Tips To Get a Loan
- Maintain an account with the bank. If the bank manages your funds, they will definitely know your “threshold”, as well as your financial reputation.
- Have a definite amount and purpose in mind.
- Clearly draw out a credible repayment plan. The bank won’t part with their fortune until they are sure of your capacity and commitment to pay back.
- For start-ups, present a reasonable business plan. No one invests in a line he is not even sure of its realization.
- Start something with the little funds available. Your commitment to your dream could spur the bank to bank on you.
- Maintain a good financial record. Loans to some extent are given on trust. A bad debtor is generally considered unworthy of a loan. He may also not continue in his ‘usual’ ways.
- Get close to your account officer. It is better for you if you have a personal relationship with your Account Officer. He will get to know your status, and recommend the best possible facility to fit your need.
- Ensure you go for not more than a percentage of your annual income.
- Provide every necessary document.
- Offer appreciating collateral or a dependable guarantor.
Access Bank Plc launched a special USSD code for quicker and instant access to loans for its customers. The quick code, *901*11#, is a strategic tool for the launched PayDay Loan product by the bank. Unveiled in partnership with Remita, the PayDay Loan requires no collateral or guarantor, and it enables customers to obtain loans instantly without visiting the bank. The product enables customers to meet their urgent financial needs before receiving their salaries.
The payday loan can also be obtained to fulfil any financial and personal requirement to enhance their quality of life. The product is unique as recipients only have to be diligent salary earners who will now be able to obtain instant loans without stress or involving a guarantor.
Launched on the 1st of October 2017, Access Bank Payday Loan or Salary Advance Scheme is a product created in collaboration with Remita to make loans available to salary earners; irrespective of what bank their salary account is domiciled. However, for those whose salary accounts are not domiciled with Access Bank to be eligible for the Access Bank Payday Loan, they must be Remita customers.
Generally speaking, the minimum that can be borrowed is N1000 and the maximum is N500, 000. However, the amount a certain individual can borrow depends on their eligibility, which is determined by the lender (Access Bank). The interest rate is 3% flat. The tenure is a maximum of 31 days or the day the next salary is paid – whichever comes first. Once the loan matures on either of the earlier mentioned days, the repayment is deducted directly from borrower’s account.
You can access your payday loan in four simple steps:
- Dial the USSD code *901*11#
- Obtain your Access Account Number
- See how much you’re eligible for.
- Get your instant loan.