Access Bank Payday Loan – How to Apply & Eligibility Criteria


Access Bank is one of the leading Financial institutions in Nigeria providing dependable financial services to the public, facilitating seamless transactions, helping to manage wealth, and creating it. 

Sometimes emergencies pop out of nowhere, and as a salary earner, or any income earner, waiting till the end of the month before your next influx of cash can be a really long wait. During an emergency, you’d need a payday loan. 

In this post, we’ll be looking at Access Bank Payday Loan and how you can apply as well as other factors surrounding the loan itself.

access bank payday loan
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Access Bank payday loan – what is it?

The Access Payday loan is a digital credit facility that disburses loans instantly to the requesting customer, as soon as they receive the application and approve it. 

Approval of this digital loan product depends solely on whether you meet Access Bank’s lending criteria, which they call Risk Acceptance Criteria (RAC).

In a nutshell, payday loan primarily targets providing financial assistance to salary earners and non-salary earners.

Access Bank payday loan eligibility

The following will make you eligible to be granted this Access bank loan:

  1. No outstanding loan in Access bank or any other bank
  2. A phone number that is linked to your BVN (here’s how to check BVN)
  3. Evidence that you received salary payment in the previous month

The maximum Access bank payday loan you can get

With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors

  • Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for a payday loan amount of 75% of your monthly salary.
  • Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,000.

Applying for the Access bank payday loan

The payday loan is a digital product, so you need not apply for it physically. You can get access to the payday loan through the Access bank payday loan code using the USSD – *901*11*1#, through Internet Banking – which enables you to borrow money online instantly or even Access Bank’s WhatsApp Banking platform. Also, you can access it through the Access Mobile App and QuickBucks App.

You can check out this post for other USSD codes for loans in Nigeria.

access bank payday loan code

The application process usually takes up to 24 hours, after which the bank disburses the funds. 

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How to repay Access bank payday loan

Your Access Bank loan is eligible for repayment either by your next salary payment or 30 days from the day you take the loan. You don’t have to go through any process to repay. The loan amount is automatically deducted from your salary bank account.

Access Bank payday loan interest rate

The Access bank payday loan interest rate is 3% flat and this is subject to prevailing market conditions. This means that your interest rate may be different from 3%. Ensure that you make all the necessary enquiries from the bank before applying for a loan.

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Finding yourself in a financially hard situation is no joy. For a salary or steady income earner, the Access bank payday loan is a great soft loan option for rainy days. You can check out the Zenith Bank loan for other options.