At times, unexpected emergencies may occur just before payday, leaving you with a cash shortage. In these circumstances, Access Bank PayDay Loan can be a helpful solution, providing you with access to an instant loan. Payday Loan is a lending product available to both salary and non-salary earners. It allows you to borrow money at a low-interest rate, without the need for extensive documentation or collateral.
Access Bank Payday Loan
Access Bank offers an instant digital loan product for salary earners who meet the Bank’s risk acceptance criteria (RAC). The maximum amount that you can borrow with an Access Bank payday loan is N50,000, with a loan term of 31 days or until your next salary date, whichever comes first. The interest rate is a flat 10%, with a 1% penalty for late payments. To apply for an Access Bank payday loan, you can use the bank’s mobile app, internet banking, or USSD code. The approval process usually takes 2-5 working days.
Features of Access Bank Payday Loan
Here are the features of this payday loan.
- 24/7 service which does not require going to the bank and the application process is done conveniently via *901*11#, *426#, QuickBooks App, Internet Banking, and Mobile App.
- No documentation is needed.
- Collateral is not also required.
- Up to 36 months tenure.
Access Bank Payday Loan Eligibility
Read the instructions below to be eligible for an Access Bank payday loan.
- You need to be a native of Nigeria.
- To be eligible, you need to be 18 years old and above.
- You need to have a valid Access Bank account.
- To be eligible, you must have a monthly salary of at least N50,000.
- You need to have a good credit history.
- To be eligible for the loan, you must be able to provide proof of income and identity.
However, your eligibility will be affected:
- when you have any outstanding loan(s) in Access Bank or any other financial institution.
- If you apply for the loan using a phone number that is not linked to your BVN.
- When there is no proof that you received salary payment in the previous month.
- If you have taken past digital loans and exceeded your eligible amount.
- when you have an existing loan and the monthly repayment is higher than your eligible amount.
How to Apply for a PayDay Loan
Applying for a payday loan from Access Bank is quick and easy. Application can be done online or through the Access Bank mobile app. When your application is approved, the funds will be transferred to your salary account within 24 hours. You can apply for a Payday Loan through any of the following ways listed below:
- Dial the USSD code *901*11#
- QuickBucks
Download the QuickBucks app. It is available on the Google Play store or iOS App Store.
Or you can visit the QuickBucks website
- Visit the Access Mobile App and select Loans & Investments
- Go to Access Bank Internet Banking and WhatsApp Banking channels
Step to Step Guide on How to Apply for an Access Bank Payday Loan
To apply for a payday loan, follow the steps below.
Check Your Eligibility
You can do this by dialing *901*11# or you can visit the Access Bank website. You will have to provide your BVN and some basic personal information.
Choose Your Loan Amount
The maximum amount you can borrow with an Access Bank payday loan is 75% of your monthly salary, however, the minimum loan amount is ₦5,000.
Apply for the Loan
You can apply through the following process:
- USSD code: 901*11#
- QuickBucks app
- Access Bank Mobile App
- Internet Banking
- WhatsApp Banking
Wait for Approval
The pre-approval process for an Access Bank payday loan can take up to 2 to 5 working days. Once approved, the loan will be disbursed to your account within 24 hours.
Frequently Asked Questions
How Much Can I Get with a Payday Loan?
The maximum amount you can get is 75% of your monthly salary, less any active loans at the Bank; subject to ₦500,000 disbursement cap. You will see your eligibility when you request the loan.
Are There Any Penalties for Not Repaying the Loan on Time?
Yes, you will face a 1% monthly penalty for defaulting on the loan from 31 days past due.
How Long Does It Take to Get a Loan?
Your Access Bank account will be instantly credited when your loan request is accepted. However, it may take up to 24 hours to process before it will be disbursed into your account.
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