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ACCESS BANK PLC

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26/10/2021

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)

It is an instant digital loan product which is targeted at Access Bank individual customers who actively use their Access Bank account, subject to the Bank’s risk acceptance criteria (RAC).
 
You can request for a Payday Loan through any of the following ways:
  • Dial the USSD code *901*11#
  • Go to the Access Mobile App and select Loans & Investments
Yes, your account needs to be in Access Bank and needs to be active for at least six (6) months.
Yes, there are. Please see the table below for other instant digital loan products available.
 
Loan Type Available to Loan Amount Repayment Plan Pricing
LATO Premium
(PLAT)		 Customers who maintain a minimum turnover of ₦200,000 in the last 30 days and ₦500,000 in the last 6-12 months. Up to 20% of Average Turnover, subject to a max. of ₦500,000 90 days with repayment over 3 months Interest 5% on reducing balance
 
Management fee 1%
 
Credit Life Insurance 0.5%
PayDay Loan
(PDLP)		 Salary account holders with Access Bank
 		 Up to 75% of monthly salary Against next salary payment or 30 days (whichever comes first) Interest 5%
 
Management fee 1%
 
Credit Life Insurance 0.3%
 
Other bank customers whose salaries are processed via 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).
 
Your repayment will be deducted from your next salary and taken from your other bank account		 Interest 6%
 
Management fee 1%
 
Credit Life Insurance 0.3%
 
Salary Advance
(SADV)		 Salary account holders with Access Bank who earn a minimum of N50,000 Up to 200% of monthly salary 180 days with repayment over six (6) monthly instalments Interest Rate: 3.9% (on reducing balance)
 
Management Fee: 1%
 
Credit Life Insurance: 0.7%
 
Small Ticket Personal Loan
(STPL)		 Salary account holders with Access Bank who earn a minimum of N100,000 Up to 400% of monthly salary 365 days with repayment over twelve (12) monthly instalments Interest Rate: 3.7% (on reducing balance)
 
Management Fee: 1%
 
Credit Life Insurance: 1%
 
Device Finance
(DFPS)		 Salary account holders with Access Bank & other bank customers Up to 33% of annual salary, but subject to a max. of ₦500,000 365 days with repayment over twelve (12) monthly instalments Interest Rate: 27% (flat)
 
Credit Life Insurance: 1%
 
The interest rate for Lending Against Turnover is 5%. Other charges includes a 1% management fee, and 0.5% credit life insurance, which are taken upfront.
 
The loan tenor is 90 days (3 months).
 
The maximum amount (i.e. eligible amount) you can get is 20% of your monthly average turnover for six months, subject to a maximum of ₦300,000 and less any active loans at the Bank. Your eligibility is displayed when you request for the 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 you have taken previous digital loan and exceeded your eligible amount.
  4. If you have an existing loan and the monthly repayment is higher than your eligible amount.
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 your average monthly turnover, less any EMI. If the monthly repayment is higher than your eligible amount, you will not be able to take a Lending Against Turnover loan.
Once your loan request is successful, your Access Bank account is credited instantly. However, it may take up to 24 hours to process before disbursement into your account. In such an event, we will notify you of any delays.
Your Lending Against Turnover loan will be due for repayment every month for a cycle of three (3) months tenor from the date the loan was disbursed into your account (anniversary date).
Customers are at liberty to pay off their loan at their convenience. Interested customers should contact Access Bank on +234 700 300 0000 or +234 1 271 2005; send an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch to liquidate their loans.
 
The loan amount will be deducted from any inflow into the customer’s account. Where the loan us past due, deduction will be made from any account linked to your BVN.
Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.
 

Click    here for LATO Premium Loan FAQs.

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).

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