How To Get Loan From Access Bank – With the current economic situation, most business enterprises opt for loan for increased capital to boost their businesses. Access Bank loan is a positive platform for business entrepreneurs precisely for the startup/continuity of their business.
It gifts its customers the leverage to fast/business loans with a discount interest fee so as also enable its customers to have access to quick loans without collateral. Some of Access Bank loan options include Personal loan, Small ticket personal loan, Salary advance loan, Creative sector loan, Lending against Turnover, Device Finances, Maternal health services and support, Vehicle finances and Advance for school fees.
This article provides you with information on how to acquire a loan from access bank. The types of loan, eligibility, application procedures and duration will be highlighted in this post. There are several reasons people opt to obtain a loan, it could be for business expansion or establishment, it may sometimes be to solve a current pressing or stressing need, for scholarship. etc. Whatever purpose you need a loan for, access bank loan has got you covered.
How to get fast loan from Access Bank
Some circumstances arise before salary pay and you might be cash limited, when you urgently need cash to sort out some pressing needs is where Access Bank loans come in. Access Banks instant loans can be accessed by dialing *901*11#, *426*11# or via internet banking, Access mobile App, WhatsApp banking and QuickBucks App.
The fast loan have about 36 months tenure, no documentation/collateral required, and a 24/7 service that can be conveniently done without visiting the banking hall. A step-by-step guide on how to get an instant cash loan in Access Bank Nigeria is outlined below:
Step 1: Ensure you meet the eligibility criteria;
- You must be a Nigerian citizen
- You must be 18 years above
- You must have a valid Identity Card
- You must have an Access bank account
- You must have a steady source of income
Step 2: Apply for the loan
Step 3: Wait for approval
Step 4: Receive your loan
Access Bank Payday Loan
Access Bank payday loan is a digital credit platform that dispenses loans instantly to the requesting customer as soon as they receive an application and approves it. It primarily targets providing financial help to salary and non-salary earners.
It offers up to 75% of their monthly income to Access bank customers. For other bank customers, Payday loan amount of 50% of their monthly salary as long as it does not exceed N500,000. You can access the loan by dialing *901*11*1#, through Internet banking or Access bank WhatsApp platform. The interest rate is 10% for customers and 11% for third-party Non-Access bank customers. Customers face a 1% penal charge per month for defaulting on the loan from 31 days past the due date.
How to get payday loan from Access Bank
A step-by-step guide on how to get payday loan in Access Bank Nigeria.
Step 1: Check Your Eligibility
The following conditions are considered to attest the customer eligibility for a payday loan:
- There must be no outstanding in Access bank or any other bank
- The phone number used to apply must be linked to your BVN
- There must be an evidence you received salary payment previous month
Step 2: Gather Required Documents
Documents such as a valid means of identification (a national ID card, driver’s license or international passport), your most recent pay slip, and your bank statement for the last 6 months are required for a payday loan
Step 3: Visit an Access Bank Branch
To apply for a payday loan from Access Bank, you will need to visit one of their branches. Once you arrive at the branch, have an interaction with the customer service representative to declare an interest in a payday loan.
Step 4: Fill out the Application Form
The customer service representative will provide you with an application form to complete. This form will ask for your personal information, employment details, and financial information. Ensure you provide accurate information as this will be used to determine your eligibility for the loan.
Step 5: Wait for an Approval
After you’ve completed the application form, the customer service representative will review your application to determine your eligibility for a payday loan. This process typically takes a few days, so be patient. If after 24 hours you have not received a positive feedback for the application, then you may not be eligible for the loan due to incorrect or Unmatching details, or the inability of the bank to verify your BVN. You can always try again.
Step 6: Receive Funds
If your application is approved, the funds will be disbursed directly to your bank account. You will typically receive the funds within 24-48 hours.
Access Bank Business Loan and How to get it
Access Bank offers different types of loans to businesses, including short-term loans, medium-term loans, and long-term loans. You need to identify the type of loan that best suits your business needs. For example, if you need funds to finance your working capital, a short-term loan will be ideal. If you need funds for expansion or capital investment, a long-term loan may be more suitable. An Entrepreneur with an Access Bank business account may be qualified for an instant business loan of up to 10 million naira
A Guide on how to check your Loan Eligibility using QuickBucks app:
This aspect gives guidelines on the steps to check ones eligibility
Step 1: Download the quickbucks application or visit https://quickbucks.accessbankplc.com
Step 2: Register or sign in
Step 3: Click on the instant business loan option on the homepage
Step 4: If you don’t see the instant business loan option, hence you either call your Access Bank relationship manager or send a WhatsApp message to the Access Bank SME care line at 0902 407 2068
For those that don’t have an Access Bank business account, you will fill an interest form and an Access Bank Relationship manager will contact you with the information you need to be eligible for an instant business loan
Factors that affect the eligibility of Access Bank business loan
- Credit history: A good credit history is a big factor for Access bank when granting a business loan application. Business whose credit score is above #500,000 stands a better chance of getting a business loan
- Collateral: Collateral is also needed for larger amount. Besides collateral, a personal guarantee is also needed to ensure bank safety and also ensure business owners work with the bank for business success.
- Business Registration documents: Access Bank will require business registration documents such as your Certificate of Incorporation, Tax Identification Number (TIN), and other relevant documents.
- Bank statements: Access Bank will request your business account statements for the last six months to evaluate your cash flow and financial performance
A guide on how to apply for business loan
Step 1: Determine the type of loan you need
Access Bank offers different types of loans to businesses, including short-term loans, medium-term loans, and long-term loans. You need to identify the type of loan that best suits your business needs. For example, if you need funds to finance your working capital, a short-term loan will be ideal. If you need funds for expansion or capital investment, a long-term loan may be more suitable.
Step 2: Draft your business plan
Access Bank requires businesses to provide a comprehensive business plan that outlines their goals, strategies, and financial projections. Your business plan should include details such as your target market, competitive advantage, marketing strategy, financial projections, and repayment plan.
Step 3: Gather the required documents
For an applicant to be granted a loan, the bank requires Business registration documents, Bank statements and Collateral documents
Step 4: Apply for the loan
You can apply for a business loan from Access Bank either online or by visiting any of their branches. If you choose to apply online, visit the Access Bank website, navigate to the loan section, and complete the application form. If you prefer to apply in-person, visit any of their branches, and speak to a loan officer.
Step 5: Wait for loan approval
Access Bank will evaluate your loan application and determine if you meet its eligibility criteria. If your application is approved, you will receive the loan disbursement within a few days.
In summary, Access Bank is a life or business saver. It has simplified getting access to quick loans in recent times and many customers benefit from it daily. To make it easier for you, they have different platforms with which you can conveniently access their loans and make more enquiries. Some of their channels include their Access Mobile App, Internet Banking and QuickBucks App. Also you can walk into any Access bank branch to access the loan.
Finally, before you proceed to apply for access bank loan of any kind, ensure that you have met the requirements to be considered, to avoid waste of time.