Access bank payday loan and Salary advance

How to apply for Access bank salary advance and Payday loan

Access bank customers can now access up to 200% of their net monthly salary and repay for 6 months with Salary Advance.They can also get an instant digital loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC).

To qualify for Access bank Salary Advance and payday loan, you must have received your salary into your account in the last 45 days.also you must not have an unpaid loan in Access Bank or Other Banks in Nigeria .

The loan package doesn’t require any No documentation and No collateral is required to get credit facility approval. The only requirement is that your account needs to be in Access Bank and needs to be active for at least three (3) months.

The tenor for the Access bank Salary Advance loan is (6) months/180 days. while PayDay Loan has a Maximum of 31 days or salary payment day (whichever comes first).

What can affect my eligibility for Payday loan or salary advance

The following can affect your access bank payday loan and salary advance

1.Your eligibility will be affected by any of the following:
2.If you have an unpaid loan in Access Bank or Other Banks.
3.If your salary account number is incorrect or you used a phone number that is not linked to your BVN number.
4. There is no evidence that you received your salary into your account in the last 45 days.

5.You have collected existing PayDay loans up to your eligible amount already
6. If you have any outstanding loan(s) in Access Bank or other banks.
7.If you apply using a phone number that is not linked to your BVN.
8.If there is no evidence that you received salary payment in the previous month.
9.If you have taken a previous digital loan and exceeded your eligible amount.
10.If you have an existing loan and the monthly repayment is higher than your eligible amount.

Also  read: How to download and register for Access bank mobile App and Online banking

 

How long does it take to get a loan disbursed?

After you have registered successfully, upon your loan request, the loan is instantly approved and disbursed into your Access Bank account.

 

How do I request for a PayDay Loan?

You can request for Access bank PayDay Loan by dialling *901*11# on your mobile device. You can also visit any of the ATMs or download the Quickbucks application from your mobile device store.

 

How do I request for a Salary Advance Loan?

You can request for aAccess bank Salary Advance Loan through any of the following ways:

1.Dial the USSD code *901*11*1#
2.Download the QuickBucks App, available on Google Playstore or Apple App Store.

 

How much can I get with a Salary Advance loan?

The maximum amount (i.e. eligible amount) you can get is 200% of your monthly salary, less any active loans at the Bank. Your eligibility is displayed when you request for the loan.

 

How many times can I request for a loan?

As many times as you may require as long as you have not exceeded your eligible limit. Each time you request, the eligible amount is displayed, and you can apply for not more than the eligible amount.

What do I need  to repay my loan?

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

 

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.

 

How much salary should I earn to be eligible for Salary Advance and payday loan?

To be eligible for Access bank Salary Advance and payday loan, you must earn a minimum ₦50,000.

PayDay loan Salary account holders with Access Bank can get Up to 75% of monthly salary Against next Salary payment or 30 days (whichever comes first)

Interest rate for Access bank Payday loan

– Interest 4%
– Management fee 1%
– Credit Life Insurance 0.3%
– Penal Charge 1% per month upon default

 

Other bank customers whose salaries are processed via IPPIS or Remita can get up to 50% of monthly salary, but subject to a max. of ₦500,000

Against next salary payment for 30 days (whichever comes first).

Your repayment will be deducted from your next salary and taken from your other bank account

– Interest 5%
– Management fee 1%
– Credit Life Insurance 0.3%
– Penal Charge 1% per month upon default

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