Home Uncategorized How to borrow Money from Access Bank without stress

How to borrow Money from Access Bank without stress

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Access Bank is one of the best and most popular banks in Nigeria. and at the same time, one of the easiest banks to get a loan from. However, despite the fact that Access Bank has millions of users, there are only a few people that know how to borrow money from Access Bank without stress.

Well, not everybody would like to borrow money from the bank. But the question is do you want to know how to borrow money from Access bank without stress? If yes, then you are in the right place.

In this post, we are going to show you the requirements to borrow money from Access bank, the types of loans offered by Access banks, how to borrow money from Access bank, and how to repay access bank loan with ease.

Not just that, we will also provide answers to the most frequently asked questions about access bank loans you may have in your mind. so, let’s dive in.

Requirements to borrow Money from Access bank

There are always requirements to get a loan from almost everywhere. it is no doubt that before you can borrow money from Access bank, there are certain requirements you need to meet.

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However, access bank has different types of loan with different requirements. But don’t worry we are going to list them, and show you their requirements in the next heading.

Types of loans offered by Access bank and their requirements

1. Creative Sector Loans:

Creative sector loan is a type of loan that is purposely for individuals and businesses in information technology, fashion, movie production and distribution, music, and many other creative arts.

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Requirements;

  • A detailed business plan
  • A good credit history
  • Make at least a 30% equity contribution to the loan

2. Lending Against Turnover (LATO):

Lending against turnover is basically for non-salary account holders who have been banking with the system for at least six months or above. It is an instant loan product since no collateral or documentation is required.

Requirements;

  • A phone number that is linked to your BVN
  • Proof of the previous month’s salary payment

3. Personal loan:

Personal loan is a Flexible loan for only employees. This is to empower the employees’ needs through a salary administration product that lasts for 36 months.

Requirements;

  • Copy of employment ID
  • BVN
  • Letter of lien
  • Credit checks
  • Complete application form

4. Salary Advance:

Access bank salary advance gives up to 100% of your net monthly salary to the employee without collateral or documentation.

Requirements;

  • A phone number that is linked to your BVN
  • Proof of the previous month’s salary payment

5. W Power Loan:

W power loan means women power loan. This loan is specially applied to female-owned businesses.

Requirements;

  • The business must be at least 50% owned by a female
  • Minimum of two staff in the business
  • CAC documents
  • Credit checks
  • Must have been in operation for at least a year

6. Advance for School Fees:

This loan is for parents who want to pay their children’s school fees, professional courses, or certifications.

Requirements;

  • A valid ID card
  • School fees bill/invoice in the name of the student
  • A completed loan application form

7. Maternal Health Service Support (MHSS):

Maternal health service support loan is designed to support birth and fertility-related procedures.

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How to borrow money from Access bank

There are three different ways to borrow money from access banks which are going to the bank, using a mobile app and USSD code. However, each way follows a different process and that is what we are going to explain in the next headings;

How to borrow money from Access bank by visiting a bank

Follow the steps below to borrow money from any access bank branch;

  • Visit the nearest access bank in your area.
  • Request for a loan-taking form
  • Fill in the form
  • Attach the required documents to the form and submit it.
  • It will take a while for the bank to review it.
  • Once it is approved, get a copy of the loan agreement from the bank’s customer service officer.

How to borrow money from Access bank using mobile app

Follow the steps below to borrow money from Access bank using a mobile app;

  • Download Access bank mobile app
  • Create an account
  • Verify your account and login.
  • Navigate men.
  • Click on loans and investments.
  • Select a payday
  • Check the available loan offers.
  • Enter the amount and request the loan.
  • Your loan application will be processed within 24 hours.
  • They may either approve it reject it.

How to borrow money from Access Bank with USSD code

You must have Access bank account to borrow money from using the USSD code. if you don’t have an account with Access bank, create one. And if you already have Access bank account, follow the steps below;

  • Insert the sim you use to register Access bank accounts on a phone.
  • Dial access bank loan USSD code *90111*1#
  • Follow the steps on-screen prompt.
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How to pay back Access bank loan online

Access bank make it so easy for people to repay loans. Upon loan approval, you will be issued instructions on how the loan should be paid depending on the type of loan you take.

However, most of their loan types follow similar repayment procedures. After about 30 days, you will make monthly payments. Every month, this amount is deducted automatically from your account.

FAQs – frequently asked questions

How long does Access Bank take to approve loan?

It often takes two to five working days for Access bank to review your loan application if you apply through their bank branches. And for the USSD code and mobile app, it takes about 24 hours.

Can Access Bank give loan without collateral?

Yes. There are some types of access bank loans that do not require documentation or collateral. You can check some of them above.

How much can I borrow from Access Bank?

You can borrow up to N300,000 or above from Access bank depending on the type of loan you want to take.

Final thoughts on how to borrow money from access bank

Access bank is a good bank to borrow money from. Their interest rates are not that bad compared to some banks or mobile lending apps. Perhaps not everybody will be given a loan from the bank for the first trial, even after meeting all the requirements. You may need to reply to be approved.

Thanks for reading our article on how to borrow money from access bank. we hope you it helpful.

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