Many individuals today find themselves burdened with increasing responsibilities and debts. The weight of financial obligations keeps growing, leaving people in a constant struggle to make ends meet. It has become a common tale for Nigerians to live from hand to mouth, and even those with regular salaries find themselves living from one payday to the next. Thankfully, Access Bank has stepped up to be a reliable ally during these challenging times with its Access Bank PayDay loan offering.
Unforeseen circumstances and emergencies often strike, leaving some individuals with debts surpassing their monthly income even before payday arrives. It’s a daunting and overwhelming situation for many.
Designed to ease the burden of financial constraints, Access Bank provides a helping hand to individuals facing emergencies. Their PayDay loan offers a ray of hope, bridging the gap between financial difficulties and payday.
With Access Bank, Nigerians can find comfort in knowing that in times of emergencies, they have a trusted partner to rely on. This lending solution brings a sense of relief and stability, empowering individuals to face unforeseen challenges with confidence and courage.
What is the Access Bank PayDay loan?
The Access Bank loan is an instant loan designed for both salary and non-salary earners to borrow money at low-level interest rates.
Why the Access bank PayDay loan is a great deal for you
As many Nigerians are wary of borrowing money from Banks and other financial institution
Access Bank brings this PayDay loan scheme out for various benefits:
- The loan can be accessed without having you produce any collateral or documentation needed.
- The loan can be accessed 24 hours a day, 7 days a week at any location you are without taking any scheduled visit to the bank.
- It also gives you up to 36 months to spread the repayment plan.
- It does not require you to have an Access Bank account, but on applying for the loan an account will be opened on your behalf.
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How much can you get on the Access Bank PayDay loan?
The loan scheme allows you to access a maximum loan amount of 75% of your monthly salary. The maximum amount that can be disbursed in the loan is N500,000. It also displays your eligibility when you request a loan.
What can deny you the opportunity to access the loan?
You can kiss the loan goodbye if you do not meet up to these requirements:
- You have an outstanding loan in Access Bank or other Banks.
- If you cannot prove to Access Bank that you received any salary payment in the previous month.
- If you have an existing loan with a monthly repayment bigger than the eligible amount prescribed by the Access Bank PayDay loan.
- You would also be disqualified if you apply with a phone number that is not linked to your Bank verification number (BVN).
- .You would also not be eligible if you have taken any other digital loan exceeding your eligible amount.
Does the Access Bank PayDay loan have a USSD Code?
Yes, the Access Bank PayDay loan has a USSD code. To use it to access the loan, simply dial *901*11*1# and follow the prompt. It has to have a code in order to live up to its expectations as an instant loan.
How to get the Access Bank PayDay loan using the USSD code
All you need to do to get the loan is to follow these simple steps:
On your mobile device:
- Dial *901*11*1#
- You will get the number of the Access in a few moments.
- You will get a prompt showing you how much you are eligible for.
- Go on and enjoy the loan.
What is Access Bank’s payday loan interest rate?
The Access bank payday loan interest rate is 3%. However, this is subject to prevailing market conditions at the time of application. Therefore, it could be more or less depending on the market but the bank will specify the exact figure for you to approve and proceed during the application stage.
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Are there other ways to get the Access Bank PayDay loan?
- You could get the PayDay loan On your QuickBucks app, all you have to do is download the QuickBucks app from your Google Play or iOS App store and start banking.
- You could also get the PayDay loan through the Access Mobile app, after selecting the “Loans and Investments option on the app.
- The Access Bank Internet Banking and WhatsApp Banking Channels are also veritable ways to access this loan.
Does Access bank have a loan app?
Yes, Access bank has a loan app called the QuickBucks app. QuickBucks is a mobile banking application that allows users obtain digital loans in minutes.
How do I repay Access Bank PayDay loans?
You do not need to do much, the loan amount will be deducted automatically at the source at the entrance of your next salary payment. What this means is that the loan will be taken out before your salary credits into your account.
What is the Duration of Access Bank PayDay loans?
The maximum duration of Access Bank payday loans is 31 days or salary payment – whichever comes first.
Can You use the account created through the loan for other banking transactions?
You can make other banking transactions through the account created for the loan. You can even use it for day-to-day transactions.
As a new account holder through the loan, How do I get the funds?
You will need to get the following done to get the loan:
- You must visit the nearest Access Bank branch to get your new debit card.
- You must also come with a few documents including
- Your valid government-issued identification like your National ID Card, International passport or Driver’s licence.
- A copy of your recent utility bill.
- Passport photographs.
- You can also make transfers using USSD, but understand that you can only transfer N20,000 at a time.
Frequently Asked Questions (FAQs)
What if my account does not get funded during the due date?
Then Access bank will have the loan amount deducted from any funds that come into the customer’s account or from any account linked to your Bank Verification Number (BVN).
How many times can I request a PayDay loan?
You can request the Access bank PayDay loan for as much as you like, the only catch being that you have not exceeded your eligible amount.
