Access Bank Loans: All You Should Know

Loans are a common occurrence in Nigeria, whether from loved ones or institutions. Many people have a story of a time when they needed to take out a loan. The Access bank loan is designed to help finance whatever need prompted the loan request in the first place.

Types of loans offered by Access Bank

Creative Sector Loans

The Central Bank of Nigeria offers these loans to individuals and businesses to help build capacity and create employment in industries such as fashion, information technology, movie production and distribution, and music.

Lending Against Turnover (LATO)

Access Bank offers the LATO loan product to non-salary account holders who have been bank customers for at least six months. This unsecured loan requires no documentation or collateral and has a repayment term of 30 days. You can apply for this loan using the Access Bank loan USSD code – *901*11*1#.

Personal Loans

Personal loans are a type of loan specifically for employees. This type of loan is flexible, and can last for up to 36 months. Personal loans are typically used to empower employees and help them meet their financial needs.

Salary Advance

The Access Bank salary advance program allows employees to borrow up to 100% of their net monthly salary with no collateral or documentation required. The loan can be applied for quickly and easily through the QuickBucks app or USSD code, and must be repaid within 3 months.

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Small Ticket Personal Loan

For a small ticket personal loan, Access Bank offers up to 400% of your net monthly salary. The repayment period for this loan is 12 months.

Device Finance

This loan scheme from Access Bank is primarily to help customers finance the purchase of mobile phones or gadgets.

W Power Loan

Access Bank’s W Power Loan is designed to help close the financing gap for businesses owned by women. This loan product provides these businesses with access to loans and credit facilities, helping them to grow and thrive.

Vehicle Finance

Access bank vehicle finance loan is the ideal way to finance your new car. The loan is available to salary earners, SME owners, and corporate organizations, and offers a wide variety of vendors to choose from. You can repay the loan within 48 months, making it a convenient and affordable option.

Advance for School Fees

You can apply for a loan to cover your child’s school fees. You can also use this loan to pay for professional courses and certifications.

Maternal Health Service Support (MHSS)

The MHSS loan is designed to finance birth and fertility related procedures.

Access Bank loan requirements & how to apply

To access a loan from Access Bank, you will need to provide certain documentation depending on the type of loan you are applying for.

  1. For the creative sector loan, you will need a business plan or statement of how much you need for your business.
  2. To secure the LATO loan, small ticket personal loan, or salary advance loan, you will need a phone number that is linked to your BVN as well as evidence that you received salary payment in the previous month.
  3. For a personal loan, you will need a completed application form, a completed employer’s confirmation form, a copy of your employment ID, letter of lien, BVN and credit checks.
  4. For a W power loan from Access Bank, the business must be at least 50% female-owned, must have been operational for twelve months or longer, and have a minimum staff size of two people.
  5. To apply for an advance to cover school fees, you will need to have a completed application form, an offer letter that has been accepted, a school fees bill or invoice in the student’s name, a valid ID card, and a utility bill from within the past three months.
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How to repay Access Bank loan

If you have received a loan from Access Bank, they would have provided you with information on how the loan is to be repaid. In most cases, you will be required to make monthly installments after a period of 30 days from receiving the loan. This amount will be automatically deducted from your account every month in order to spare you the inconvenience of having to visit the bank.

This is not a method that is unique to Access Bank. Many other Nigerian banks operate in a similar fashion.

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