Access Bank PayDay Loan
Quick cash for salary earners, up to ₦2,000,000; decision in minutes, rates from 10%. Fast, reliable funds with minimal documentation.
Access Bank’s PayDay Loan is an instant digital loan option for salary earners in Nigeria. Offering fast disbursal, you can qualify for up to 75% of your monthly salary (up to ₦2,000,000). The interest rate ranges between 10% and 13%, with management and insurance fees included.
The repayment period is either 30 days or when your next salary is paid—whichever comes first. Applications are open even if your salary account is not with Access Bank, provided your employer pays through Remita. You get an Access Bank account as part of the process, ensuring seamless fund disbursal and repayment.
How to Apply: Step-by-Step
- Dial the USSD code *901*11# on your mobile phone.
- Use the QuickBucks app (available for download on Android/iOS).
- Apply via Access Bank Mobile App: Choose Loans & Investments.
- Apply through Access Bank internet or WhatsApp banking platforms.
Pros of PayDay Loan
One of the biggest advantages is the instant approval and quick disbursal, letting you handle urgent needs without delay. The 10–13% interest is competitive for short-term loans.
No collateral or lengthy paperwork is required. Plus, you can self-liquidate anytime, making it flexible for borrowers who want to repay early and save on interest.
Cons to Consider
The main downside is the short tenor—repayment is due in 30 days or when you receive your next salary. This may not suit those needing longer-term credit.
There are penalties for late repayment. Failure to pay on time means a 1% penalty per month, so timely salary inflows are essential to avoid extra charges.
The Verdict
Access Bank’s PayDay Loan stands out for its speed, convenience, and moderate rates. It’s well-suited for salary earners needing immediate cash. However, it is best for short-term needs, and late repayment should be avoided to curb extra fees.