Access Bank’s payday loan code is one of the latest products from Access Bank to help their customers to meet their financial demands.
Access Bank is a leading financial institution in Nigeria, providing reliable financial services to the general public. It facilitates seamless transactions, helps manage wealth, and creates it.
Sometimes an emergency can strike out of the blue. If you are a salary earner or other income earner, it can be difficult to wait until the end of the month before you receive your next cash infusion. A payday loan is necessary in an emergency.
This post will discuss the Access Bank Payloansloan, how to apply, and other aspects of the loan.
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Access Bank payday loan – What is it?
Access Payday Loan is a digital credit option that instantly disburses loans to customers who apply once they have been approved.
Access Bank’s Risk Acceptance Criteria (RAC) are the only criteria that will determine whether this digital loan product can be approved.
The payday loan is primarily designed to provide financial assistance for both salary-earners and non-salary workers.
Access Bank payday loans eligibility
These are the conditions that will allow you to receive an Access bank loan.
- Access Bank and any other bank do not have outstanding loans
- An associated phone number to your BVN. (here’s how you can check BVN).
- You can show evidence that you have received a salary payment during the month.
Maximum Access bank payday loan amount
Access Bank loans are available for up to 75% of your monthly income. The following factors affect the rate:
- Access Bank Salary Account Holders: You will be eligible to receive a payday loan amount equal to 75% of your monthly income if you have an Access Bank salary account.
- Other bank customers If your salary is received through another bank via IPPIS/Remita, you are eligible for an Access bank payday loan amount of 50% of your monthly income, as long as your monthly salary does not exceed NGN 500,000.
Applying for the Access Bank payday loan
Payday loans are digital products. You don’t need to apply physically for them. Access Bank offers a payday loan code that you can use to access the loan. This code is *901*11*1#. Access Bank also offers internet Banking, which allows you to borrow money instantly, and Access Bank’s WhatsApp Banking platform. It can also be accessed through the Access Mobile App or QuickBooks App.
For more USSD codes for loans in Nigeria, you can see this post.
The process of applying can take up to 24 hours. After that, the bank will disburse the funds.
How to repay Access Bank payday loans
Access Bank loans are eligible for repayment by either your next salary or within 30 days of the date you took the loan. Repayment is easy. The amount of the loan is automatically taken from your salary bank account.
Access Bank Payday Loan Interest Rate
Access Bank’s payday loan interest rate is flat at 3%. This is subject to market conditions. Your interest rate could be higher than 3%. Before applying for a loan, make sure you have all of the information requested by the bank.