How to apply for Access Bank Salary advance/Payday Loan

Access Bank is consistently seeking ways to expand its service to it’s numerous customers in terms of credit facility.

The financial institution as at today is the largest bank in Nigeria and Africa with  more than 600 branches and service outlets, spanning three continents, 12 countries and 36 million customers.

Access bank has introduce Salary Advance and payday loan which enable depositors access up to 200% and 75%  of their net monthly salary and repay for 6 months

This kind of loan does not required documentation,No collateral required with Six (6) months tenor

The interest rate for the facility is 1.9% on the reducing balance, which shall be subject to review from time-to-time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Lender to the Borrower shall be binding on the Borrower.

However, any excess over the approved limit or any unliquidated
expired facility shall attract an interest on authorized excess overdraft at a rate of 12% per annum.

The good aspect is that once your loan request is successful, your Access Bank account is credited immediately without waiting time, it’s fast, convenient and reliable

You can request for a salary advance loan as many times as you may like, as long as you have not exceeded your eligible amount.

What is a Access bank Salary Advance (SADV) loan?

It is an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC).

To qualify for salary advance Loan, your account needs to be in Access Bank and needs to be active for at least three (3) months.

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What can disqualify you from getting the Access Bank loan?

Your eligibility will be affected by any of the following:

If borrower  have any outstanding loan(s) in Access Bank or other banks.
If applicant apply using a phone number that is not linked to your BVN.
If there is no evidence that you received salary payment in the previous month.
If you have taken a previous digital loan and exceeded your eligible amount.
If you have an existing loan and the monthly repayment is higher than your eligible amount.

To be eligible for Salary Advance, you must earn a minimum ₦50,000.
When is the Salary Advance loan due for repayment?

Your Salary Advance loan will be repaid in three monthly installments every 30 days from the day the loan was taken, and the repayment amount will be automatically deducted from your account.

You can also read:How to get Access bank e-statement account online and carryout WhatsApp Banking