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ACCESS BANK PLC

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11/8/2020

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
  • 30 days loan


Frequently Asked Questions (FAQs)

Once your loan request is successful, your Access Bank account is credited immediately.
 
Yes; customers are at liberty to pay off their loan at their convenience. Interested customers should send an e-mail to contactcenter@accessbankplc.com to liquidate their loans.
 
The loan amount will be deducted 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.
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
(SADV)		 Salary account holders with Access Bank who earn a minimum of ₦100,000 Up to 100% of monthly salary 90 days with repayment over Three (3) monthly instalments
Small Ticket Personal Loan (STPL) Salary account holders with Access Bank who earn a minimum of ₦150,000 Up to 200% of monthly salary 180 days with repayment over Six (6) monthly instalments
You can request for a LATO Loan through any of the following ways:
  • Dial the USSD code *901*11# or *426*11#;
  • Download the QuickBucks App, available on Google Playstore or Apple App Store.
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 50% 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 LATO loan.
 
As many times as you may like, as long as you have not exceeded your eligible amount.
 
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 salary payment in the previous month.
  4. If you have taken previous digital loan and exceeded your eligible amount.
  5. If you have an existing loan and the monthly repayment is higher than your eligible amount.
The maximum amount (i.e. eligible amount) you can get is 50% of your monthly average turnover for six (6) months, less any active loans in the Bank. This amount will be displayed when you request for the loan.
Your LATO loan will be due for repayment by 30 days from the date the loan was taken. The loan amount will be automatically deducted from 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).
30 days.
Yes, your account needs to be in Access Bank and needs to be active for at least six (6) months.

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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