If you are always running out of cash or you need urgent money to meet up with an emergency, you are not alone
With increased responsibilities and at the same time your regular income not being enough, you need extra cash and apart from family friends or friends, getting a loan from banks remains a sure option
Regular loan process involves a lot of requirements including collateral, guarantees, documentation and much more
Commercial banks now have simpler ways to access financing
Access Bank Payday loan is a loan product specially targeted at salary earners and the process is quite because everything can be done online and your account will be credited instantly
If you are a salary earner and you always run out of cash before month end, you can try Access bank payday loan.
What is Access Bank Payday Loan?
Payday Loan is an instant loan product by Access bank for (both salary and non-salary earners). With Payday Loan, you can borrow money at low interest rate with no documentation or collateral needed.
Eligibility Requirement for Payday Loan
- A valid salary account with evidence of salary payment in the last 45 days
- Valid phone number linked to your BVN
- Must not have pending loan repayment with access bank or other banks
- If you have an existing loan, the monthly repayment must not be higher than your payday loan eligible amount.
How much can I get with PayDay Loan?
The maximum amount you can collect is 75% of your monthly salary
How long does it take to get a loan?
Once your application is successful, your account will be credited immediately, however, there could be delays due to processing and you will be notified within 24 hours
What is Interest rates/fee for PayDay Loan?
PayDay Loan have an interest rate of 6.5 percent for Access Bank customers and 7.5 percent for third parties. Other fees include an upfront 0.3 percent credit life insurance and a 1% management fee.
is Access Bank Account Mandatory before I can apply?
No, it does not. If your salary is processed via Remita, you can also apply for a PayDay Loan. Please note that when you request a PayDay Loan, an Access Bank account will be automatically opened for you and the loan disbursed into this new account.
How do I Apply for PayDay Loan?
You can request for a Payday Loan through any of the following ways:
- Dial the USSD code *901*11#
- Download the QuickBucks app, available on the Google Playstore or iOS App Store
- Or click here to visit the QuickBucks website
- Go to the Access Mobile App and select Loans & Investments
- Access Bank Internet Banking and WhatsApp Banking channels
How To repay your PayDay loan?
Access Bank will auto debit your account after 30 days or on your next salary date for your payday loan repayment
What Happens if I default in my Repayment?
Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.
What if There’s no Money in my Salary Account?
The loan amount will be deducted from any inflow into the customer’s account. Where the loan us past due, deduction will be made from any account linked to your BVN.
When is the PayDay Loan due for repayment?
Your PayDay Loan will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first). The loan amount will then be automatically deducted from your salary account.
Can I apply more than Once?
You can apply for payday loan as many times as you wish except you’ve exceeded your monthly eligible amount.