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ACCESS BANK PLC

9.15

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22/1/2021

Lending Against Turnover (LATO)

LATO is an instant loan product for non-salary account holders who have an existing banking relationship with the Bank for over six months

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Access Bank PLC: Lending Against Turnover

Lending Against Turnover

Sometimes urgent financial needs may arise and you might be low on cash. This is where Lending Against Turnover (LATO) comes in. With LATO, you can get access to instant cash by dialling *901*11#
 
Lending Against Turnover (LATO) is an instant loan product for non-salary account holders who have an existing banking relationship with the Bank for over six months.
 

Features

  • 24/7 service which does not require visits to the bank and application is done conveniently via USSD code *901*11#
  • No documentation required
  • No collateral required
  • 3months/90 days


Frequently Asked Questions (FAQs)

Once your loan request is successful, your Access Bank account is credited immediately.
The pricing varies with the loan tenor as follows:
 
Fees
Management Fee 1%
Credit Life Insurance 0.5%
Interest 4%
Penal Charge 1% per month, upon default
The maximum amount you can access is ₦300,000
Customers are at liberty to pay off their loan at their convenience. Interested customers can self-liquidate their loans on QuickBucks, or contact the Access Bank Contact.

Center on 0700 300 0000. You can also send an e-mail to contactcenter@accessbankplc.com to liquidate their loans.
The LATO loan amount will be recovered from any inflow into the customer’s account after the repayment is due or debit to BVN account in Access/Other Banks should be made for repayment.
Customers will face a 1% penal charge per month for defaulting on the loan.
Yes, there are. Please see the table below for other instant digital loan products available.

 

Loan type

Available to:

Loan amount

Repayment plan

PayDay loan

Salary account holders with Access Bank

Up to 75% of monthly salary

Against next Salary payment or 30 days (whichever comes first)

Other bank customers whose salaries are processed via IPPIS or Remita

Up to 50% of monthly salary, but subject to a max. of ₦500,000

Against next Salary payment or 30 days (whichever comes first).
 
Deduction will be taken at source from your other bank account

Salary advance

Salary account holders with Access Bank who earn a minimum of ₦50,000

Up to 200% of monthly salary

180 days with repayment over Six (6) monthly instalments

Small Ticket Personal Loan

Salary account holders with Access Bank who earn a minimum of ₦100,000

Up to 400% of monthly salary

1-year with repayment over Twelve (12) monthly instalments

You can request for a loan by dialing the USSD code *901*11#.
Where you have existing loans, the equated monthly instalment (EMI)/ monthly repayment(s) will be used in  calculating your eligible amount. Your eligibility amount will therefore be 20% of trim mean average monthly turnover, less any EMI. If the monthly repayment is higher than your eligible amount, you will not be able to take a LATO loan.
How many times can I request for a loan?
Your eligibility will be affected by any of the following:
  1. If you have any outstanding loan(s) in Access Bank or other banks.
  2. If you apply using a phone number that is not linked to your BVN.
  3. If there is no evidence that you received a minimum inflow of N20,000 in the last 30 days.
  4. If you have a bad credit check report.
  5. If you have taken previous digital loan and exceeded your eligible amount.
  6. If you have an existing loan and the monthly repayment is higher than your eligible amount
20% of trim mean average monthly turnover between 6 months to 1-year subject to a maximum of ₦300,000 (trim mean to eliminate 25% of the months with the highest turnover and 25% of the months with lowest turnover)
Your LATO loan will be due for repayment every month for a cycle of 3 months’ tenor from the date the loan was disbursed into your account.
It is an instant digital loan product which is targeted at Access Bank customers whose salary accounts are not domiciled at the Bank and who meet the Bank’s Risk Acceptance Criteria (RAC).
The loan tenor is 90 days (3 months).
Yes, your account needs to be in Access Bank and needs to be active for at least six (6) months.
No. All individual Tier 3 Individual accounts are eligible accounts except the following.
  • Smart Savers
  • Solo
  • DBA account type(s) E.g. (DBA-Basic (ind)
  • SME account type(s) E.g. (SME GOLD CURRENT ACCOUNT)
  • Trader Lite account type(s)
  • Evergreen
  • Domiciliary
  • Joint account

Click    here to read the Key fact statement for this loan.

Click    here for Terms & Conditions.

Click    here for Terms & Conditions (LATO Premium).

Click    here for Terms & Conditions (LATO Mart).