One of the largest financial institutions in Africa is the Access Bank. It runs through a network of more than 600 branches, spread throughout more than 12 nations. The bank started operating in Lagos in 1989; it has been around for more than 30 years.
Among financial supports Access Bank provides is a loan facility to help customers through emergency situations.
There are many different types of loans available to individuals or businesses, and each comes with flexible repayment plans and friendly interest rates.
Let’s take a look at Access Bank Loan…
Types of Loans Offered By Access Bank
- Personal loan: Through a pay administration solution, this sort of loan aims to empower employees’ requirements. It is flexible and has a 36-month duration.
- Access Bank Student Loan: As a parent or ward, you have the option of borrowing money to cover your ward’s or child’s tuition. You may also borrow money to pay for professional training programs and certificates with this kind of loan.
- The Lending Against Turnover (LATO): instant loan product is intended for non-salary account holders who have been doing business with the Bank for at least six months. This kind of loan is for 30 days and doesn’t demand any collateral or paperwork from the recipient. Applying for this type of loan is simple with the Access Bank loan code: *901*11*1#. For loans in Nigeria, see the USSD code.
- Salary Advance: Access Bank offers employees a salary advance that allows them to access up to 100% of their net monthly salary. Through their Quick Bucks app or USSD code, you may easily apply for it without providing any paperwork or collateral. The person has three months to repay.
- Small Ticket Personal Loan: Access Bank would lend you up to 400% of your net monthly payment under this category of loan. This loan must be repaid in full within 12 months.
- Creative Sector Loans: This loan program from the Central Bank of Nigeria is intended to help people and enterprises in sectors like fashion, information technology, movie production and distribution, music, and so on improve their capacities and create jobs.
- The WPowerLoan: from Access Bank fills the funding gap faced by female-owned enterprises. They have access to loans and credit options thanks to WPower Loan.
- Device Finance: is a lending program from Access Bank that can help you pay for the purchase of mobile devices.
- This loan from Maternal Health Service Support (MHSS): is intended to pay for labour and delivery-related operations.
- Vehicle Finance: If you’ve been seeking a straightforward way to buy a new automobile, an Access bank vehicle finance loan provides you with the funds you need to do so. Salary earners, SME proprietors, and corporate entities are all welcome. You have access to a large range of suppliers, and you have 48 months to repay the loan.
Access Bank Loan Eligibility and Requirements
We sometimes believe that loans are only issued to exceptional individuals. And that to be considered suitable to obtain a loan, a person must achieve some superhuman standards.
Although obtaining loans might be challenging at times, banks only grant loans to borrowers who are completely trustworthy and have the resources to repay the loans because they don’t want to risk losing their money.
Payday loans are a little different from other types of loans. They are often relatively little and are intended to cover certain modest but urgent needs of people. For instance, if someone gets sick, there may not be enough money for medication and a long time until payday. Other urgent payments that are occasionally required but that a person cannot afford because they do not have sufficient finances on hand are sometimes crucial.
- You must have a business plan or a statement of how much money you need for your company to qualify for the creative industry loan.
- You require a phone number that is connected to your BVN and proof that you got a salary check in the previous month in order to be approved for the LATO loan, small ticket personal loan, and salary advance loan.
- A completed application form, an employer confirmation form, a copy of your employment ID, your BVN (see how to check BVN), credit checks, and a letter of lien are required for a personal loan.
- A firm must be owned by at least 50% women, have been in existence for at least a year, and employ at least two people to be eligible for a W power loan.
- A properly completed application form, a duly accepted offer letter, a bill or invoice for school fees in the student’s name, a valid ID card, and a recent utility bill from the previous three months are required in order to receive an advance for school costs.
How to Apply for an Access Bank Business Loan
Research is the first stage in the application process for a business loan from Access Bank. It would be wise to familiarize yourself with a few of the available finance options that can work for your company’s needs.
Calling Access Bank or visiting a branch are two ways to apply for a loan. It is possible to apply for some loan products using a mobile phone, USSD, or an app.
The viability of your company will be evaluated in accordance with Access Bank lending policies for all loan applications. The goal of the loan is also crucial. Before making a final lending decision, these two considerations will be considered.
Any terms and limitations would be specified in an acceptance letter if you were granted money.
Supporting Document for an Access Bank Loan:
- Basic documents that may be requested as part of any application may include:
- Completed application form
- Company profile
- Business plan
- Cash flow budget
- Bank statements (12 months)
- Audited financial accounts
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
Depending on the credit facility that you’re applying for, you may be required to provide more or less of the above documents.
What is Access Bank payday loan USSD?
A recent development is the USSD code, which makes applying for payday loans quicker. It has only just been made available to people who satisfy the basic Access Bank conditions. You can now quickly and easily acquire an instant loan by dialling the digits *901*11*1#. You won’t have to wait for very long. In a few minutes, you can get what you require.
Payday loans from the Access Bank range in amount from ₦1,000 to ₦500,000 and have flat interest rates of 3%. Most of the time, the bank determines the maximum amount that any one person may withdraw from them. Typically, you have to pay back a loan like this by the end of the month or when you get paid, whichever comes first. When the time comes for the loan to mature, the requisite sum will be deducted as payment from your account.
How to get an Access Bank payday loan?
- To begin, dial the USSD code: *901*11*1#
- You will receive the Access account’s number.
- Then, you’ll learn how much the bank can lend you.
- Access Bank is offering quick payday loans!
You are welcome to contact Access Bank directly if you have any queries about the process or other specifics and they will provide all the information you require. They can be reached by email or phone (their official website lists the contact numbers).
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