Lending Against Turnover (LATO)

It is an instant digital loan product which is targeted at Access Bank individual customers who actively use their Access Bank account, subject to the Bank’s risk acceptance criteria (RAC).

Customers are at liberty to pay off their loan at their convenience. Interested customers should contact Access Bank on +234 700 300 0000 or +234 1 271 2005; send an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch to liquidate their loans.

Yes, your account needs to be in Access Bank and needs to be active for at least six (6) months.

You can request for a Payday Loan through any of the following ways:

• Dial the USSD code *901*11#

• Go to the Access Mobile App and select Loans & Investments

Once your loan request is successful, your Access Bank account is credited instantly. However, it may take up to 24 hours to process before disbursement into your account. In such an event, we will notify you of any delays.

The interest rate for Lending Against Turnover is between 7% and 16%, the credit life insurance charge is between 0% - 1.5% (which is taken upfront), and management fee of 1% (which is taken upfront), subject to Access Bank’s risk acceptance criteria.

The maximum amount (i.e. eligible amount) you can get is 30% of your monthly average turnover for six months, subject to a maximum of ₦700,000 and less any active loans at the Bank. Your eligibility is displayed when you request for the loan.

Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.

Your eligibility will be affected by any of the following:

• If you have any outstanding loan(s) in Access Bank or other banks.
• If you apply using a phone number that is not linked to your BVN.
• If you have taken previous digital loan and exceeded your eligible amount.
• If you have an existing loan and the monthly repayment is higher than your eligible amount.

The loan amount will be deducted from any inflow into the customer’s account. Where the loan us past due, deduction will be made from any account linked to your BVN.

Where you have existing loans, the equated monthly instalment (EMI)/ monthly repayment(s) will be used in calculating your eligible amount. Your eligibility amount will therefore be 20% of your average monthly turnover, less any EMI. If the monthly repayment is higher than your eligible amount, you will not be able to take a Lending Against Turnover loan.

The loan tenor is between 14 days (2 weeks) to 90 days (3 months), subject to Access Bank’s risk acceptance criteria.

Your Lending Against Turnover loan will be due for repayment every month for a cycle of three (3) months tenor from the date the loan was disbursed into your account (anniversary date).

Yes, there are. Please see the table below for other instant digital loan products available.

Loan Type	Available to	Loan Amount	Repayment Plan	Pricing
PayDay Loan (PDLP)	Salary account holders with Access Bank	Up to 75% of monthly salary, subject to a max. of ₦1,000,000	Against next salary payment or 30 days (whichever comes first)	Interest Rate: 12% Management Fee: 1% Credit life insurance 0.5%
	Other bank customers whose salaries are paid through Remita, eTranzact, Zinox Group/Konga Pay, and PrimusPlus	Up to 50% of monthly salary, subject to a max. of ₦500,000	Against next salary payment or 30 days (whichever comes first). Your repayment will be deducted from your next salary and paid into your Access Bank account.	Interest Rate: 13% Management Fee: 1% Credit Life Insurance: 0.5%
PayDay Extra (PDLE)	Salary account holders with Access Bank	Up to 100% of monthly salary, subject to a maximum of ₦2,000,000	90 days with repayment over three (3) monthly instalments	Interest Rate: 11% (on reducing balance) Management Fee: 1% Credit Life Insurance: 0.7%
	Other bank customers whose salaries are paid through Remita, eTranzact, Zinox Group/Konga Pay, and PrimusPlus	Up to 80% of monthly salary, subject to a maximum of ₦1,000,000	90 days with repayment over three (3) monthly instalments	Interest Rate 11% (on reducing balance) Management fee: 1% Credit Life Insurance: 0.7%
Salary Advance (SADV)	Salary account holders with Access Bank who earn a minimum of ₦30,000	Up to 200% of monthly salary, subject to a maximum of ₦5,000,000	180 days with repayment over six (6) monthly instalments	Interest Rate: 10% (on reducing balance) Management Fee: 1% Credit Life Insurance: 1%
Small Ticket Personal Loan (STPL)	Salary account holders with Access Bank who earn a minimum of ₦30,000	Up to 400% of monthly salary, subject to a maximum of ₦10,000,000	365 days with repayment over twelve (12) monthly instalments	IInterest Rate: 9% (on reducing balance) Management Fee: 1% Credit Life Insurance: 1.2%
Device Finance (DFPS)	Salary account holders with Access Bank	Up to 33% of annual salary, but subject to a max. of ₦500,000 without equity contribution and ₦2,000,000 with equity contribution.	Up to 365 days with repayment over twelve (12) monthly instalments	Interest Rate: 30% p.a. Management Fee: 1% Credit Life Insurance: 1%