Perhaps you want to borrow money from Access Bank as a customer and you don’t know how. Rather than feeling lost or looking around for guides, we’ve got you covered here at NaijaKnowHow.
Taking loans online can be confusing and stressful at times if one doesn’t follow a proper guide. To cut the whole stress, commercial banks like Access bank and co have made a way for their customer to take loans via USSD or Mobile Banking Apps.
This is something similar that we’ve seen from different loan apps and even digital banks in Nigeria. You can take loans from Access Bank without even visiting any of their branches. In this guide, we will walk you through how to borrow money from Access Bank, either by code or mobile app.
How to Borrow Money From Access Bank in Nigeria
Before taking a loan from Access Bank, the first thing you need to do is understand their loan types. Access Bank offers different kinds of loans and repayment plans, we’ve decided to break down some of the loan types below.
To borrow money from Access Bank, for sure you have to be a customer. And it’s almost the same scenario with borrowing money from Union Bank and other commercial banks out there. You’ll need to meet up some requirements as well, they have all been highlighted below.
Types of Loans Offered By Access Bank to Nigerians
There are over 18 different types of loan offers from Access Bank. But we’ve highlighted the popular loan offers must Access Bank customers usually take. But if the type of loan you want isn’t listed here, you can check their full list of loan offers on the Access Bank website.
1. Personal Loan
A personal Loan from Access Bank is the type of loan you can take to cover expenses. This type of loan is suitable for salary earners and non-salary earners. The interest rate is good and it comes with nice features.
Features
- Flexibility to meet individual needs.
- Loan amount up to 75% of net annual salary (for applicants with terminal benefits).
- Loan amount up to 50% of net annual salary (for applicants without terminal benefit)
- Up to 36 months tenure.
- Credit life insurance.
Requirements
- Applicant must have completed the application form.
- Completed Employee Status Inquiry/Employer’s Confirmation Form.
- Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.).
- Copy of Employment ID and valid means of identification.
- BVN
- Credit checks.
2. Payday Loan
Payday loan is one of the best loan packages from Access Bank. The whole process is quite easy and it’s unlike other loans where you’ll be needing documents before you can get approval. Payday loans from Access Bank can be applied for via the mobile banking app and USSD.
Features
- No documentation is required.
- No collateral is required.
- Up to 36 months tenure.
3. Salary Advance
With Salary Advanced, you don’t need to go through any long process to take loans. If you’re in need of urgent cash before your salary comes in, you can take a Salary Advance loan. You only need to have a Salary Account with Access Bank before you can be granted loans.
Features
- No documentation is required.
- No collateral is required.
- Six (6) months tenor.
Methods to Borrow Money From Access Bank in Nigeria
As explained above that you can apply for a loan from Access Bank via their USSD Code or Mobile Application.
Method 1: Borrow Money From Access Bank Using Code
If you want to borrow money from Access Bank while using USSD Code, follow the simple steps below.
Step 1: On your Access Bank registered phone number, dial *901*11*1#.
Step 2: Select Personal, then in the next options list, select Borrowing.
Step 3: Choose the type of loan you want to apply for. Enter your BVN or Bank Account Number. Wait for approval status.
Method 2: Borrow Money From Access Bank Using App
Follow the steps below if you want to know how to take loans from Access Bank via their mobile app.
Step 1: Download the Access Bank App from Google Play Store or Apple Store. If you have it installed on your device already, then skip this step.
Step 2: For starters, create your mobile banking account by clicking the sign-up button. Enter the first 6 and last 4 digits of your Access Bank ATM card. Create your password and log in to your account.
Step 3: Log in to your account, then select Loans and Investments. You’ll see the amount you’re eligible to loan. Enter it and accept the terms and conditions of the loan. Click on submit and if you’re approved, you’ll get your loan within 24 hours.
Conclusion
That’s the whole process of borrowing money from Access Bank. We hope to have helped you with this guide on how to take a loan from Access Bank. There are plenty of loan offers for you, just make sure you meet up with their requirements and you’re good to go.
