Bank Loan

Access Bank PayDay Loan: Everything you Need to Know About Access Bank PayDay Loan

Access Bank PayDay Loan; Are you aware that you can enroll in the ongoing Access Bank PayDay loan? Yes, it’s another golden opportunity for Nigerians to take our financial status to the next level.

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We understand the economic standard of Nigeria currently and that’s one of the reasons why you shouldn’t let this life-changing opportunity pass you by.

With Access Bank PayDay Loan, you can access up to N500,000 loan as an individual’ is it good or very good…we believe its excellent.

In this article, we will take a deep look at PayDay Loan and everything you need to know about their loan services.
Let us start by explaining what payday loan is all about.

What is Access bank PayDay loan?

Access bank PayDay loan is an instant loan product designed strictly for salary earners. With a PayDay loan, you as an individual (employed) can borrow money at a very low-interest rate against your next salary.

For the self-employed individual don’t worry we get you covered. If you are not employed (Seld-employed) you can as well access a loan from other lending companies like Carbon, Fairmoney, Branch, and Quickcheck.

Note that you need to download and install the loan app listed above for you to be able to access their loan services.
Bear in mind that the PayDay loan is not only the type of loan offered by Access Bank, just continue reading you will get to know more.

Before you think of applying for an Access Bank PayDay loan, the first question that should come to your mind is what exactly can affect my loan eligibility.

What can affect my loan eligibility on Access bank loan/payday loan?

Your loan eligibility on Access bank can be effected through the following listed below;

  • If you have an unpaid loan in Access Bank, other Banks or any lending company i.e. if you have a bad credit score.
  • If your salary account is not correct or if you used an invalid phone which is a phone number that is not linked to your BVN (Bank Verification Number).
  • Inability to show evidence of salary into the provided account number for the last 45 days.
  • You have reached your payday loan limit i.e. that you have collected existing payday loan up to your eligible amount already.

How to check Access bank loan eligibility

We understand that you may be bothered on how you can check your Access bank loan eligibility, don’t worry we will show you how you can show your eligibility.

You can check your Access bank loan/payday loan eligibility, by dialing *901*11# or *426*11#, after dialing the USSD code, you will see your eligibility status and if by any chance you didn’t qualify for the Access bank loan/payday loan, you will be asked to visit any Access Bank branch or call their contact center on 012712005-7

Access Bank PayDay loan requirements

Every loan provider has there own requirement but we will focus more on the Access bank payday loan requirements.
The requirements for getting an Access bank payday loan is pretty affordable and they are listed below;

  1. You must be employed at a reasonable salary.
  2. You must have a salary account with Access bank or Remita.
  3. You don’t need any paperwork, collateral or guarantor to apply for this Access bank payday loan.

How to apply for Access Bank PayDay loan

Applying for the loan is simple and easy you don’t need to visit any Access Bank branch before you can apply for this loan here everything is done online.

All you have to do is to dial the Access Bank PayDay loan code which is *901*11# then you will see the amount Access Bank can borrow at the time (presuming you are eligible). You can also visit any of the Access Bank ATM stands or download the Quickbucks application from Google play store.
Note that Access Bank will always be open for you in case you need any further assistance in the application process.

Access bank PayDay loan interest rate

Access bank charges a 4% interest rate which you are expected to pay back on the agreed date which is your salary day.

Let’s take, for instance, if you borrowed N20,000 from Access Bank, you are expected to pay back N20,400 within 31 days or on your salary day.

Note that before you can get a loan from Access Bank, you will pay a flat interest of 1% and an upfront fee of 1% also 0.15% for insurance total of 5.15% total payable upfront fee.

How do I repay my Access Bank PayDay loan

How to pay back your payday loan;

Remember you applied using your salary account details, so your loan will be automatically deducted from your account on the agreed date that is on salary payday.

For instance, if you borrow N30,000 from Access Bank and your salary is N50,000, Access Bank will deduct N30,400 (at 4% interest rate) from your salary leaving N19,600.

Other types of loans offered by Access Bank

Types of loans given by Access Bank

At the beginning of the article, we promised to explain other types of loans offered by Access Bank, and here are they;

Personal loan.

Access bank offers a personal loan which is designed for individuals or civil servants who are gainfully employed.
On the Access bank personal loan, you can get up to 75% of your net annual salary.

The most important part of this loan is that Access bank can give you up to 36 months (tenure) to pay back this loan.

Requirements for Acess bank personal loan

  • Completed application form.
  • Completed employee status inquiry/employee’s confirmation form.
  • Evidence of confirmation ( Letter of confirmation, last promotion letter).
  • A copy of employment ID and valid means of identification.
  • BVN (Bank Verification Number).
  • Credit checks.
  • Letter of lien/Set-off.

Access bank school fees Advance loan

This loan is for those who aim at attending a better education or for parents who cannot afford to pay their children/child school fees.

If you have the mind of pursuing an undergraduate or postgraduate degree, you are at the right play.

If you have a child or children who want to attain a higher level of education, with Access bank school fees Advance loan you can achieve that.

Furthermore, you can access up to N15 million naira and also get refinancing.

Access bank school fees Advance loan requirements

  1. Completed application letter.
  2. Admission letter.
  3. Tuition advise.
  4. Letter domiciliation of salary account with Access Bank.
  5. Copy of employment ID valid means of identification.
  6. BVN (Bank Verification Number).
  7. Credit checks.

Vehicle finance loan

This another wonderful opportunity for those who want to have a car but don’t have what it takes to have a car.
With Access bank Vehicle finance loan you can get your dream car.

Access bank vehicle loan requirements

  • Completed vehicle lease application form.
  • Pro forma invoice from any of the approved bank vendors.
  • Credit checks.
  • Blank transfer of ownership form.

Additional vehicle loan requirement for salaried income earners

  • Letter of introduction.
  • Employee status inquiry/employer confirmation and undertaking.
  • Recent six months payslip/salary bank statement.

Additional requirements for SMEs and Corporates.

  • The company profile.
  • Recent management/audited accounts.
  • Personal guarantee of the Director of the company supported by a notarized statement of net worth.
  • Board resolution (applicable to corporates only).

Home or Mortage loan

Access bank also offers Mortage or house loan to those that want to acquire a house in some part of Nigeria like Lagos, Abuja, and Port Harcourt.

The Access bank Mortage loan is available to salary earners and business entrepreneurs in Lagos, Abuja and in Port Harcourt with a minimum of 30% equity contribution.

Furthermore, they provide up to 10 years of repayment plan (tenor).

If you in any way encounter any difficulties while applying for the loan, you can reach the Access bank on 234 1-2712005-7, 234 1-28025000 or 07002255222377.

You can as well reach Access bank through email at contactcentre@accessbankplc.com

Access bank home or Mortage loan requirements

  • Completed Mortage application form.
  • Employee status inquiry/employer’s confirmation form.
  • Letter of offer from the property seller.
  • Title documents of the property.
  • Valuation report from any of the approved bank’s estate valuer.
  • Search report.
  • Credit checks.

We promised at the beginning of this article that we are going to explain every single thing concerning the PayDay loan and that’s what e are doing right now.

Access bank loan code

Yes, it’s easy and simple, without visiting any Access bank branch for their loan services, you can easily apply for the loan through your mobile phone by dialing the Access bank loan code *901*11# or *426*11#.

Access bank payday loan code

The Access bank loan code and the Access bank payday loan are just exactly the same thing. there is no difference.

You can apply for the Access bank payday loan without visiting any Access bank branch just by dialing their newly launched loan USSD code*901*11# or *426*11#.

There are some frequently asked questions about the Access Bank PayDay loan which we are going to explain as you proceed with the content.
Questions like;

How can I have access to the loan in my new account?

You can access the funds from your new account by visiting any nearest Access Bank branch to get a debit card.

Do I need any documents to open an account for this loan?

The account will be open for you automatically as part of the loan request process. Do visit any nearest Access Bank branch with your passport photograph and with your work ID to complete the process.

What do I need to do to repay my loan?

Your loan would automatically be debited from your account when your salary is being paid.

Can I use the account that is opened for me in Access bank for other things?

Yes, certainly you can.

How long does it to for Access Bank to disburse the loan?

After successful registration, the loan requested will be instantly approved and disburse to your account.

How many times can I apply for the Access bank PayDay loan?

As many times as you want so far as you have not exceeded your loan eligibility limit. The eligible amount is displayed on each request you make and you can not access more than your limit.

What is the term of the Access bank loan PayDay tenor?

Maximum of 31 days or on the salary payday.

What are the charges for the Access Bank PayDay loan?

Upfront fee of 1% flat 4% flat interest and insurance fee of 0.15% of the loan amount disbursed.

Wrap UpĀ 

Don’t think of applying for an Access bank PayDay loan if you are not employed.

Furthermore, for the unemployed, you can as well get a loan from other loan providers like Carbon Paylater, Quickteller, Fairmoney or Branch.

If you have any questions on the Access Bank PayDay loan, don’t hesitate to reach us through the contact page.
Most importantly, don’t forget to share your thoughts on the Access Bank PayDay loan through the comment section.

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