How To Borrow Money From Access Bank [2022 UPDATE]
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Finance

How To Borrow Money From Access Bank

How To Borrow Money From Access Bank – If you want to get a loan from Access Bank and you dint know the Access Bank loan USSD code, then you are in luck seeing this post as we got you cover especially if you want to apply for a Payday loan.

In this article, we will be telling you everything you should know about the Access Bank Loan USSD code so that you could easily borrow cash from Access Bank at time of emergencies.

Access Bank has got you covered as they know that emergencies happen and so you might need to take a quick loan at any time so it has provided a short code you could use to secure loan.

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The Access Bank USSD Code loan service is called the Payday loan and it is designed to give a helping hand to both salary and non-salary earners. So you can see that anyone is eligible and can assess the Access Bank Payday loan.

You just need to be an Access Bank customer that has an account with Access Bank for you to get a Payday loan.

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Without further delay, let’s move into the article…

What Is The Access Bank Loan USSD Code?

The Access Bank loan USSD Code is *901*11*1# and it is available to all Access Bank customers in Nigeria.

It is also available to all network operators in Nigeria (MTN, Glo, Airtel and 9mobile).

What Are The Requirements To Use Access Bank Loan Shortcode?

We will be looking at some of the requirements you must meet for you to be able to use the Access Bank loan code in Nigeria:

  • You must have an Access Bank account
  • You must register for Access Bank mobile banking using the Access Bank USSD Code (*901#)
  • You must have a phone number that is linked to your Access Bank account

How To Use The Access Bank Loan USSD Code

The steps below are going to guide you on how you can use the Access Bank loan USSD Code:

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  • Dial *901*11*1# with the phone number you used to open your Access Bank account
  • Then follow the instructions on your phone screen to request for a loan

Types Of Loans Offered By Access Bank

  • Creative sector loan

This is a central bank of Nigeria loan that is designed for capacity building and also to provide employment for individuals and businesses into industries like fashion, information technology, movie production and distribution etc.

To get this loan, you need a business plan or a statement of how much you need for your business.

  • Lending Against Turnover

This is an instant loan product that is targeted at non-salary account holders who already have a relationship with Access Bank for six months and above. This type of loan doesn’t require any form of documentation or collateral and it lasts for 30 days.

You can apply for the loan at anytime and anywhere using the Access Bank loan Code *901*11*1#.

To get this loan, you need a phone number that is linked to the BVN and evidence that you received salary payment in the previous month.

  • Personal Loan

This type of loan is for employees to empower their needs through a salary administration product. It is flexible and lasts for 36 months.

To get this loan, you will need to complete an application form and a completed employer’s confirmation form, a copy of your employment ID, BVN, credit checks and a letter of lien.

  • Salary Advance

This allows employees to access up to 100% of their net monthly salary. It requires no documentation or collateral and can easily be applied for through their USSD Code. The borrower has 3 months to repay.

How To Pay Back Access Bank Loan

When you receive a loan from Access Bank, they will inform you on how you will make the repayment of the loan. Most of the products will require you to pay monthly installments after 30 days of receiving the money.

The money will be automatically deducted from your account every month.

Frequently Asked Question

  • What happens after your loan is approved?

You will get paid the loan within 24 hours after your loan has been approved. This duration depends on the bank or lender. You might also need to provide certain documents for some banks before you will be able to withdraw the funds.

  • What is the loan application fee?

The loan application fee is the percentage lenders charge during the process and it varies from 0.1% to 5% or even more. But nowadays, lenders do not really charge loan applications fees as they are looking to attract more customers.

  • What will happen if you cannot pay back at the right time?

If you are unable to pay back the loan you collected at the right time, the penalty will be according to the agreement of the loan. Access Bank automatically deducts the due sum from your account on the due date.

Final Note

Access Bank has made it easy for borrowers to get loan. There are different channels with which you can secure Access Bank loans like the Mobile App, Internet Banking, WhatsApp Banking and QuickBucks App.

Through those channels, you could assess loans at your own convenience, anytime and anywhere.

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