How to Borrow Money From Access Bank And Requirements
Do you want to know How to Borrow Money From Access Bank? Perhaps you should apply for a payday loan? Don’t be worried, this post will direct you to all you need to know about the Access Bank Nigeria loan.
Getting a loan in Nigeria is inevitable, whether from a loved one or an organization; practically everyone has a tale about needing a loan. The Access bank loan is intended to finance the necessity that prompted you to apply for it in the first place.
How to Borrow Money From Access Bank
When it comes to loans, Access Bank offers a variety of options. Different techniques of application are required for these products. Depending on the sort of loan you want, you may obtain one by using your cell phone, stepping into any Access Bank office, or filling out a form on the bank’s official website.
However, the *901*11*1# USSD code is the quickest and easiest way to obtain a loan from the bank. It is also available through Whatsapp Banking, Access Mobile App, and QuickBucks App.
Types of Access Bank Loans
Below are the types of loans offered by Access Bank:
1. LATO (Lending Against Turnover):
This is an immediate loan product aimed at non-salary account customers who have been with the bank for at least six months. This loan is for 30 days and does not need any documents or collateral from the receiver.
You can apply for this sort of loan by dialing the Access Bank loan code – *901*11*1#. For loans in Nigeria, see the USSD code.
2. Creative Sector Loans:
This is a loan from the Central Bank of Nigeria intended to expand capacity and provide employment for individuals and enterprises in areas such as fashion, information technology, film production and distribution, music, and so on.
3. Small Ticket Personal Loan:
Access Bank offers up to 400% of your net monthly pay for this sort of loan. This loan is intended to be repaid within 12 months.
4. W Power Loan:
This one-of-a-kind Access Bank loan product bridges the funding gap for female-owned enterprises. They can obtain loans and credit through W Power Loan.
5. Personal loan:
This form of loan is aimed at employees in order to empower them through a salary administration solution. It is adaptable and has a duration of 36 months.
6. Salary Advance:
With an Access Bank pay an advance, employees can borrow up to 100% of their net monthly salary. It does not require any papers or collateral and can be readily applied using their fast bucks app or USSD code. The individual must reimburse within three months.
7. Advance for School Fees:
You can borrow as a parent or guardian to pay your child’s or ward’s school tuition. You may also use this form of loan to pay for professional courses and certificates.
8. Device Finance:
Device Finance is an Access Bank lending program designed to assist you in financing the purchase of mobile devices.
9. Maternal Health Service Support (MHSS):
This loan is intended to cover the costs of childbirth and reproductive treatments.
10. Vehicle Finance:
If you’ve been seeking a simple method to purchase a new automobile, an Access bank vehicle finance loan will help you do it. Salary earners, SME owners, and corporate entities are all welcome.
You have access to a large range of suppliers, and you must repay the loan within 48 months.
Access Bank Loan Requirements on How to Borrow Money
1. A business plan or a declaration of how much you need for your firm is required for the creative industry loan.
2. To be eligible for the LATO loan, small ticket personal loan, or salary advance loan, you must have a phone number that is linked to your BVN, as well as proof that you received salary payment in the preceding month.
3. A completed application form, a completed employer’s confirmation form, a copy of your employment ID, BVN (see how to verify BVN), credit checks, and a letter of lien are required for a personal loan.
4. To qualify for a W power loan, the company must be 50% female-owned, have been in operation for at least one year, and have a minimum headcount of two persons.
5. For an advance for school fees, you need a duly completed application form, a duly accepted offer letter, a school fees bill/invoice in the student’s name, a valid ID card, and a recent utility bill within the previous three months are required for a school fee advance.
How to Pay Back Access Bank Loan
When you get a loan from Access Bank, they will tell you how to pay it back.
You will pay monthly payments for the majority of the items after roughly 30 days of receipt. This sum is automatically withdrawn from your account each month, saving you the hassle of having to contact your bank.
This is not just applicable to Access Bank. However, it is the same method adopted for Zenith Bank loan, and so on.
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