How to Get a Loan from Access Bank Step by Step
Hello and welcome to Stepzee, in this post, I am going to show you how to borrow a loan from access bank and how to repay access bank loans. We will further answer a few related questions and of course, I will also share a few other loan platforms where you can actually get a loan with no problem at all.
I have written a list of other posts about getting a loan in Nigeria, so I think you should read to the end and check the other posts out because they will help you decide which loan platform you prefer.
Getting a loan in Nigeria used to be very difficult, with the process of going to the bank several times, providing a guarantor, and submitting your documents to the bank over and over again.
But right now, getting a loan in Nigeria is like a piece of cake, with just a few clicks of a button and waiting for a few days, you could borrow an instant loan and receive it within a matter of days.
Although there are other loan platforms that still delay approving loans, Access bank is one of the few loan providers that you will actually enjoy using.
So without wasting time, let's proceed with the post but remember not to skip any part so as to avoid getting confused.
Types of loans offered by Access bank
1. Personal loan
Access bank personal loan is the most popular loan offered by Access bank, Access bank personal loan allows individuals to get access to small and instant loans they can borrow for personal expenses. Anyone can get access to this loan and the process of getting this loan is extremely easy.
I must also mention that access bank personal loan is flexible, because you can even choose to repay the loan in 36 months, how cool is that? that is the main reason why Access bank personal loan is very popular.
Access bank personal loan requirements
Your BVN
An active Access bank account
A government-issued ID card
Utility bill receipt
Bank statement for the past 5 months
In order to qualify for an Access bank loan, you need to have the above-mentioned things, else, your loan application may be rejected, so the best advice is to get all these things in place first before making a move.
2. Landing Against Turnover or LATO loan
This loan offered by Access bank is also very popular among Access bank account holders, because of its flexibility and availability to any type of Access bank account. With Access bank LATO loan, you can borrow an instant loan from Access bank and get approved within a matter of days.
Although you cant borrow large sums with this loan option, if you are looking to borrow large sums of money, then this won't work for you.
You can borrow this type of loan by dialling the Access bank loan code on your phone, when you dial the code, all you need is to follow the on-screen prompts and wait for the approval.
LATO loan requirements
Access bank account
BVN number
3. Creative Sector loan
Access bank Creative sector loan is for those that want to invest in their creative skills, it is officially a loan that is granted by the CBN (Central Bank of Nigeria). And it is open for those that want to use the fund to sponsor their projects.
With this loan option, you can get access to larger amounts unlike the personal loan or the LATO loan which only allows you to borrow small amounts.
Creative sector loan requirements
A business plan
A BVN number
An active Access bank account
Utility bill receipt
A government-issued ID card
4. Salary Advance loan
Access bank Salary Advance loan allows salary earners to borrow a quick loan, this is also a great option for employees who are interested in borrowing a loan from Access bank.
With this type of loan, you can get up to 100% of your monthly salary as the maximum amount you can borrow, but in most cases, you will have access to only 60% of your salary, and after you successfully repay the loan, the percentage will increase when you want to borrow again.
Salary advance loan requirements
A job
An active Access bank account
Your BVN
Utility bill receipt (if you are going to the bank)
5. Women power loan (W power loan)
With this loan option, any female business owner can get a quick loan from Access bank, it is specifically for women that have an active business that needs funding, and as long as you own a business and an Access bank account, you can get access to this loan at any time.
W power loan requirements
Female applicant
An Active access bank account
An active business
Business plan
Government-issued ID card
BVN (Bank Verification Number)
6. Access bank Student loan
Access bank also offers student loans. With this loan, you can get access to a quick student loan in Nigeria, if you are a student of a university or a secondary school, you can borrow a student loan from access bank, or your parent or guardian can help you borrow the loan on your behalf.
Access bank student loan Requirements
An active Access bank account
Government-issued ID card
BVN
School approval letter
7. Device finance loan
Access bank also grants Device finance loans, which allow you to borrow a loan from access bank for the purpose of buying a mobile phone. The process of getting this loan is straightforward but you can't borrow large amounts with this type of loan.
Access bank Vehicle finance loan
This vehicle finance loan allows you to borrow a loan for the purpose of buying a vehicle for yourself, the process for getting this loan requires some time and some documents from the applicant, but getting access to this loan is very possible.
8. Access bank vehicle finance loan requirements
Driver's license
An active access bank account
Bank statement
Government-issued ID card
Bill payment receipt
How to borrow money from Access bank using Access bank loan code
Dial *901*11# or *426*11# and follow the simple on-screen messages to successfully borrow a loan from access bank, this is a very simple process that can be done by anyone with a phone.
In my opinion, using the Access bank loan code to apply for a loan is the quickest and easiest way to borrow money from access bank, because with just a few clicks of the button, you will finish applying for the loan.
How to borrow money from Access bank using Access bank loan app
- Downlaod the access bank app if you don't have it
- Create an account using your email and password
- Login to your account
- On the bottom centre, click "Loans"
- Choose the type of loan you want to apply
- Enter the amount you want to borrow and click "Next"
- Enter your password and click "Finish"
Once you finish following the above process, your access bank loan will be processed and reviewed by Access bank staff, and then you will receive a message usually within a week or a month.
How to get access bank loan directly from any access bank branch
Go to any Access bank office and ask for the type of loan you want to borrow, but before going there, read above to find out all the documents you need for the specific type of loan that you want, when they ask you to submit the documents, do so and they will let you know how much you can borrow maximum.
If you are okay with the amount, proceed with the application, after a successful loan application you will receive a message from Access bank with the notification.
How to repay access bank loan online
If you want to repay your access bank loan online, you need to open the access bank loan app and go to the loan section and click the "Repay" button. But you can also allow them to automatically deduct the amount monthly which is even more preferable.
How to pay back access bank loan with Access bank loan code
If you choose to rather repay the access bank loan using the access bank loan code, dial *901*11# or *426*11# and follow the simple on-screen message, this will help you repay the loan in a few clicks. But the best way is to allow them to deduct the monthly instalment until they finish deducting the whole amount.
Frequently asked questions
What is Access bank loan interest rate?
Since there are many types of Access bank loans, the interest rates also vary. Whenever you are applying for a loan from Access bank, they will give you the interest for the type of loan you are applying for.
How long will it take to receive a loan from Access bank?
It usually takes from 1 week to a month to get a notification from Access bank about your loan, you will receive a text message from Access bank about your loan application.
Can I get access bank loan without collateral?
If you want to get a loan from an access bank without collateral, then you need to apply for a personal loan or the LATO loan, which offers small amounts as loans.
How can I qualify for Access bank loan?
To qualify for access bank loan, make sure you provide all the necessary documents that they ask you to submit, else, your loan application may be rejected.
Can I pay my Access bank loan before the due date?
Yes, you can easily pay your access bank loan before the due date, but the best advice is to allow them to deduct the monthly instalment until they finish deducting the loan repayment amount.
Conclusions
Anyone can borrow a loan from Access bank, and most of the time, your loan application will be approved, provided you submitted all the required documents that they ask you to submit.
If you have to search for how to get a loan from access bank, I am pretty sure this article has helped you out, however, if you have any further questions, don't hesitate to write them in the comments section below.
Thanks for reading this article and I wish to see you next time around, have a nice day.
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