If you are searching for how to repay Access Bank payday loan in Nigeria, this guide is for you! We will show you all you need to know about the payday loan repayment.
A payday loan is an instant loan for both salaried and non-salaried Access bank clients that has low interest and requires no documentation or collateral.
The tenor for a payday loan is 31 days or the next salary date, whichever comes first.
What Are The Conditions To Get The Payday Loan
Below are the requirements to apply for the Access Bank Payday loan:
- You need to provide the evidence of a monthly salary for the last 3 months
- Salary must be received in your Borrowers account in the bank
- Complete an application through the Access bank digital lending platforms, including the mobile banking app, internet banking, ATM, QuickBucks or the USSD code.
- Automated confirmation on eligibility and visibility of monthly payroll through a separate pre-approved customer database.
- Get an acceptance offer via electronic digital lending banking platforms.
- Accept the terms and conditions of the payday loan
- Make an irrevocable salary domiciliation to the bank
These are the conditions to get an Access Bank payday loan in Nigeria.
How To Repay Access Bank Payday Loan
The Access Bank payday loan is eligible for repayment either by your next salary payment or 30 days from the day you took the loan.
There is no process to repay the loan as it is automatically deducted from your salary account.
This is how to repay the Access Bank payday loan in Ghana.
What Is The Payday Loan Interest Rate
The Access bank payday loan has an interest rate of 3%, subject to prevailing market conditions.
This means that the rate may be different for your loan.
This is the Access Bank Payday loan interest rate in Nigeria.
What Is The Penalty For Past Due Payday Loans
The default penalty for 11 days after the loan maturity date is 1%.
You are charged a further 1% for 45 days past the due date, and after 60 days, you are charged a further 1% every month after that.
This is all the information you need about the Access Bank payday loan in Nigeria.
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