PayDay Loan: Quick loan from Access Bank with ‘quick charges’

PayDay Loan: Quick loan from Access Bank with ‘quick charges’

PayDay Loan is a digital quick loan product which is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC).

Sometimes emergencies arise before payday and you might be low on cash. This is where PayDay Loan comes in and you can get access to an instant loan by dialing *901*11*1# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.

Payday Loan is a quick loan product and it’s for customers (both salary and non-salary earners). With Payday Loan, you can borrow money with no elaborate documentation or collateral needed.

Features
24/7 service which does not require visits to the bank and application is done conveniently via *901*11*1# QuickBucks App, Internet Banking, Mobile App.
No documentation required.
No collateral required.
Up to thirty-one (31) days tenor.

What can affect my eligibility?

Your eligibility will be affected by any of the following:
If you have any outstanding loan(s) in Access Bank or other banks.
If you apply using a phone number that is not linked to your BVN.
If there is no evidence that you received salary payment in the previous month.
If you have taken previous digital loans and exceeded your eligible amount.
If you have an existing loan and the monthly repayment is higher than your eligible amount.

When is the PayDay Loan due for repayment?

Your PayDay Loan will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first).

The loan amount will be automatically deducted from your salary account.

Does my salary account have to be in Access Bank before I can apply for PayDay Loan?

No, it does not. If your salary is processed via Remita or IPPIS, you can also apply for a PayDay Loan. Please note that when you request a PayDay Loan, an Access Bank account will be automatically opened for you and the loan disbursed into this new account.

What is the tenor for the PayDay Loan?

30 days or your next salary payment, whichever comes first.

What happens if my account is not funded for repayment on the due date?

The loan amount will be deducted from any inflow into the customer’s settlement account. Where the loan us past due, deduction will be made from any account account linked to your BVN.

What if I have other existing loans, can I still get a PayDay loan?

Where you have existing loans, the monthly repayment(s) will be used to calculate your eligible amount. Your eligible amount will therefore be 75% of your monthly salary, less any monthly repayment(s). If the monthly repayment is higher than your eligible amount, you will not be able to take a PayDay Loan.

Disadvantages and Cons Of The Access Bank PayDay Loan

Interest rate is high

The interest rate for the facility is 4% flat, which shall be subject to review from time-totime in line with the prevailing money market condition. Any change in pricing of the facility notified by the Lender to the Borrower shall be binding on the Borrower.

The above terms extracted from the bank’s website is rather harsh and rate quite high comparatively.

Interest charges on unliquidated expired amount

Any excess over the approved limit or any unliquidated expired facility shall attract an
interest on authorized excess overdraft at a rate of 12% per annum.

Charges Management, Processing Fees and Other Fees

MANAGEMENT FEE
1% flat
CREDIT LIFE INSURANCE
0.3% flat
PENAL CHARGE
When Default Penalty
11th days post maturity date 1%
45 Days Past Due 1%
60 Days Past Due 1% (every month thereafter).

To Read More About The Access PayDay Loan, CLICK HERE

We are a financial solutions brokerage company that seeks to inform and educate individuals and small  businesses about quick loan opportunities to help them take informed decisions. We are neither staffers nor stakeholder in this loan agency. Book A Call TODAY and speak with one of our Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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About the Author: Femi Adeoya

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