PayDay Loan
Frequently Asked Question : PayDay Loan
It is an instant digital loan product which is targeted at salary earners who meet the Bank’s risk acceptance criteria (RAC).
You can request for a Payday Loan through any of the following ways:
No, it does not. If your salary is processed via Remita, you can also apply for a PayDay Loan. Please note that when you request a PayDay Loan, an Access Bank account will be automatically opened for you and the loan disbursed into this new account.
The interest rate for PayDay Loan is 12% and 13% for third party non-Access Bank customers. Other charges include a 1% management fee, and 0.5% credit life insurance, which are taken upfront.
30 days or your next salary payment, whichever comes first.
The maximum amount (i.e. eligible amount) you can get is 75% of your monthly salary, less any active loans at the Bank; subject to a maximum of ₦1,000,000. Your eligibility is displayed when you request for the loan.
Your eligibility will be affected by any of the following:
Where you have existing loans, the monthly repayment(s) will be used to calculate your eligible amount. Your eligible amount will therefore be 75% of your monthly salary, less any monthly repayment(s). If the monthly repayment is higher than your eligible amount, you will not be able to take a PayDay Loan.
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.
As many times as you may like, as long as you have not exceeded your eligible amount.
Your PayDay Loan will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first). The loan amount will then be automatically deducted from your salary account.
Customers are at liberty to pay off their loan at their convenience. Interested customers can self-liquidate their existing PayDay Loan on USSD and on the QuickBucks platform. Alternatively, customers can contact Access Bank on +2347003000000 or 0201-2712005; send an e-mail to contactcenter@accessbankplc.com; or visit any Access Bank branch to liquidate their loans
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.
Customers will face a 1% penal charge per month for defaulting on the loan from 31 days past due.
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 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% |
| Lending Against Turnover (RLAT) | Individual account holders with Access Bank, with unverified salaries | Up to 30% of average monthly turnover, subject to a maximum of ₦1,000,000. | 90 days with repayment over three (3) monthly instalments | Interest Rate: 11% - 15% Management Fee: 1% Credit Life Insurance: 0% - 1.5% |
| LATO Trader (TLAT) | Trader account holders with Access Bank | Up to 20% of average monthly turnover, subject to a maximum of ₦500,000. | 90 days with repayment over three (3) monthly instalments | Interest Rate: 12% Management Fee: 1% Keyman Insurance: 0.7% |
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