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How To Borrow Money From Access Bank With USSD Code | A Step-by-Step Guide
With the ease of mobile banking, making easy access to quick and reliable financial solutions possible, borrowing has never been easier. Whether it is an unexpected expense or just a need to survive until the next paycheck, knowing how to borrow from Access Bank with a USSD code can be very instrumental.
This will be a simple, convenient way to get the money you need right from your mobile and doesn’t require access to the Internet or visiting a bank branch.
What is the code to borrow from Access Bank? We will let you in on the USSD code to borrow from Access Bank and break down a step-by-step process for going about this service with ease.
We will cover everything from the specific code you need to dial to the requirements that eventually make one eligible, ensuring you have everything at your fingertips.
If you have ever wondered, “What code can I use to borrow from Access Bank?” you’ve come to the right place. Let’s look at the steps and codes you need to borrow from Access Bank, thus assuring you that you can use the service confidently anytime you need to borrow money.
Overview of Access Bank Loan
Access Bank has a bank of loan products tailored to meet all the customer’s needs. Their loans are in a way that funds are easily accessible, hassle-free, and readily available for any personal or business use and in times of emergency.
At competitive interest rates with flexible repayment terms, Access Bank ensures that one can easily afford to borrow.
The process requires minimal documentation and speedy approval times. Customers can apply for loans through online platforms, mobile apps, USSD, and in-branch services.
Access Bank’s commitment to personalized loan advisory services reflects high customer satisfaction.
Access Bank empowers its personnel to recommend the best loan options tailored to each client’s financial situation, ensuring a perfect fit for their borrowing needs.
Access Bank is the bank to rely on for all financial support, whether renovation, education, and medical care, or just simple business expansion.
Read Also – How to Get a Small Loan from Access Bank
What Types of Loans Can You Borrow from Access Bank?
Access Bank offers a wide range of loan options to suit your needs, from personal loan to business loans. Here are some of the types of loans they offer:
1. Personal Loan
This multipurpose loan will help in debt consolidation, home improvement, or even other emergency needs.
2. Payday Loan
This will bridge your payday gap with a small, short-term loan, perfect for unexpected expenses or the payment of some crucial bills.
3. Salary Advance
If you need money before the next payday, Access Bank has a salary advance product allowing customers to access part of their salary before payday.
4. QuickBucks
You can access This digital instant loan product through the QuickBucks app or website. It targets people who need quick access to cash for unexpected expenses or emergencies.
5. Business Loans
Access Bank has various business loans to kickstart your business or the extra boost it may need. You can avail of such loans for working capital expansion, scaling up operations, purchasing new equipment and assets, financing a business acquisition, or supporting day-to-day activities.
Other Access Bank loan products include an Education Loan, which finances education; a Home Improvement Loan for renovation funding or expansion of homes; a Healthcare Loan to cover treatment expenses; a Travel Loan to finance travelling expenses; and an Asset Finance that gives access to any business assets.
Please remember that this is not an entire list, and it may vary depending on your region and qualifying conditions.
What is the Code to Borrow Money from Access Bank?
Wondering what code can I use to borrow money from Access Bank. The answer is *901*11*1#. This is country-wide and has a variety of loan products, including personal loans, payday loans, and salary advances, among others.
You can borrow from Access Bank using this USSD code: *901*11*1#. This code is for applying for a loan, check your loan balance, and paying for your loan with a mobile phone.
The USSD code for borrowing from Access Bank is secure, hassle-free, and easy to use. Just dial *901*11*1# and get instant cash to finance your needs to attain your goals. This is how to borrow from Access Bank using the USSD code without a fuss.
Also Read – Recent Reports Show that Access Bank Lost ₦6.15 Billion to Fraud
What are the Requirements to Borrow Money from Access Bank With the USSD Code?
You need to provide the following to borrow from Access Bank using the USSD code:
- Have an Active Access Bank Account: Your account with Access Bank has to be active. In other words, it must be open, operational, and in good standing with the bank.
- Phone Number: The phone number you use to apply for the loan must be registered with Access Bank and linked to the account. This will help the bank communicate with the customer and get along with verification.
- BVN: BVN should be linked to your Access Bank account. BVN is unique, hence helping in fending off frauds and permitting banks to verify the identity of their customers.
- Minimum Account Balance: This is a requirement for some bank loan products, which will be determined by the type of loan and Access Bank’s policies.
- Proof of regular income: You must provide proof of regular income or salary banking with Access Bank. You tell the bank that you have some stable source of income and can pay off the loan.
- Creditworthiness: Good credit history, with no case of defaulted loans. Access Bank may demand a credit report to prove you are creditworthy.
- Age: You must be of legal age, usually 18 or older. This varies depending on the loan and how Access Bank has structured it.
- ID: You must have a valid government-issued ID, such as a national ID card, driver’s license, or even a passport. This is for ascertaining that the person applying for a loan is the person the bank is lending to.
Please note that these requirements may differ depending on the type of loan and Access Bank’s policy. You should always contact them for information on any most recent updates.
How Do I Register for USSD Banking with Access Bank?
You do not necessarily need to register with Access Bank for USSD Banking before you can borrow money with a USSD code, but registering will make it easier in subsequent times.
There are two ways to go about registering for USSD Banking with Access Bank:
1. Using your Access Bank Account number
- Dial *901# from your Access Bank account-linked mobile phone.
- This will bring out a menu with options. Click on “Registration” or another service.
- Now, you will be asked to provide your Access Bank account number.
- After that, you will be asked to enter your Date of Birth in the format DDMMYYYY. For example, 01012000 for 1 January 2000.
- Now, you must create a 4-digit PIN for your USSD transactions. You will use this for all future transactions to authenticate them.
- Upon submitting your PIN, you will get a confirmation message that you are now registered on the USSD Banking.
2. Without using your Access Bank account number
- You only need to dial *901*0# on your mobile phone.
- You will be given an option to enroll using your BVN (Bank Verification Number). In case you forgot your BVN, you can probably get it through your bank account details or by contacting Access Bank.
- Follow these prompts to register. You will be asked to input your personal information and set up a PIN.
- After these, you will get an SMS showing your new Access Bank account number and your USSD banking registration confirmation.
Read Also – Access Bank Set to Acquire Kenya’s National Bank
How To Borrow Money From Access Bank With USSD Code: Step-by-Step
Here is a step-by-step guide on how to use USSD code to borrow money from Access Bank:
1. Dial the USSD Code
You will dial the code *901*11# on your phone. This code is associated with your registered phone number with Access Bank.
2. Choose the Loan Option
You will select, from this menu, the option for loans. This may be variously labelled depending on the menu configuration at any given time, but it is mostly found under “Loans” or “Credit.”
3. Choose the Type of Loan
You are to choose the loan type you intend to borrow. Access Bank has a good number of loans, so choose the loan that will suit you; either a payday loan, etc.
4. Enter the Loan Amount
You will be required to enter the loan amount you wish to borrow. Just enter your intended loan amount and follow the on-screen command.
5. Confirm Loan Details
It will, therefore, show the loan details, amount, interest rate, and other conditions of repayment. Take your time reading through these details.
6. Accept the Terms and Conditions
If you are content with the terms and conditions, select an agree button. This is usually done by entering a confirmation code or selecting an option to proceed.
7. Enter PIN
To authorize the transaction, enter your four-digit USSD security code. If you haven’t set one up yet, there may be a menu option to do this.
8. Await Approval
After confirming, your loan request is then processed. You will be notified via SMS if your loan is approved or declined.
9. Get Funds
In case of approval, the money borrowed will be credited to your Access Bank account quickly.
Following these steps, you can easily navigate how to borrow money from Access Bank with a USSD code.
Also Read – How to Link Your NIN to Access Bank Account
What are the Interest Rate and Repayment Terms for Access Bank Loans?
Access Bank charges interest rates on their loans, as well as their time of repayment, differ from one loan product to another and the profile of borrowers.
Typically, interest rates are very competitive and start from 15%-30% per annum. Repayment tenors will range from as short as 3 months to as long as 36 months, depending on the type of loan and borrower preference.
For instance, while the Payday Loan has a repayment tenure of 30 days, the Personal Loan could have a maximum tenure of 36 months. Rates of interest and repayment tenures are stipulated and agreed upon with the borrower before any disbursement is made.
Other options that the borrower can consider are early full repayments of the borrowed loan, which may attract even lower interest rates. Please go through the terms and conditions before acceptance of the loan offer.
How to Repay Money Borrowed from Access Bank
To repay money borrowed from Access Bank using the USSD code, follow these steps:
- Dial the USSD code of Access Bank from your mobile phone. This would be *901*11#.
- Follow these on-screen instructions and select the loan repayment option.
- Enter all the details that you need to provide, which include the loan account number along with the amount to be repay.
- After reviewing the information, confirm the repayment transaction.
- You will then receive a text confirming that you have successfully repaid the loan.
Note: Please ensure you have enough balance in your Access Bank account to cover the repayment amount.
Read Also – Access Bank Transfer Codes For Money Transfers and Bill Payments 2024
Troubleshooting Issues While Borrowing Money From Access Bank With USSD Code?
While borrowing with Access Bank via USSD code, several problems may arise. Here are some common issues with troubleshooting on how to solve them:
- Network Connectivity: Check whether you have good network connectivity. Sometimes, weak signals may interrupt communication via USSD.
- Wrong Code: Use the right USSD code for loans. Access Bank provides loans using the *901*11# code, based on your eligibility.
- Phone Number: Make sure you dial the right mobile number to register your Access Bank account.
- Account Status: Check if your Access Bank account is active.
- Invalid Input: Upon receiving an “Invalid Input” message, check if there is a mistake in the USSD string entered. Always clear it and carefully re-enter the code.
- Ineligibility: You may be ineligible for the loan. Access Bank would consider factors such as your type of salary account and credit history, among others.
- System Downtime: This rarely happens; sometimes, the USSD service is out of service. Try again later, or you may want to keep checking Access Bank’s website and social media handles in case it is out of service.
Follow these steps, and you’ll be able to identify whatever problem you have and then solve it so you can borrow from Access Bank using a USSD code.
Final Thoughts
Borrowing from Access Bank by way of a USSD code is very easy. Anybody can access funds anytime he needs money using these steps.
Just dial the code to borrow from Access Bank and follow what you see on your screen. If you’re ever wondering, “What is the code to borrow money from Access Bank?” or “What code can I use to borrow money from Access Bank?“, this guide has all the answers.
In case you found this helpful, kindly drop a comment below. Follow us on Facebook at Silicon Africa, Instagram at Siliconafricatech, and Twitter at @siliconafritech for more insightful tips and guides.
Frequently Asked Questions
Can I borrow from Access Bank without collateral?
Access Bank offers loans that don’t require you to pledge an asset when borrowing from them.
How many hours does it take to get a loan from Access Bank, when applying with the USSD code?
Disbursement is usually instant but may sometimes be within 24 hours.
What maximum amount can I borrow from Access Bank on this USSD code?
Maximum borrowing amounts are subject to the type of loan and credit score and range from N5,000 to N500,000.
Can one borrow from Access Bank with a poor credit score?
One can still get a loan by Access Bank with a poor credit score, although they may require more documents or collateral.
Reference
- vtu.ng – Access Bank Loan Code Without Going To Bank in Nigeria 2023
- quicksub.com.ng – ACCESS BANK LOAN – HOW TO BORROW MONEY FROM ACCESS BANK USING USSD CODE
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