How You Can Get Access Bank Loan with No Collateral
People recall the Access Bank payday loan if they need to raise funds for an emergency. The loan is a short-term loan that is meant to be returned fast, and it may be quite useful in particular instances.
This Access bank payday loan was designed for employed Nigerians to borrow money till the end of the month when they receive their wage.
The Requirements for Obtaining a Bank Payday Loan
The following are the prerequisites for obtaining a payday loan from Access Bank.
- Applicants must be working and earning a living.
- A salary account with Access Bank or Remita is required.
- To apply for the loan, you do not need any collateral, papers, or a guarantor.
Conditions And Eligibility
As previously stated, you must be employed to obtain a payday loan from Access Bank in Nigeria. Despite the fact that Access Bank has risk acceptance standards that all employees must fulfill.
The steps below will help you determine whether you are eligible to apply for this loan from Access Bank.
- You must have an access bank salary account.
- You must provide the phone number associated with your BVN.
- You must have continuously earned money and deposited it into your pay account ( meaning that a brand new account will probably not be eligible to get this loan)
- You must have a strong loan credit history (example, if you have borrowed and not paid bank loans from any company in Nigeria, you will probably not be eligible for Access bank loan)
- You must have a solid payback record (if this is not your first time of getting a loan)
Here's How to Apply for an Access Bank Payday Loan.
This Access bank Payday loan method is straightforward and uncomplicated. There is no need to go to the bank (everything is done online). So, in order to apply;
Simply call *901*11# from your phone (the access bank payday loan USSD code) to find out how much Access bank can lend you.
You will receive your alert within minutes of acceptance (assuming all went well).
You may also go to any of the Access bank ATMs in your area (this is for those you like to physically apply for this loan).
Interest Rates on Access Bank Loans
The Access bank charges a 4% interest rate, which you must repay by the agreed-upon due date (your salary date).
For example, if you request a loan of N30,000 from Access Bank, you should anticipate to repay N31,200 within 31 days.
In addition, Access Bank will demand you to pay a 1% flat interest rate before receiving your loan.
In addition, you will have to pay 0.15 percent insurance.
All of this means that Access Bank will charge a total upfront fee of 5.15 percent.
The Repayment Plan for Access Bank Payday Loans
Please keep in mind that because you applied using your salary account, your payback will be automated.
For example, if your salary is N80,000 and you borrow N10,000, you must pay roughly N10,400 (remember the 4% interest rate?)
As a consequence, your compensation for that month will be N69,600.
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