Payday Loan is the Access Bank initiative. It was launched to aid the bank’s existing and potential depositors’ emergency needs, which may arise before payday. With Payday Loan, you can borrow money at low-interest rates, with no documentation or collateral needed.
Sometimes emergencies arise before payday and you might be low on cash. This is where PayDay Loan comes in and you can get access to an instant loan. It is a 24/7 service that does not require visits to the bank.
Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at low-interest rate with no documentation or collateral needed.
After you have registered successfully, upon your loan request, the loan is instantly approved and disbursed into your Access Bank account. Your salary account does not need to be in Access Bank before you can get Payday loan. However, an Access Bank account would be opened for you as part of the loan request to disburse the loan.
Features of Access Bank Payday Loan
- 24/7 service that does not require visits to the bank.
- No documentation required.
- No collateral required.
- Up to thirty-one (31) days tenor.
What are the requirements for the payday loan?
- Salary earners whose salary account is domiciled in Access Bank
- Salary earners whose salary account is processed by any of our Corporate partners
- Customers actively operating a Current Account, Diamondxtra Account, High Interest Deposit Account (HIDA), Current Private Banking Account with a minimum inflow of N20,000 in the past 6 months.
What Can Disqualify You From Getting The Access Bank Payday Loan?
Your eligibility will be affected by any of the following:
- If you have unpaid loans in Access Bank or Other Banks.
- If your salary account number is incorrect or you used a phone number that is not linked to your BVN number.
- There is no evidence that you received salary into your account in the last 45 days.
- You have collected existing PayDay loans up to your eligible amount already
- No inflow of at least N20,000 into your account in the last 30 days
What is the Access Bank Payday Loan Interest Rate?
Upfront fees of 1% flat 4% flat interest and insurance of 0.15% of the loan amount are taken upon loan disbursement (5.15% total all payable upfront).
How Many Times Can You Request for the Access Bank Payday 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.
How is the salary advance loan paid back?
Your loan would be automatically debited from your salary account when your salary is paid, or after 31 days against inflow in your account.
How to Apply?
You can request for a PayDay Loan by dialing *901*11# or *426*11# on your mobile device. You can also access PayDay Loan on Internet Banking and WhatsApp Banking or by downloading Access Mobile App and QuickBucks App from your mobile device store.
Read Terms and Conditions here: https://www.accessbankplc.com/Personal-Banking/LOANS/PayDay-Loan/Terms-Conditions.aspx