How to Borrow Money from ACCESS Bank

Borrowing money from Access Bank in Nigeria is quite accessible and can be done through various methods. Here’s a concise guide on how to borrow from Access Bank:

Borrowing Methods

1. USSD Code:
   • Dial 90111*1# on your Access Bank registered phone number.
   • Follow the prompts to select the type of loan and the amount you wish to borrow.
2. Mobile App:
   • Download the Access Bank mobile app from the Google Play Store or Apple Store.
   • Sign in or create a new mobile banking account.
   • Navigate to ‘Loans and Investments’ to view eligible loan amounts and apply.

Types of Loans Available

Access Bank offers a variety of loans, including:

1. Personal Loan:
   • Suitable for both salary and non-salary earners.
   • Features include flexibility, loan amounts up to 75% of net annual salary, and a tenure of up to 36 months.
2. Payday Loan:
   • Easy to apply for with no documentation or collateral required.
   • Features a tenure of up to 36 months.
3. Salary Advance:
   • Ideal for urgent cash needs before your salary is paid.
   • Requires having a Salary Account with Access Bank.
4. Vehicle Finance Loan:
   • For purchasing new or pre-owned cars, repayable within 48 months.
5. Advance for School Fees:
   • A short-term loan for tuition fee payments, repayable within 6 months.
6. Instant Business Loan:
   • For business owners, requiring no collateral.
   • Eligibility includes having a registered business, a minimum one-year existence, and an average monthly turnover of at least ₦500,000.
7. Creative Sector Loan:
   • Targeted at businesses in creative industries like fashion, music, movies, and technology.
8. Lending Against Turnover (LATO) Loan:
   • Suitable for non-salary earners with a consistent monthly turnover.
9. W-Power Loan:
   • Specifically for businesses with at least 50% female ownership.

Requirements

• Generally, you need to have an Access Bank account, meet the salary criteria for respective loans, and provide necessary documentation like employment ID, proof of salary payment, and a valid means of identification.

Loan Repayment

• Repayment terms vary depending on the loan type. For most products, monthly installments start about 30 days after receipt of the loan. The amount is typically deducted directly from your account.

Conclusion

Access Bank provides a range of loan options with different application methods to cater to varied financial needs. It’s crucial to ensure that you meet the eligibility criteria and understand the repayment terms before applying for a loan.

ALSO SEE: How to Borrow Money from Zenith Bank

For more detailed information and to apply, visit the Access Bank website or use their mobile banking platforms

FAQS

General Questions about Access Bank Loans

1. What types of loans does Access Bank offer?
   • Access Bank offers various loans including Personal Loans, Payday Loans, Salary Advances, Vehicle Finance Loans, School Fees Advances, Instant Business Loans, and more
2. Can I get a loan from Access Bank without collateral?
   • Yes, several loan options like Payday Loans and Salary Advances don’t require collateral【.
3. How can I apply for a loan from Access Bank?
   • You can apply via USSD code (90111*1#), Access Bank mobile app, or by visiting an Access Bank branch【】
4. Is it possible to apply for an Access Bank loan online?
   • Yes, you can apply online using the Access Bank mobile app or through Internet Banking.
5. Who is eligible for Access Bank loans?
   • Eligibility varies depending on the loan type but generally includes having an Access Bank account and meeting specific income and documentation requirements

Applying for Loans

6. What is the USSD code for Access Bank loans?
   • The USSD code for Access Bank loans is 90111*1#
7. How do I use the USSD code to get a loan?
   • Dial 90111*1# from your registered phone number and follow the prompts to choose the loan type and amount【.
8. What are the requirements for a Payday Loan from Access Bank?
   • You need a salary account with Access Bank, proof of salary payment for at least the last 3 months, and a minimum monthly salary of ₦50,000.
9. Can I apply for an Access Bank loan through their mobile app?
   • Yes, you can apply for loans via the Access Bank mobile app.
10. What information do I need to apply for an Access Bank loan?
    • Basic personal information, employment details, salary account details, and sometimes, a valid means of identification.

Loan Amounts and Terms

11. How much can I borrow from Access Bank?
    • Loan amounts vary based on the loan type and your eligibility.
12. What is the interest rate for Access Bank loans?
    • Interest rates vary depending on the loan product and terms.
13. What is the repayment period for Access Bank loans?
    • The repayment period differs per loan type but can range from a few months to several years.
14. Can I choose a different loan amount than what is offered?
    • Loan amounts are based on your eligibility and the loan product’s terms.
15. Are there long-term loans available at Access Bank?
    • Yes, Access Bank offers various loans with longer repayment terms, such as personal loans and vehicle finance loans.

Interest Rates and Repayment

16. How is loan interest calculated at Access Bank?
    • Interest is calculated as a percentage of the loan amount, based on the specific loan type and terms.
17. Can I repay my loan early?
    • Yes, early repayment is possible, but check if there are any fees associated with it.
18. What happens if I can’t repay the loan on time?
    • Late repayment can incur additional charges and negatively affect your credit score.
19. How does loan repayment work?
    • Repayment typically occurs through monthly installments, automatically deducted from your account.
20. Is there a penalty for late loan repayment?
    • Yes, late repayment can lead to penalties or higher interest rates.

Eligibility and Application Process

21. Who is eligible for Access Bank loans?
    • Eligibility varies by loan type but generally includes having an Access Bank account and meeting specific income and documentation requirements.
22. What documents do I need to apply for a loan?
    • Requirements may include proof of income, employment ID, BVN, and sometimes collateral.
23. How long does it take to get a loan approved by Access Bank?
    • Approval times vary but can be quick, especially for products like the Payday Loan.
24. Can I get a loan if I don’t have a salary account with Access Bank?
    • Having a salary account with Access Bank is a requirement for many of their loans.