone number that link to access bank account
. Download the QuickBucks App, available on Google Playstore or Apple App Store.
. Go to the Access Mobile App and select Loans & Investments
. Access Bank Internet Banking and WhatsApp Banking channels