It’s inevitable to get a loan from Nigeria, regardless of whether it’s from someone you love or an institution. Nearly everyone has had to apply for a loan. How to borrow money from access bank? To borrow money from Access Bank you will need to have a business plan, or a statement of how much money you need for your company, in order to apply for the creative industry loan.
Continue reading this guide for a better understanding of how to borrow money from access bank; Access bank loans are designed to help you finance the need that made you request them in the first instance.
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Access Bank Offers a Variety Of Loans
- Small Personal Loan – Access Bank will offer this type of loan up to 400% of your monthly net salary. This loan will be repaid within 12 months.
- Personal loan – This loan is designed to help employees meet their financial needs by offering a salary management product. Flexible and available for up to 36 months.
- W Power Loan – This Access Bank loan product fills the financing gap for women-owned businesses. W Power Loan allows them to access loans and credit.
- School Fees Advance – You can borrow money to pay the school fees of your child/ward as a parent/guardian. You can also borrow this type of loan to pay for professional certifications and courses.
- Device Financing – This Access Bank loan program is designed to assist you in financing the purchase of mobile devices.
- Creative Sector Loans – This loan from the Central Bank of Nigeria is intended to build capacity and provide employment for individuals and companies in industries such as fashion, movie production, distribution, and music.
- Salary Advance – Employees have access to up to 100 percent of their monthly net salary through the Access Bank wage advance. This loan does not require collateral or documentation and can be applied through the quick bucks app or USSD. The person must repay the loan within 3 months.
- Maternal Health Service Support – This loan can be used to finance fertility and birth-related procedures.
- Vehicle Financing – Access bank vehicle financing loan allows you to purchase a car quickly and easily. This loan is available for employees, SME owners, and businesses. The loan is repayable in 48 months and gives you access to many suppliers.
- Lending against Turnover (LATO – This instant loan product targets non-salary account holders who have been with the Bank for at least six months. This loan is available for up to 30 days and does not require any collateral or documentation. This type of loan can be applied for using the Access Bank loan code: *901*11*1#. For loans in Nigeria, See USSD Code.
Access Bank Loan Requirements and How to Borrow Money From Access Bank
You will need to have a business plan, or a statement of how much money you need for your company, in order to apply for the creative industry loan.
You will need a phone number linked to your BVN and proof that you have received a salary payment to qualify for LAT Loan, Personal Loan, and Advance loan (salary Loan).
A completed application form and an employer’s confirmation form are required for a personal loan. Credit checks will also be required.
A W power loan can only be obtained by 50% women-owned businesses that have been in business for at least 1 year and had a minimum staff of 2 employees.
You will need to complete an application form and a letter of acceptance. A school fees bill/invoice must be in the student’s name. Valid means of Identification (ID) is also required.
How To Pay Back Access Bank Loan
Access bank will inform you how to repay your loan once you have received the loan.
Most products require you to pay monthly installments within 30 days of receiving them. To save you the hassle of going to your bank, this amount is automatically taken from your account each month.
This isn’t just an Acess bank thing. This is also the case for Zenith Bank loans.
FAQ – How To Borrow Money From Access Bank
The following are frequently asked questions about access to bank loans:
· What happens if I am unable to repay the loan on time?
Your agreement will determine the exact penalty for not being able to repay on time. The penalties are usually stated in the loan terms. They are enforced once the default occurs. Lenders will either raise the interest rate or remove collateral. Access bank automatically debits the due amount from your account on the due date.
· What happens when your loan is approved?
Usually, loan approval is followed by repayment within 24 hours. Depending on the lender or the bank concerned, this period may take longer. You might also need to submit certain documents to some banks before you can withdraw the funds.
· What is the application fee for a loan?
The loan application fee is the amount that lenders charge for the process. It can vary from 0.1% to as high as 5%. Most lenders have stopped charging loan application fees in recent years to increase their customer base.
Conclusion
Access Bank offers a range of loan products that make it easy to get quick loans in Nigeria. Access Bank offers several channels through which you can access your loans and make further inquiries. You can access their Access Mobile App or walk into any Access bank branch and get a Development Bank loan.