How to borrow money from Access Bank – Are you in dire need of money to meet your goals and obligations? As humans, you are bound to have unexpected financial needs, while you may have the funds to settle those needs, sometimes you may need to seek other alternatives. And that’s where borrowing money from a reliable financial institution such as Access Bank steps in.
Access Bank is a leading financial institution that is popular for providing excellent banking services and customer solutions. The bank has numerous borrowing options that are designed to meet the specific needs of the borrower. Whether you need money to settle your fees, start a new business, fund a personal project, or deal with unforeseen expenses, Access Bank can provide you with the necessary support. In this article, we will look at how to borrow money from Access Bank. So, read on.
How To Borrow Money From Access Bank Using A Code
Do you know that you can borrow money from Access Bank using a USSD code? You don’t even have to visit the bank and you would have your required funds in your account. You just need your mobile phone and the USSD Code. This process is called the Payday loan service and is quite easy to obtain. You simply need to dial the USSD *901*11*1# and follow the instructions given. Below are the steps you should follow;
- First, you should ensure you have an account with Access bank
- Next, you should register for the mobile banking offered by Access Bank
- You will receive a mobile authentication PIN
- You should use the phone number you registered when opening your Access Bank account.
- Go to your call bar, and input the Access Bank USSD code *901*11*1#
- When you dial the code, click “send” and follow the instructions displayed on your screen to request a loan from Access Bank.
That’s how to borrow money from Access Bank using the USSD Code. Remember, this will only work if you have an account with Access Bank and have registered for mobile banking.
How To Bollow Money From Access Bank With Mobile App
Borrowing money from Access Bank using the bank’s mobile App is also called the Payday loan service. It is also simple, all you should do is follow the steps below;
- First, download the Access Bank mobile app from your phone’s store (Play Store or Appstore) and launch the App.
- Next, you should register and sign up. To do this, simply follow the instructions displayed on your screen.
- Now that you have successfully registered on the App, you should navigate it and locate the menu button. From the drop-down list, click on “loans and investments. “
- Click on the Payday loans options. The maximum amount you are eligible to borrow will be displayed on your screen alongside the terms and conditions associated with the loan. You should accept the terms to continue.
- Input the loan amount you desire to obtain and tap on “request loan.”
- That’s it, you have successfully applied for the loan. Normally, Access Bank will take about 24 hours to disburse the loan into your account.
How To Borrow Money From Access Bank By Visiting A Bank Branch
This is another hassle-free process of obtaining a loan from Access Bank. You simply need to locate an Access Bank branch near you and follow the steps we will outline below;
- You should visit any Access bank branch nearest to you with a valid proof of Address and your identity card (your National Identity Card, Voter’s Card, Driver’s License, or any other government-issued ID).
- Next, you should request and fill out a loan application form. Indicate the amount you want to borrow and include all the required information. Then you should submit alongside a copy of your I.D. card, electricity bill, and other required documents.
- Your loan application will be reviewed by the bank and it will be approved if you meet the loan requirements as stated in the bank’s loan policy. Meanwhile, if you don’t meet the loan requirements, the bank.will ask that you provide more information or documents before your loan can be approved.
- After your loan has been approved successfully, ensure to obtain a copy of the loan agreement from the bank’s customer care representative.
Types Of Loans Offered By Access Bank
Access Bank has diverse loan programs that are designed to meet individual needs and preferences. Below are some of the loans offered by Access Bank;
- Creative Sector Loans; These are loans designed specifically for people or businesses who are into fashion, movie production and distribution, information technology, creative arts, and other related industries.
- Personal loans are flexible loans designed for employees.
- Salary Advance; This type of loan allows you to get up to 100% of your monthly salary.
- Lending Against Turnover (LATO); This type of loan is designed for non-salary account holders who are current holders of at least six months of Access bank accounts.
- Maternal Health Service Support (MHSS); These are loans designed specifically to help in tackling birth and fertility-related expenses.
- Vehicle Finance; These are loans that allow you to purchase your car or a vehicle. These loans are only open to SME owners, salary earners, and Corporate organizations.
- Device Finance; These are loans designed to help borrowers purchase electronic devices such as mobile phones, laptops, etc.
- Advance for School Fees; These are loans designed to help you settle your children’s school fees, professional courses, and certifications.
- W Power Loan; These are loans designed for financing businesses owned by females.
- Small Ticket Personal Loan; This type of loan allows you to get up to 400% of your net monthly salary.
Requirements For Borrowing Money From Access Bank
- If you want to borrow money from Access Bank under the creative sector loan, you are expected to present a detailed business plan, have an excellent credit score, and have at least a 30% equity contribution to the loan you acquire. To secure it, simply reach out to your account officer, visit any Access Bank branch, or contact the Access Bank contact center.
- For a school fees loan, you need to have a completed loan application form, valid identification documents, a letter of Authority or an Irrevocable Letter of Domiciliation, Credit checks, School fees or Tuition bill invoice in your name, means of Identification, Salary bank statement, document Attestation, etc.
- For Access Bank’s personal loan, you also need an employer’s confirmation form, a completed application form, BVN, credit checks, employment ID, and a letter of lien.
- To obtain Access Bank’s LATO loan, which includes the salary advance loan and the small ticket personal loan, your phone number needs to be linked to your BVN.
- Ultimately, before you can obtain the Access bank’s W power loan, your business must be 50% female-owned and has been in operation for about 1 year, have Credit Checks, CAC documents, have a Valuation report, bank statement, BVN, Simple resolution, Drawdown Domiciliation Letter, An evidence of your insurance cover, etc.
As you now know, Access Bank offers a wide range of loan programs and you are definitely going to find the one that best suits your needs. Above are diverse ways on how to borrow money from Access Bank, choose the method that best suits you, and meet your financial needs. Remember to carefully assess your financial situation, borrow responsibly, and repay the loan timely, this is to ensure you have a positive borrowing experience.
Frequently Asked Questions
Can I apply for a loan from Access Bank online?
Yes, Access Bank provides online loan application options through its website and mobile banking platforms, making it convenient for customers to apply from the comfort of their homes or offices.
What documents do I need to provide when applying for a loan?
The specific documents required may vary based on the type of loan you are applying for. Generally, you will need identification documents (such as a valid ID card or passport), proof of income (such as salary slips or bank statements), and any additional documents specific to the loan type, such as collateral or guarantor information.
Can I repay my loan before the agreed-upon term ends?
Yes, Access Bank allows borrowers to make early repayments. However, it is important to review the loan agreement and understand any applicable penalties or fees associated with early repayment.
What if I face difficulties in repaying my loan?
If you encounter difficulties in repaying your loan, it is crucial to reach out to Access Bank as soon as possible. They may be able to provide you with suitable solutions, such as restructuring the loan or adjusting the repayment terms, to help you navigate through financial challenges.
How can I contact Access Bank for loan-related inquiries?
Access Bank provides various channels for customer support. You can contact their customer service helpline, visit a branch in person, or utilize their online chat services to address any loan-related inquiries or concerns you may have.
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