The Access Bank Payday Loan – Everything You Need to Know.
When you require more funds, loans might be a helpful source of funding. You might not have the money on hand to cover your demands, for instance, if you encounter an emergency. A little additional money may be needed to fund a major life event, such as a wedding, an emergency like a hospital bill, or a car repair. Loans can help in these circumstances as well as many others.
Payday loan: What is it?
a small loan with a high-interest rate with the understanding that it will be repaid when the borrower receives their next paycheck.
One of the top financial organizations in Nigeria, Access Bank helps the public with dependable financial services, facilitates smooth transactions, and both creates and manages wealth.
When an emergency arises out of the blue, waiting until the end of the month for your next infusion of cash can be a very long wait for someone who earns a salary or any other form of money. You would require a payday loan in an emergency.
This article will examine Access Bank Payday Loan, including how to apply and further aspects of the loan.
what is Access Bank’s payday loan?
The Access Payday loan is a type of digital credit facility that, after receiving and approving an application, instantaneously disburses funds to the customer making the request.
The only requirement for approval of this digital loan product is that you adhere to Access Bank’s risk acceptance criteria (RAC).
In a nutshell, payday loans are largely focused on helping people who make salaries and those who do not.
Access Bank payday loan eligibility
If you meet the criteria listed below, you may be approved for this Access bank loan:
There are no unpaid loans at Access Bank or any other bank.
A phone number associated with your BVN (check your BVN here)
Proof that you were paid in salary the preceding month
What if I have other existing loans, can I still get a PayDay loan?
The monthly repayment(s) for any outstanding loans will be utilized to determine your eligibility amount. So, 75% of your monthly earnings, less any monthly repayment, will be your eligible amount (s). You won’t be able to obtain a PayDay Loan if the monthly payback exceeds your eligibility limit.
The maximum Access bank payday loan you can get
You are qualified for a loan from Access Bank up to a maximum of 75% of your monthly income. The following things affect this rate.
Salary account holders with Access Bank:
You can get a payday loan for up to 75% of your monthly salary if you have a salary account with Access Bank.
Other bank customers:
You are qualified for a payday loan from Access Bank in the amount of 50% of your monthly salary, as long as it doesn’t exceed NGN 500,000, if you receive your salary from another bank and it is processed through IPPIS or Remita.
Applying for the Access bank payday loan
You do not need to submit a physical application because the payday loan is a digital product. You can get a payday loan through Access Bank’s WhatsApp Banking platform, Internet Banking, which enables you to borrow money instantaneously online, or by using the USSD code for the loan: *901*11*1#. Also, the QuickBucks and Access Mobile apps let you access it.
The bank typically releases the funds 24 hours after the application has been processed.
How to repay Access bank payday loan
Your next wage check or 30 days from the date you took out the loan are both acceptable methods of repayment for your Access Bank loan. There is no process involved in repaying. Your salary bank account will have the loan amount immediately deducted.
When is the PayDay Loan due for repayment?
Your next paycheck or 30 days following the day the loan was taken will be when your PayDay Loan is due for repayment (whichever comes first). Following that, your salary account will be immediately debited for the loan amount.
Can I pre-liquidate my PayDay loan?
One of the most typical categories of liquidated obligations is a loan. Loans may take the shape of a car loan, a school loan, or a loan for a property.
A loan that has been liquidated or repaid is referred to as a liquidated loan. A loan can be fully repaid, sold, disposed of, refinanced, or resolved through a compromise. A sale to a charged-off loan purchaser or any other method of liquidating the loan may also be used.
Customers are at liberty to pay off their loans at their convenience. Interested customers can self-liquidate their existing PayDay Loan on the QuickBucks platform.
Alternatively, customers can contact Access Bank on +234 700 300 0000 or +234 1 271 2005; send an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch to liquidate their loans.
What would happen if my account does not have enough money in it to cover the payback on time?
Any influx of funds into the customer’s account will have the loan amount subtracted from it. Any account linked to your BVN will be debited in cases when the loan is past due.
Access Bank payday loan interest rate
The 3% flat interest rate for Access Bank payday loans is dependent on the state of the market. The implication of this is that your interest rate might change from 3%. Before submitting an application for a loan, be sure to contact the bank with all the essential questions.
Conclusion
It’s not fun to find yourself in a difficult financial situation. The Access bank payday loan is a fantastic soft lending alternative for a salaried or steady-income person for emergency situations.