As a salary earner, Access bank provides loan services designed for you and your needs and one of those services is the salary advance loan where you get to access up to 200% of your net monthly salary and repay for 6 months with Salary Advance.
What is the salary advance loan? You might be wondering about what the loan is about, this is an instant digital loan product that is targeted at salary earners who meet the Bank’s Risk Acceptance Criteria (RAC) and this loan is accessible to salary earners with an account in access bank which has been fully operational for three months before loan application.
The features of this loan include;
- No documentation required
- No collateral required
- Six (6) months tenor
- Once your loan request is successful, your Access Bank account is credited immediately.
- The interest rate for the Salary advance is 1.9%. Other charges are: 1% Management fee, 0.20% Credit life insurance.
To be eligible for this loan, you must be an account holder and you must earn a minimum ₦50,000. So you may be wondering about what can affect your eligibility and they are:
- 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 there is no evidence that you received salary payment in the previous month.
- If you have taken a previous digital loan and exceeded your eligible amount.
- If you have an existing loan and the monthly repayment is higher than your eligible amount.
Applying for this loan has been made easy for customers as you can now request for this loan through any of the following ways:
- Dial the USSD code *901*11*1#
- Download the QuickBucks App, available on Google Playstore or Apple App Store. QuickBucks is a Mobile Banking Application for digital loans.
If you have a need that requires you getting a loan then salary advance is probably a loan worth exploring.