Recent reports have revealed that a large number of Nigerians are living below the poverty line. One of the major causative factors of this poverty is unemployment and another is illiteracy. But the question remains, what fraction of the working class population can boast if earning enough to satisfy their needs? A large percentage of them are left to survive on a meager income that can barely sustain them till the next payday.
How then do they survive when they have to meet the basic human needs (food, clothing, and shelter) and other wants between paydays? This is why Access Bank came up with the idea of “Access Bank Payday Loans.” As strange as this may seem, it is one of the measures taken to curb the poverty problem among developed countries several years ago.
Access bank Payday Loans: All you need to know
The Access Bank Payday Loan facility was created by Access Bank, which is one of the largest banks in Nigeria, to assist Nigerian salary earners. It was developed as a means of sustenance between one payday and the next. Before going ahead to discuss the payday loan facility, let’s learn a little about the provider, Access Bank.
About Access Bank Plc.
We all know it as Access bank but the official name is Access Bank Plc. It is a multinational commercial bank which is an offshoot of Access Bank Group. At the time of establishment, the bank only focused on corporate banking. However, in 2012 it gained the rights to carry out personal and business banking. In terms of assets, deposits, branch network, and loans Access Bank is one of the five largest banks in Nigeria.
On April 1, 2019, Access bank merged with Diamond Bank making it the largest bank in Africa. Following this was the unveiling of the new logo to signal the rise of an improved banking entity.
Access Bank Payday Loan
This is a platform created by Access Bank to alleviate the money problems of salary earners in Nigeria. With this facility, a salary earner can have access to between #1,000 and #500,000 for a period of 31 days, till the next payday. This is why it is called “Payday Loan” in the first place.
There are several financial institutions that after this sort of service in Nigeria and beyond. Each one has a set of terms and conditions that must be satisfied for eligibility. Access Bank also has its own conditions you need to satisfy to make you eligible for the “Access Bank Payday Loan.” The two major conditions include:
- You must earn a salary on a monthly basis and be able to provide records when required.
- You must run a salary account with Access Bank or Remita.
Now that you know this, we should discuss the requirements of the loan, how to apply for it, and the accompanying charges.
Are you eligible for Access Bank “Payday Loan?”
You definitely have heard about so many loans or even benefited from a couple. This class of loan, however, does not require any form of collateral. The Access Bank Payday Loan gives you access to as much as #500,000 depending on how much you earn on a monthly basis. Another advantage of this loan is that you do not need to visit the bank or fill any paperwork to enjoy its benefits.
It is one of those loans where you can submit your application via your mobile phone through a USSD code or over the internet. How amazing is that? Technology has really brought with it so much comfort.
According to Access Bank, the Payday loan is a service which is salary based providing loan facilities to employees of organizations that satisfy their risk requirements. The bank states that the following factors could hinder anyone from accessing this amazing facility:
- Submission of an incorrect salary account or the use of a phone number that is not linked to the salary account.
- Already existing Payday loans which have not been serviced.
- The salary payment was not made into the salary account used in requesting the loan.
- Unserviced loan in Access Bank or any of the other commercial banks in the country.
- Negative eligibility, also known as zero net eligibility, resulting from non-payment of existing loans.
As stated earlier, to enjoy this loan your salary account must be lodged with Access bank.
How can you apply for Access Bank Payday Loan?
The bank has made the application process very easy and customer friendly. You do not need to visit the bank or fill any paperwork to submit your loan application. You can complete your application through the following steps:
- Dial *901*11# from your mobile phone or visit mypayday.ng.
- You will be asked to continue and how much you can borrow will be revealed once you are certified eligible for the loan.
- After submitting your request you should get an alert in a minute or two.
Repaying your loan
Repaying your loan is not a complex process, in fact, it is easier than applying for the loan. You do not need to do anything from your end. Once the 31 days elapses the bank deducts the required amount from your account. The service charge for this loan is 3% which is quite friendly for salary earners.
For more information on this service visit Access Bank Customer Care. That is about it for Access Bank Payday Loan, I believe all your questions have been sufficiently answered about this topic.