The Access Bank Loan
Getting a loan in Nigeria is inevitable, whether it’s from a loved one or an institution; almost everyone probably has a story where they had to obtain a loan.
The Access bank loan is designed to finance that need which made you request for it in the first place.
Types of Loans Offered By Access Bank
- Creative Sector Loans: This is a Central Bank of Nigeria loan that is designed for capacity building and provision of employment for individuals and businesses into industries like fashion, information technology, movie production and distribution, music, and so on.
- Lending Against Turnover (LATO): This is an instant loan product that targets non-salary account holders who already have a relationship with the Bank for over six months and above. This type of loan requires no documentation or collateral from the recipient and lasts for 30 days. You can conveniently apply for this type of loan using the Access Bank loan code – *901*11*1#. See USSD code for loans in Nigeria.
- Personal loan: This type of loan targets employees to empower their needs through a salary administration product. It is flexible, and lasts for 36 months.
- Salary Advance: The Access Bank salary advance provides employees with access to up to 100% of their net monthly salary. It requires no documentation or collateral and can easily be applied for through their quick bucks app or USSD code. The individual is to repay within3 months.
- Small Ticket Personal Loan: For this type of loan, Access Bank offers up to 400% of your net monthly salary. You will be expected to repay this loan within 12 months.
- W Power Loan: This unique Access Bank loan product helps close the financing gap for female-owned businesses. W Power Loan provides them access to loans and credit facilities.
- Advance for School Fees: As a parent or guardian, you can borrow to pay your child/ward’s school fees. This type of loan also allows you to borrow to pay for professional courses and certifications.
- Device Finance: This is an Access Bank loan scheme designed to help you finance the purchase of mobile devices.
- Maternal Health Service Support (MHSS): This loan is designed to finance birth and fertility related procedures.
- Vehicle Finance: If you have been looking for a way to acquire a new car conveniently, Access bank vehicle finance loan gives you the money you need to make this happen. It is open to salary earners, SME owners, and Corporate organizations. You get access to a wide variety of vendors, and you’re to pay back the loan within 48 months.
Access Bank Loan Requirements & How to Borrow Money
- For the creative sector loan, you need a business plan or a statement of how much you need for your business
- For the LATO loan, small ticket personal loan, and the salary advance loan, you need a phone number that is linked to your BVN, and evidence that you received salary payment in the previous month
- For a personal loan, you need a completed application form, a completed employer’s confirmation form, a copy of your employment ID, BVN, credit checks, and a letter of lien.
- For a W power loan, the business must be 50% female-owned, must have been in operation for a minimum of 1 year, and a minimum staff strength of 2 people
- For an advance for school fees, you need a duly completed application form, a duly accepted offer letter, school fees bill/invoice in the name of the student, a valid ID card, and a recent utility bill in the last 3 months
How to Pay Back Access Bank Loan
When you receive a loan from Access bank, they will duly inform you on how to repay the loan.
For most of the products, you will pay monthly installments after about 30days of receipt. This amount is automatically deducted from your account every month, to save you from the stress of visiting your banks.
This is not just peculiar to Acess bank. It is the same method adopted for Zenith Bank loan, and so on.
With a variety of loan products to choose from, Access Bank has simplified getting access to quick loans in Nigeria. To make it easier for you, they have different channels with which you can conveniently access their loans and make more enquiries. Some of their channels include their Access Mobile App, Internet Banking, WhatsApp Banking, and QuickBucks App.
Also, you can walk into any Access bank branch to access the Development Bank Loan.