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Banking Finance Local Wisdom

All you need to know about Access Bank Payday Loan

Launched on the 1st of October 2017, Access Bank Payday Loan or Salary Advance Scheme is a product created in collaboration with Remita to make loans available to salary earners, irrespective of what bank their salary account is domiciled.

However, for those whose salary accounts are not domiciled with Access Bank to be eligible for the Access Bank Payday Loan, they must be Remita customers.

According to information available on theĀ Remita website:

A Remita customer is any staff of all organizations using Remita payroll or who are paid through the Remita Payment Module.

Remita

Other requirements for Access Bank PayDay Loan

Nothing else – no collateral, no guarantors – is needed to be eligible besides being a Remita customer or having your salary domiciled with Access Bank.

What are the minimum and maximum that can be borrowed?

Generally speaking, the minimum that can be borrowed is N1000.00 and the maximum is N500,000.00.

However, the amount a certain individual can borrow depends on their eligibility, which is determined by the lender (Access Bank).




READ ALSO: Nigerian banks that offer Payday Loans (Salary Advance)

What is the Access Bank PayDay Loan interest rate?

The interest rate is 3% flat.

When and how do I pay back the loan?

The tenure is a maximum of 31 days or the day the next salary is paid – which ever comes first.

Once the loan matures on either of the earlier mentioned days, the repayment is deducted directly from borrower’s account.

How does it work (Access Bank PayDay Loan USSD code)?

You can access your payday loan in four simple steps:

1. Dial the USSD code *901*11#

2. Obtain your Access Account Number

3. See how much you’re eligible for.

4. Get your instant loan.

How do I make enquiries about the loan?

For more information about Access Bank Payday Loan, email info@mypayday.ng




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