Access Bank PayDay Loan Application – The Access Bank PayDay loan is “a salary based instant loan product for employees of organizations who meet our risk acceptance criteria”. This loan application program is open to all whose salary account is with Access Bank Nigeria PLC. For you to apply for a loan, you will need to verify your eligibility and then, they will tell you how much you are eligible to apply for.
One of the main benefits of the Access Bank PayDay loan is that there is no collateral. You can also obtain a loan without a guarantor. This makes it a very convenient means of accessing a loan to meet up with your needs. We will show you all you need to know about the Access Bank PayDay Loan Application.
Access Bank PayDay Loan Application – How To Apply
There are two major ways of applying for a PayDay loan. Here is you can apply for it.
- You can request for a PayDay Loan by dialing *901*11# on your mobile phone. OR,
- Visit www.mypayday.ng and follow there guidelines.
Access Bank PayDay Loan FAQs
1. What Can Affect My Eligibility?
- Delinquent loan in Access Bank or other banks
- Incorrect salary account number or use of phone number that is not linked to the salary account
- Non-payment of salary into salary account in the previous month
- Negative or zero net eligibility based on repayment on other existing loans.
- You have collected existing PayDay loans up to your eligible amount already.
2. What If I Have Other Existing Loans?
Monthly repayment on existing loans will be backed out of your eligibility amount to arrive at what you are currently eligible for. If the monthly repayment on an existing loan is more than your eligibility amount, you will not be eligible to take a PayDay loan.
3. What do I need to do to repay my loan?
4. How long does it take to get a loan disbursed?
5. How do I know my eligibility amount?
6. How many times can I request for a loan?
As many times as you may require within the same month or at different intervals. Each time you request, the eligible amount is displayed and you can apply for not more than the eligible amount.
7. What are the applicable charges?
Upfront fees of 2% flat and insurance of 0.15% of loan amount is taken upon loan disbursement while interest of 3% flat is taken at the point of liquidation.
8. What is the tenure of PayDay Loan?
Maximum of 31 days or pay day whichever comes first.
You can use this guide on the Access Bank PayDay Loan Application and apply for your loan today. Good luck!