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ACCESS BANK PLC

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2/7/2020

PayDay Loan

...Because your needs are important to us.

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PayDay Loan

Sometimes emergencies arise before payday and you might be low on cash. This is where PayDay Loan comes in and you can get access to an instant loan by dialing *901*11*1# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.

Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at low interest rate with no documentation or collateral needed.

Features

  • 24/7 service which does not require visits to the bank and application is done conveniently via *901*11*1# QuickBucks App, Internet Banking, Mobile App.
  • No documentation required.
  • No collateral required.
  • Up to thirty-one (31) days tenor.

Download the Quickbucks app using this QR code:

Access Bank - Quickbucks
 

For further concerns about PayDay loan, click here to find out more.

 

FREQUENTLY ASKED QUESTIONS

It is an instant digital loan product which is targeted at salary earners who meet 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*1# (for former Diamond customers only)
  • Download the QuickBucks App, available on Google Playstore or Apple App Store.
  • Go to the Access Mobile App and select Loans & Investments
  • Access Bank Internet Banking and WhatsApp Banking channels
No, it does not. If your salary is processed via Remita or IPPIS, you can also apply for a PayDay Loan. Please note that when you request a PayDay Loan, an Access Bank account will be automatically opened for you and the loan disbursed into this new account.
 
Kindly scroll down to read “More Information for Other Bank customers”
30 days or your next salary payment, whichever comes first.
The maximum amount (i.e. eligible amount) you can get is 75% of your monthly salary, 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 there is no evidence that you received salary payment in the previous month.
  4. If you have taken previous digital loans and exceeded your eligible amount.
  5. If you have an existing loan and the monthly repayment is higher than your eligible amount.
Where you have existing loans, the monthly repayment(s) will be used to calculate your eligible amount. Your eligible amount will therefore be 75% of your monthly salary, less any monthly repayment(s). If the monthly repayment is higher than your eligible amount, you will not be able to take a PayDay Loan.
As many times as you may like, as long as you have not exceeded your eligible amount.
 
Your PayDay Loan will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first). 
 
The loan amount will be automatically deducted from your salary account.
Customers are at liberty to pay off their loan at their convenience. Interested customers should contact Access Bank on +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 settlement account. Where the loan us past due, deduction will be made from any account account linked to your BVN.
Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.
Please see the table below for PayDay Loan variants 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).
 
Your repayment will be deducted from your next salary and taken from your other bank account
Yes, there are. Please see the table below for other instant digital loan products available.
Loan Type Available to: Loan Amount Repayment Plan
Lending Against Turnover (LATO) Customers who maintain an average balance of ₦20,000 over six months Up to 20% of Average Turnover, subject to a max. of ₦50,000 30 days
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

Click    here for Terms & Conditions.

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