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ACCESS BANK PLC

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16/9/2021

Lending Against Turnover (LATO)

LATO is an instant loan product for non-salary account holders who have an existing banking relationship with the Bank for over six months

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Access Bank PLC: Lending Against Turnover

Lending Against Turnover

Sometimes urgent financial needs may arise and you might be low on cash. This is where Lending Against Turnover (LATO) comes in. With LATO, you can get access to instant cash by dialling *901*11#
 
Lending Against Turnover (LATO) is an instant loan product for non-salary account holders who have an existing banking relationship with the Bank for over six months.
 

Features

  • 24/7 service which does not require visits to the bank and application is done conveniently via USSD code *901*11#
  • No documentation required
  • No collateral required
  • 3months/90 days


Frequently Asked Questions (FAQs)

It is an instant digital loan product which is targeted at Access Bank customers whose salary accounts are not domiciled at the Bank and who meet the Bank’s Risk Acceptance Criteria (RAC).
 
You can request for a loan by dialing the USSD code *901*11#.
 
Yes, your account needs to be in Access Bank and needs to be active for at least six (6) months.
The loan tenor is 90 days (3 Months).
20% of trim mean average monthly turnover between 6-months to 1-year subject to a maximum of ₦300,000 (Trim mean to eliminate 25% of the months with the highest turnover and 25% of the months with lowest turnover).
No. All individual Tier 3 Individual accounts are eligible accounts except the following.
  • Smart Savers
  • Solo
  • DBA account type(s) E.g. (DBA-Basic (ind)
  • SME account type(s) E.g. (SME GOLD CURRENT ACCOUNT)
  • Trader Lite account type(s)
  • Evergreen
  • Domiciliary
  • Joint account
Your eligibility will be affected by any of the following:
1. If you have any outstanding loan(s) in Access Bank or other banks.
2. If you apply using a phone number that is not linked to your BVN. 
3. If there is no evidence that you received a minimum inflow of N20,000 in the last 30 days. 
4. If you have a bad credit check report. 
5. If you have taken previous digital loan and exceeded your eligible amount. 
6. If you have an existing loan and the monthly repayment is higher than your eligible amount
 
The pricing varies with the loan tenor as follows:
 

 

Fees

Management Fee

1%

Credit Life Insurance

0.50%

Penal Charge

1% per month, upon default

Interest

New Customer

4.0%

Returning with no default

4.0%

Returning customers with default not more  than 16 days late

4.1%

Returning customers with default above 16 days but below 1 month late

4.9%

Returning customers with default above 1 month but below 2 months late

8.0%
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 trim mean average monthly turnover, less any EMI. If the monthly repayment is higher than your eligible amount, you will not be able to take a LATO loan.
Once your loan request is successful, your Access Bank account is credited immediately.

The minimum amount you can access is N5,000

The maximum amount you can access is N300,000
As many times as you may like, as long as you have not exceeded your eligible amount. It is however subject to a maximum of three disbursals per day.
Your LATO loan will be due for repayment every month for a cycle of 3 months’ tenor from the date the loan was disbursed into your account.
Customers are at liberty to pay off their loan at their convenience. Interested customers should send an e-mail to contactcenter@accessbankplc.com to liquidate their loans.
 
The LATO loan amount will be recovered from any inflow into the customer’s account after the repayment is due or debit to BVN account in Access/Other Banks should be made for repayment.
Customers will face a 1% penal charge per month for defaulting on the loan.
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

Salary account holders with Access Bank

 

Up to 75% of monthly salary

Against next Salary payment or 30 days (whichever comes first)

 - Interest 4% Flat
- Management fee 1%
- Credit Life Insurance 0.3%
- Penal Charge 1% per month upon default

Please note that all these will be take upfront at the point of disbursal

Other bank customers whose salaries are processed via IPPIS or Remita

Up to 55% of monthly salary, but subject to a max. of ₦500,000

Against next Salary payment or 30 days (whichever comes first).

Deduction will be taken at source from your other bank account

 

LATO Premium
(PLAT)

Customers who maintain a minimum turnover of N200,000 in the last 30 days and N500,000 in the last 6-12 months.

Up to 20% of Average Turnover, subject to a max. of ₦500,000

90 days with repayment over 3 months

- Interest 4% on reducing balance
- Management fee 1%
- Credit Life Insurance 1%
- Penal Charge 1% per month upon default

LATO-MART
(MLAT)

Customers who maintain a minimum turnover of N500,000 in the past 6 months is required.

Up to 20% of Average Turnover, subject to a max. of ₦5,000,000

 

90 days with repayment over 3 months

- Interest 4% on reducing balance
- Management fee 1%
- Credit Life Insurance 1%
- Penal Charge 1% per month upon default

Device Finance
(DFPS)

Salary account holders with Access Bank & other bank customers

Up to 33% of annual salary, but subject to a max. of ₦500,000

12-months with monthly deductions

- Mark-up fees vary: Devices are purchased at discounted rates and sold at market value

- Credit Life Insurance 1%

- Penal Charge 1% per month upon default

Please note that all these will be take upfront at the point of disbursal

 

Salary Advance (SADV)

Salary account holders with Access Bank who earn a minimum of N50,000

Up to 200% of monthly salary

180 days with repayment over six (6) monthly instalments

- Interest 1.9% on reducing balance
- Management fee 1%
- Credit Life Insurance 0.7%
- Penal Charge 1% per month upon default

Please note that all these will be take upfront at the point of disbursal

Small Ticket Personal Loan (STPL)

Salary account holders with Access Bank who earn a minimum of N100,000

Up to 400% of monthly salary

360 days with repayment over Twelve (12) monthly instalments

- Interest 1.7% on reducing balance
- Management fee 1%
- Credit Life Insurance 1%
- Penal Charge 1% per month upon default

Please note that all these will be take upfront at the point of disbursal

Click    here to read the Key fact statement for this loan.

Click    here for Terms & Conditions.

Click    here for Terms & Conditions (LATO Premium).

Click    here for Terms & Conditions (LATO Mart).

Access Bank - Solo Savings Account

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