Today’s guide will discuss the Access Bank salary advance loan in Nigeria.
Access Bank salary loan is an instant digital loan product targeted at salary earners who meet the bank’s Risk Acceptance Criteria (RAC).
To access this loan, you need to have an account with Access bank, and it should be active for at least three months.
You also need to earn a minimum of 50,000 Naira a month to qualify for the Salary advance loan.
Access Bank Salary Advance Loan
You can access up to 200% of your net monthly salary and repay for six months with a salary advance.
You, therefore, have up to 180 days to repay your salary advance loan.
You get a 24/7 service, and it doesn’t require you to visit the bank to check your status.
The loan application is made conveniently via Quick Bucks App or USSD Code, *901*11*1#.
No documentation is required to apply for the loan, and no collateral is required.
These are the features of the Salary advance loan in Nigeria.
What Is The Cost Of Salary Advance Loan
The access bank salary advance interest rate is 5.4% on reducing balance.
You are also charged a 1% management fee and 0.7% credit life insurance.
This is the cost of the salary advance loan in Nigeria.
Can I Get Salary Advance Loan If I Have An Existing Loan
If you have an existing loan, the equated monthly installments or monthly repayments are used to calculate your eligible amount.
Therefore, your eligibility amount is 200% of your monthly salary, less than the equated Monthly Installment (EMI).
You cannot take a salary advance loan if the monthly repayment is higher than your eligible amount.
Your eligibility amount is displayed when you request a salary advance loan.
This is all the information you need about the Access Bank salary advance loan in Nigeria.