Access Bank PayDay Loan (Interest rate, USSD code, without collateral)

Access Bank PayDay Loan (Interest rate, USSD code, collateral), everything you need to know about the Access Bank PayDay Loan. The Access Bank Payday Loan facility was created by Access Bank, which is one of the largest banks in Nigeria, to assist Nigerian salary earners. It was developed as a means of sustenance between one payday and the next.

What is the Access Bank payday loan? The Access Payday loan is a digital credit facility that disburses loans instantly to the requesting customer, as soon as they receive the application and approved it. 

Approval of this digital loan product depends solely on whether you meet Access Bank’s lending criteria, which they call Risk Acceptance Criteria (RAC). In a nutshell, the payday loan primarily targets providing financial assistance to salary earners and non-salary earners. (Similar post: USSD Code To Borrow Money From Banks In Nigeria With Your Phone)

What are the requirements to be eligible for the Access Bank Nigeria PayDay Loan?

There’s one simple condition you should meet if you want to receive such a loan: either you have a salary account in the Access Bank or you are a customer of Remita (simply because Access Bank payday loans are a mutual product they have launched together). A Remita customer is anyone who is receiving their salary via Remita payment tools.

  1. No outstanding loan in Access bank or any other bank
  2. A phone number that is linked to your BVN (here’s how to change BVN details)
  3. Evidence that you received salary payment in the previous month

The maximum Access bank payday loan you can get

With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors

  • Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for a payday loan amount of 75% of your monthly salary.
  • Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,000.

What is Access Bank payday loan USSD?

The Access Bank payday USSD code, which allows getting a payday loan faster is a new thing. It has been introduced only recently for those who meet the few Access Bank requirements. Now, you can simply dial the code *901*11*1# and receive an instant loan in several simple steps. You don’t need to wait for a long time. You can receive what you need in a matter of minutes.

What is the Access Bank PayDay Loan USSD?

Simply dial the code *901*11*1# and follow the simple steps prompted to get an instant loan from Access Bank.

Access Bank payday loan interest rate: The Access Bank offers a range of payday loans, which vary between N1,000 and N500,000, and are given at 3% of interest rates flat. In most cases, the bank decides how much every given person can receive from them.

As a rule, such a loan must be paid back by the end of the month or at the moment you receive your salary, whichever happens, earlier. As soon as the moment comes and the loan matures, the necessary amount will be retrieved from your account as due.

How to repay your Access Bank Payday Loan

Repaying your loan is not a complex process, in fact, it is easier than applying for the loan. You do not need to do anything from your end. Once the 31 days elapse the bank deducts the required amount from your account. The service charge for this loan is 3% which is quite friendly for salary earners.

For more information on this service visit Access Bank Customer Care. That is about it for Access Bank Payday Loan, I believe all your questions have been sufficiently answered about this topic.

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