Access Bank is one of the foremost financial institutions in Nigeria, providing dependable financial services to the public, facilitating transactions, assisting with wealth management, and helping to create wealth.

As a salary earner or any other type of income earner, waiting until the end of the month for your next cash infusion can feel like an eternity. In an emergency, you would require a payday loan.

ALSO READ:  Loan types available in Nigeria in 2022

This article will examine the Access Bank Payday Loan application process as well as other aspects of the loan itself.

What is an installment loan from Access Bank?

The Access Payday loan is a digital credit facility that provides immediate loans to requesting customers after receiving and approving loan applications.

Approval of this digital loan product is contingent solely on meeting Access Bank's lending criteria, known as Risk Acceptance Criteria (RAC).

ALSO READ:  Nigerian loan applications that can grant more than 100kRisk

In a summary, the primary objective of payday loans is to provide financial assistance to salaried and non-salaried individuals.

Access Bank eligibility for overnight loans

The following factors will determine your eligibility for this Access bank loan:

1.There are no outstanding loans at Access Bank or other banks.
2.A phone number associated with your BVN (here's how to verify your BVN).
3.Verification that you were paid remuneration in the previous month

The maximum Access bank payday loan you can get

This Access Bank loan allows you to borrow up to a maximum of 75% of your monthly income. This rate is dependent on the following variables:

 Access Bank account bearers with salary: If you are an Access Bank salary account holder, you are eligible for a payday loan of up to 75% of your monthly compensation.

 Other bank clients: If you receive your salary from another bank via IPPIS or Remita, you are eligible for a credit loan from Access bank in the amount of 50% of your monthly salary, up to a maximum of NGN 500,000.

Requesting an Access bank overnight loan

The payday loan is a digital product, so no physical application is required. You can obtain a payday loan through Access Bank's USSD code – *901*11*1# – Internet Banking – which allows you to borrow money online instantaneously – or even the WhatsApp Banking platform. Additionally, it is accessible via the Access Mobile App and QuickBucks App.

ALSO READ:  What you must know about rent financing in Nigeria

Typically, the application process takes up to twenty-four hours, after which the bank disburses the funds.

Borrow up to N100,000 at the most reasonable rates in Nigeria.

With our loan simulator, you can now compare interest rates from various lenders and find the best offer. Before committing to a loan, it is necessary to compare different loan offers in order to make an informed choice. Through our simulator, you can view loan offers from multiple lenders in less than 5 minutes, allowing you to make an informed decision about your financing.

How to repay a payday loan from Access Bank

Your Access Bank loan must be repaid by your next paycheck or within 30 days of the loan's issuance, whichever comes first. You are not required to undergo any process to repay. The loan amount is deducted automatically from your paycheck account.

Access Bank interest rate for overnight loans

The Access bank payday loan interest rate is a fixed 3%, subject to market conditions at the time. This indicates that your interest rate may vary from 3%. Before applying for a loan, be sure to conduct all the necessary inquiries with the bank.

Conclusion

Being in a difficult financial situation is not enjoyable. The Access bank payday loan is a wonderful option for rainy days for those with a salary or stable income. The Zenith Bank loan provides additional options.