How to Borrow Money from Access Bank App in Nigeria | A Step-by-Step Guide

Being a customer, you may want to know how to borrow money from Access Bank, but if you don’t know how, don’t worry. We`ve got you covered in this article.

To borrow money from an access bank can sometimes be confusing and stressful if one doesn’t follow a proper guide on taking loans.

Access Bank has provided a platform for their customers to take loans through their Mobile Banking App, thereby cutting the whole stress.

This is not new as we have seen it from various loan apps and even advanced digital banks in Nigeria.

You can get a loan from the Access Bank app without visiting branches.

This article will guide you on borrowing money from the Access Bank app.

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1Understanding Access Bank app loans

2Types of Loans Offered on the Access Bank app

3Access Bank Loan Requirements

4Steps on how to Borrow Money from Access Bank app

5What Are the Interest Rates for Access Bank Loans?

6How to Repay Access Bank loans

7What Should You Do If You Encounter Issues Borrowing on the access Bank app

Understanding Access Bank app loans

Before you can proceed to borrow money from Access Bank, the first thing you need to do is understand their loan types.

Access Bank offers different loans and repayment plans; we’ve decided to break down some loan types below.

To borrow money from the Access Bank app, you have to be a customer.

And it’s almost the same scenario with borrowing money from other banks in Nigeria.

You’ll need to meet up some requirements as well, they have all been highlighted below.

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Types of Loans Offered on the Access Bank app

There are over ten different types of loan offers on the Access Bank app. But we’ve highlighted the popular loan offers Access Bank customers usually take.

1. Personal Loan

An Access Bank personal loan is the kind of loan one can take to sort out expenses.

This is, therefore, the best kind of loan if you are wondering how to borrow money from an access bank without a salary account.

The interest rate is good, and it comes with nice features.

Features

Flexibility to meet individual needs.
Loan amount up to 75% of net annual salary for applicants with terminal benefits.
Up to 50% net annual salary loan exposure (for those without terminal benefits)
The tenor is up to 36 months.
Credit life insurance.

Requirements

Duly completed the application form by the applicant.
Employee Status Inquiry/Employer’s Confirmation Form must be completed.
Evidence of Confirmation Letter of Confirmation, Last promotion letter etc.).
Copy of employment ID and valid means of identification.
BVN
Credit checks.

2. Payday Loan

Payday is yet another excellent loan package from Access Bank.

The entire process is pretty easy, unlike most loans, where you will need documents before you get approval.

Payday Loans may be applied via the mobile banking app or USSD from Access Bank.

Features

No documentation is required.
No collateral is required.
Up to 36 months tenure.

3. Salary Advance

You do not need to go through any long process to take loans with Salary Advanced.

In case you’re in real need of money before your salary comes in, you can take Salary Advance.

You only need a Salary Account with Access Bank before obtaining loans.

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Features

No documentation is required.
No collateral is required.
Six (6) months tenor.

Other types of loans on the Access Bank app include:

Creative Sector Loans: For individuals and businesses in fashion, information technology, movie production and distribution, and the creative arts.
Lending Against Turnover (LATO): For non-salary account holders who already have an active access bank account for over six months.
Small Ticket Personal Loan: Get 400% of your net monthly salary.
W Power Loan: Loans and credit facilities for female-owned businesses.
Advance for School Fees: Loans to pay for children/ward’s school fees, professional courses and certifications.
Device Finance: Loans for financing the purchase of mobile devices.
Maternal Health Service Support (MHSS): Loans to finance birth and fertility-related procedures.
Vehicle Finance: Loans for financing the purchase of a vehicle or car. Eligible for salary earners, SME owners, and corporate organizations.

Access Bank Loan Requirements

Before borrowing money from the Access Bank app, you must meet the following requirements.

You will be expected to have a statement or business plan that contains the amount you will require for your business concerning the creative sector loan.
To apply for a LATO loan, salary advance loan, or small ticket loan. Share your BVN-linked phone number and proof of last month’s salary.
When applying for a personal loan, you need a letter from your employer stating that you are employed and attach a recent work ID. Provide your Bank Verification Number and give consent to a credit check. You will concurrently execute a lien letter, allowing Access Bank to take possession of your assets in the event of failure to repay.
To get a W Power loan, your business ought to be owned by 50% females. It has been in operation for the last one year. You should have a minimum of 2 employees.
To get school fees financing, Fill out the application form. Accepted offer letter. School fees bill. A valid ID card. Valid utility bill within the last three months.
When you get an Access Bank personal loan, the bank will instruct you on how to repay.

You will pay monthly instalments for most of the products after about 30 days of receiving them.

The amount is usually deducted from your account every month to save you from the stress of visiting your banks.

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Steps on how to Borrow Money from Access Bank app

Follow these steps to learn how to borrow money from the access bank app.

Step 1: Download the Access Bank App from the Google Play Store or Apple Store. If you have the App already installed on your device, skip this step.

Step 2: Start enrolling for mobile banking by clicking the sign-up button. Enter your Access Bank ATM card’s first six and last four digits. Input your password and log into your account.

Step 3: Log in to your account, then press Loans and Investments.

Step 4: You will be shown the amount you can borrow. Type it in and accept the terms and conditions of the loan.

Step 5: You can then submit, and if approved, you will have gotten your loan within 24 hours.

What Are the Interest Rates for Access Bank Loans?

Salary Advance loan: 1.9% with 1% management fee and 0.20% Credit life insurance
Creative Sector Loan: 9% per annum
Advance for school fees: interest rate at 18% yearly, management fee of 1% and credit life insurance of 0.5%
STPL: 1.7% interest rate with 1% management fee and 0.3% Credit life insurance.
Eazy Buy Finance with GAC Motors: 15.55 interest rate per annum
W Power Loan: 15% yearly interest, 1% management fee and 9.5% credit life insurance
Access Mikano Auto Deal: 5% initial interest rate yearly and management fee of 1%.

How to Repay Access Bank loans

You can repay this loan from Access Bank in Nigeria through various methods, including the following:

1. Go to the nearest Access Bank branch: where you have taken your loan from. Let the customer service representative know you want to repay your loan. You will be given a loan payback form to fill out. Debit your account with the amount deposited, credit the amount into your loan account, and give a receipt.

2. Use the Access Bank USSD code: Dial *901# from your registered mobile number and follow the voice prompt to repay your loan.

3. You can use the Access Bank app: Log on to your Access Bank app, go to the ‘loans’ tab, and select ‘repay loan’. Following the on-screen instructions, fill in the details required, including the mode of payment, your bank account details, and the amount you want to repay. If you are

Please note that there is no specified time to pay back the loan.

You will agree to a loan repayment term of your choice upon taking the loan from the bank.

Most of the payments are made in monthly instalments, which depend on your loan amount.

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What Should You Do If You Encounter Issues Borrowing on the access Bank app

In case you encounter any issues in when trying to borrow from the Access Bank app, do the following:

Customer Support: Do not hesitate to contact customer service at Access Bank for any challenge. They may be able to assist in troubleshooting the problem and advise you on the way forward.
Check your account. You have to be an active customer of Access Bank.
Mobile Banking Setup: You will need to enrol with Access Bank for their mobile banking service before using the app and executing any transaction.
Authenticate PIN or token: Obtain an authentication PIN to borrow money from an access bank or token for mobile banking. This is very important in accessing your account safely.
Link your Phone Number: Ensure your mobile phone number is linked to your Access Bank account.

In case of any suspicious activity, report to the bank. Their security is tight, and they may close one’s account on necessary grounds. On any other issue, don’t hesitate to contact Access Bank for any other help.

FAQs

What is the Code to Borrow Money from Access Bank?

*901*11*1# from your mobile device or *901*11*2# for a cash-backed loan. You can also use the code to get an instant loan

How Do I Borrow Money from Diamond Access?

The method for receiving a loan from Diamond Access is similar to that of Access Bank. Dial *901*11#, download QuickBucks App or visit any of the branches of Access Bank.

How Do I Qualify for Access PayDay Loans?

You should be at least 18 years old. Your Access Bank account has to be active, and you must have proof of income.

Does Access Bank Give Salary Advance?

Yes, a salary earner can apply for up to 200% or 400% net of their monthly salary as a loan.

How Do I Repay my Access Bank Salary Advance Loan?

The bank automatically removes the money from your account every 30 -31 days in instalments.

Can I Pre-Liquidate My Loan in Access Bank?

Yes, you can download the QuickBucks App to do so or contact the Bank’s customer care service by sending a mail to contactcenter@accessbankplc.com.

What Is The Code to Check My Access Bank Loan Balance?

To check your Access Bank loan balance, dial *901*00#. This is the code to get the general Acce Bank balance.

Can You Get Access Bank Loan Without Collateral?

Yes, you can get a loan from Access Bank without collateral. The bank offers a Payday Loan that allows you to borrow money at a low interest rate with no documentation or collateral needed.