Loans serve so many purposes in our personal lives and the economy as a whole. They are so important, that even the government obtains loans too. However, some loans are very difficult to access, while others are so much easy. More so, one of those loans that are very easy to access is the Access bank app. Knowing how to get a loan with access bank mobile app is a lifesaver and compulsory knowledge for every customer.
An overview of Access bank mobile app
The access bank mobile application is a very popular app among the bank’s customers. This is because it allows you to perform so many transactions in one place. Therefore, having the mobile application is basically walking with a pocket-friendly access bank service. More importantly, the apps allow users to borrow quick loans when they need money.
Access Bank app Information
Version – 4.1.1.0
Last Update – 8th of January 2021
Number of Downloads – 1,000,000+
Download Size – 35.62MB
App Provider – Access Bank Plc
Release Date – 13th of December 2013
What loans can I obtain from the access bank mobile app?
Access bank mobile application allows you to borrow a single type of loan, which is the Payday loan. Also, although this loan is available to all customers of the bank, you have to meet certain criteria to actually become eligible to borrow. In addition, Payday loans are reserved for employees whose salary account is domiciled with the bank, which is basically them allowing you to borrow from your salary ahead.
What are the eligibility requirements to qualify for the access bank app loan?
- The eligibility requirements for you to qualify for a payday loan are:
- You must be an employee with a steady monthly income within the past six months
- Your salary account must be domiciled with the bank
- You must not have previously outstanding loans
What are the features of payday loan?
Payday loan on the access bank app has the following features:
- A flat monthly interest rate of 4%
- Management fee of 1%, which is deducted as soon as they disburse the loan
- Loan would mature upon the next pay, or after a maximum of 31 days, whichever comes first
- Credit life insurance fee of 0.15% which is also deducted at the point of loan disbursement
- Loan repayment would be deducted from your salary account or accounts that are linked to your BVN
How do I access loans on the access bank app?
Simply follow the process below to apply for a payday loan through your access bank application:
- Firstly, download the access bank application from Google or Apple store if you haven’t, and log in. Also, if you haven’t created an account, you would have to sign up, which can be done by clicking the signup button and following the prompt
- On successfully logging in, click the menu button and select Loans and investments
- Select Payday loans from the next available options
- Next, the system would tell you the maximum amount which you are eligible for and also list the terms and conditions of the loan
- If okay with the terms and conditions, input the loan amount you desire and click on request loan. Note that this amount must not be more than your maximum eligible loan sum.
- Lastly, they would disburse the loan into your account within 24 hours if successful.
Conclusion
Obtaining a loan through the access bank application is very easy and straightforward. Therefore, as long as you meet the eligibility requirements, feel free to log in and obtain a loan as the need arises.
