Access Bank Payday Loan in Nigeria

Access Bank payday loan
Written by Omolola Akinyemi

As a worker, you should have access to a credit facility from your bank when you need it. That is, to be able to borrow money for urgent uses against your next salary. Especially if you have a salary account in that bank. Access bank payday loan is one of such credit facilities available for workers in Nigeria.

The loan can be deducted at once or gradually, based on your agreement with the bank (or the bank’s loan conditions).

What is a Payday Loan?

Simply put, a payday loan is a loan offered by a lender to an account owner (typically a salary earner). It is offered on a short-term basis, and at a high interest rate. It is also referred to as salary earners’ loan or salary-backed loan. It is somewhat similar to obtaining a salary advance from your employer but this time, you pay an agreed interest on it.

Also Read- Top 10 Online Shopping Sites in Nigeria

The major features of a payday loan in Nigeria include:

  • The loan is deducted from the salary account when the next salary is paid into it. It could be all at once, or in installments.
  • As a rule, lenders in Nigeria may allow a payment duration of up to a maximum of 36 months (as offered by Access Bank payday loan).
  • Payday loans do not need the worker to provide a collateral in order to be approved.
  • The loan amount approved is usually between 50% and 80% of the worker’s gross salary.
  • Payday loans are offered by a good number of banks, microfinance institutions and some non-bank lenders in Nigeria. Lately, many fintech companies in Nigeria have joined to offer payday loans (and other types of loans). Thus is done at reasonably low interest rates.
  • In some cases, lenders offer larger loans to workers with higher salaries. While some other lenders may have a fixed maximum amount regardless of the worker’s salary. Or both may hold true.

Payday loans in Nigeria are offered to workers or individuals who meet certain conditions, such as:

  • The worker must provide proof of work – especially an employment letter.
  • He/she must have a salary account or a pension account with the lender.
  • He/she must show evidence of regular earnings/income entering the target account. Recent payslips or bank statements of three to six months may be required by the lender.
  • He/she must provide a verifiable government ID. A tax ID may be required as well.
  • He/she must provide BVN, and have a good credit score or credit history. That is, the worker has no history of unpaid loans (or inconsistent loan repayment).
  • He/she should provide a proof of address.
  • Passport photograph and Proof of age may also be necessary. Under normal conditions, no borrower is expected to be less than 21 years of age.

A registered business owner or entrepreneur in Nigeria may also have access to payday loans. In addition to the conditions above, such a business owner would need to provide:

  • A Memorandum of Association
  • A Certificate of Incorporation
  • Post-dated NUBAN cheques, and
  • A guarantor willing to meet the demands of the lender.

Why Would You need a Payday Loan?

There are many reasons why a worker would opt to take a payday loan:

  • A payday loan can be fast to obtain from lenders, sometimes faster than other kinds of loans. It may take between a few minutes to just 24 hours to obtain one, once the conditions are met.
  • It is a convenient way of paying for urgent needs such as household bills, rent, school fees, repairs and more.
  • No one needs to know the actual purpose of the loan. So long as the current employment, and the salary payments, are constant.
  • Payday loans do not require collateral backing.
  • For workers with a poor credit history or no credit history at all, it is a good option. That is, an applicant who may have had a rough time paying earlier debts, or no record of borrowing yet. Such borrowers are seen as high-risk borrowers. And to compensate for that risk, some lenders willing to offer this service would do so at a higher interest rate. That comes after checking their affordability status.

Payday loans are equally recommended for workers who are averse to long-term loans. To avoid the risk of paying back loans that would extend over a long period of time, and with a significant impact on your salary. You might opt for a payday loan to better plan your expenses.

Access Bank Payday Loan: How it Works

Access Bank is a high-profile lender, and in the forefront of the payday loan business in Nigeria as we speak. The availability of credit facility for owners of salary accounts in Access Bank has somewhat endeared the bank to workers and employers alike. The attractive perks that come with Access Bank’s Payday loan include the following:

  • You can obtain up to 75% of your monthly salary as a payday loan. However, the maximum loan amount cannot exceed 1 million Naira in any case.
  • It is available for any worker whose salary is a minimum of 50,000 Naira (which is quite common).
  • No need for collateral.

Access Bank Payday Loan: Terms and Conditions

However, the unavoidable terms and conditions that are packaged along with Access Bank payday loan are that:

– it must be paid back in a maximum of 30 days, or on the next salary date  (whichever comes first).

– It is offered at an interest rate of 10% flat.

– Other service charges would apply – these charges include management fee, and credit life insurance fee.

– When payment exceeds a maximum of 7 days from the due date, it would attract a penalty of an extra 1% charge per month on the amount owed.

Methods to Obtain Access Bank Payday Loan

The Access bank USSD code (that is, text/SMS short code) to access quick loans (including payday loans) from your phone are as follows:

==>> *901*11# or *426# .

Alternative channels you can use to obtain Access bank quick loans include:

  • Internet Banking (on their website: click HERE
  •  WhatsApp Banking (+234 9090 901 901)
  • Access Mobile App and
  • QuickBucks App.



You may not republish, reproduce, or redistribute any content on this website either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to;

(a) LINK BACK TO THE ARTICLE in the case of re-publication on online media,

(b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us at [] for immediate removal.

About the author

Omolola Akinyemi

A Computer Science graduate of UNILAG, I hail from Ekiti state of Nigeria. An astute teacher, learner & admin assistant of many years experience. I love technology, innovation, and Nature. A problem solving mentality is important to me. The future is only seconds away, and I believe I can define the future now. You can also.

Exit mobile version