Are you an Access Bank account holder looking for a quick loan? Access Bank’s loan service has got you covered.
While online lenders are popular for loans in Nigeria, traditional bank loans from Access Bank are a reliable and safe option. These loans come with low-interest rates and are more secure compared to risky loan apps.
Access Bank offers excellent loan services for both individuals and businesses. The best part? You don’t need collateral to secure a loan from Access Bank.
Let’s dive into how you can easily apply for a loan, the types of loans offered, eligibility criteria, and how to repay Access Bank loans.
Access Bank Loan Basics
Access Bank is one of Nigeria’s biggest financial institutions, offering a wide range of services to meet customer needs. Among these services, Access Bank’s loan facility stands out as a way to provide financial support to individuals and businesses.
Unlike many online loan apps, you don’t need a guarantor or collateral to apply for an Access Bank loan. The application process is quick, and once approved, you’ll receive your funds in minutes.
It’s important to note that Access Bank offers various types of loans, each serving different needs. Keep in mind that not all loans can be accessed through the USSD code.
Types of Loans Offered by Access Bank
- Creative Sector Loan: This loan is ideal for creative industry professionals like fashion designers, artists, and musicians. You’ll need a business plan or statement outlining your funding needs.
- Lending Against Turnover (LATO): Perfect for urgent personal needs, this loan requires a phone number linked to your BVN and proof of previous month’s salary payment.
- Personal Loans: Tailored for personal needs such as medical bills or vacations, these loans require an application form, employer’s confirmation, employment ID, BVN, credit checks, and a lien letter.
- Salary Advance Loan: Employees can access up to 100% of their net monthly salary without collateral. Repayment is over three months, and no documentation is needed.
- Small Ticket Personal Loan: This loan offers 400% of your monthly net salary with a 12-month repayment period. It requires a linked BVN phone number and proof of previous month’s salary payment.
- W Power Loan: Designed to empower female entrepreneurs, this loan supports women-led businesses that meet specific criteria.
- Advance for School Fees: Parents can use this loan to pay their children’s school fees. Requirements include an application form, offer letter, school fees bill, valid ID, and recent utility bill.
Among these, the Payday or Personal loan is the only one accessible through the Access Bank loan code.
Eligibility for Access Bank Loan
To apply for an Access Bank loan using the USSD code, you need to:
- Be at least 18 years old
- Have an active Access Bank account
- Have a source of income
- Have a good credit history
Once you meet these criteria, you can proceed to apply for an Access Bank loan through various methods.
How to Apply for an Access Bank Loan
You can apply for an Access Bank loan using USSD code (90111#), the Access Bank Mobile App, the Access Bank website, or by visiting an Access Bank branch. The USSD code is convenient and simple to use.
Using USSD Code:
- Dial 90111#
- Follow the prompts to choose the loan type
- Provide your personal details, loan amount, and tenure
- Confirm your request
Using QuickBucks App:
- Download QuickBucks from your app store
- Enter your email and linked BVN phone number
- Verify with OTP sent via SMS
- Create an app password and PIN
- Log in to the app
- Click on “Borrow,” enter amount and tenure
- Submit application
Visiting a Branch:
- Visit an Access Bank branch with ID and address verification
- Get a loan application form from the customer agent
- Fill out the form and submit with required documents
- Await review and approval
Access Bank Loan Interest Rates
Interest rates vary based on loan type. For instance, the Payday loan has a 6.5% flat interest rate, while small ticket and salary advance loans have a 10% rate. Rates may change in response to market conditions.
Repaying Your Access Bank Loan
Repaying your loan is simple. Ensure you have sufficient funds in your account on the due date, and Access Bank will automatically deduct the amount. Once cleared, you’re eligible to apply for another loan.
For any further questions about Access Bank’s quick loan code, check the FAQs below.
Access Bank Loans – FAQs
- How much can I borrow from Access Bank? The loan amount depends on your eligibility, loan type, and other factors.
Access Bank offers hassle-free loan options for various needs. Whether you’re a creative entrepreneur, need urgent funds, or wish to empower your business, Access Bank has a loan solution for you. Remember, responsible borrowing and timely repayment will help you manage your finances effectively.