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Access Bank PayDay Loan ~ Requirements, Apply & Charges

It has been no doubt confirmed that numerous Nigerians lives in abject poverty and that didn’t exclude the working class. Access bank payday loan was then introduced to help working Nigerians takes care of some financial needs while they wait for their monthly stipends.access bank payday loan

Under this platform, access bank is offering to grant salary earners 1000 Naira to 500,000 Naira for 31 days or till they receive their next salary.

Like most organizations and financial institutions in Nigeria offering this service, payday loans has its own terms and conditions though can’t be compared to others. Meaning to even get started at all;

  • You must be a salary earner.
  • Your salary account has to be with access bank or Remita.

That been said, below are the requirements, how to apply and charges associated with access pay day loan.

Access Bank PayDay Loan Eligibility.

Unlike many loans you have heard of or took part in, you don’t need collateral or guarantor to be granted up to five hundred thousand Naira (500,000) depending on your monthly income.

You also don’t have to visit any banking hall to fill forms. You can apply and get the loan from the comfort of your home using access bank ussd code or the payday loan website.

Access bank defined this service as a salary based instant loan for employees of organizations that meet their risk acceptance criteria. They went further and stated couple of things that can hinder your approval.

They are;

  • Incorrect salary account number or using phone number that is not linked to your salary account.
  • You have already collected existing PayDay loans up to your eligible amount.
  • Non payment of salary into salary account in the preceding month.
  • Delinquent loan in Access Bank or other banks.
  • Negative or zero net eligibility based on repayment on other existing loans.

Like i said earlier, one of the major requirement is that your salary account must be with access bank.

How to Apply or Request for Access Pay Day Loan.

  • Visit www.mypayday.ng and click on start application or dial *901*11#.
  • If you are eligible, you will be shown how much you can borrow.
  • You will receive the amount you requested for in about a minute after it has been approved.

Refund & Charges.

The refunding process is automatic and nothing is needed from your side. You will be debited immediately you receive your salary or after 31 days.

This service attracts a 3% flat interest which will be debited at the point of repayment.

You can reach access bank customer care for more information.

There you have it on access bank payday loan. If you have any question, make use of the comment box. In the mean time, kindly share this article using the social sharing buttons below.

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Updated: August 29, 2018 — 8:00 pm

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