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Access bank Payday Loans: All you need to know
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. Before going ahead and discussing the payday loan facility Access bank, let us also learn a little bit about Personal Loan Providers.
About Access Bank Plc.
We all know it as Access bank but the official name is Access Bank Plc. It is a multinational commercial bank which is an offshoot of Access Bank Group. At the time of establishment, the bank only focused on corporate banking. However, in 2012 it gained the rights to carry out personal and business banking. In terms of assets, deposits, branch network, and loans Access Bank is one of the five largest banks in Nigeria.
On April 1, 2019, Access bank merged with Diamond Bank making it the largest bank in Africa. Following this was the unveiling of the new logo to signal the rise of an improved banking entity.
Access Bank Payday Loan
This is a platform created by Access Bank to alleviate the money problems of salary earners in Nigeria. With this facility, a salary earner can have access to between #1,000 and #500,000 for a period of 31 days, till the next payday. This is why it is called “Payday Loan” in the first place, one of the New Zealand’s most reliable personal loan lenders is zebraloans.co.nz
- You must earn a salary on a monthly basis and be able to provide records when required.
- You must run a salary account with Access Bank or Remita.
Now that you know this, we should discuss the requirements of the loan, how to apply for it, and the accompanying charges.
Are you eligible for Access Bank “Payday Loan?”
Are You Looking for theBest Money Lenders in Singapore? You definitely have heard about so many loans or even benefited from a couple. This class of loan, however, does not require any form of collateral. The Access Bank Payday Loan gives you access to as much as #500,000 depending on how much you earn on a monthly basis. Another advantage of this loan is that you do not need to visit the bank or fill any paperwork to enjoy its benefits.
It is one of those loans where you can submit your application via your mobile phone through a USSD code or over the internet. How amazing is that? Technology has really brought with it so much comfort.
According to Access Bank, the Payday loan is a service which is salary based providing loan facilities to employees of organizations that satisfy their risk requirements. The bank states that the following factors could hinder anyone from accessing this amazing facility:
- Submission of an incorrect salary account or the use of a phone number that is not linked to the salary account.
- Already existing Payday loans which have not been serviced.
- The salary payment was not made into the salary account used in requesting the loan.
- Unserviced loan in Access Bank or any of the other commercial banks in the country.
- Negative eligibility, also known as zero net eligibility, resulting from non-payment of existing loans.
As stated earlier, to enjoy this loan your salary account must be lodged with Access bank.
How can you apply for Access Bank Payday Loan?
The bank has made the application process very easy and customer friendly. You do not need to visit the bank or fill any paperwork to submit your loan application. You can complete your application through the following steps:
- Dial *901*11# from your mobile phone or visit mypayday.ng.
- You will be asked to continue and how much you can borrow will be revealed once you are certified eligible for the loan.
- After submitting your request you should get an alert in a minute or two.
Other things you can do is cancel that gym membership you haven’t been using, switching to a cheaper supermarket, and try to shop around when you need something. Set Realistic Financial Goals. Making a financial plan is considered long-term planning, compared to a budget that usually describes your monthly finances. One thing that helps people stick to their plans is setting realistic financial goals.
Repaying your 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 elapses the bank deducts the required amount from your account. The service charge for this loan is 3% which is quite friendly for salary earners.