Are you interested in how to borrow money from Access bank in Nigeria? This guide will give you a detailed breakdown of everything involved.
Access bank is a Nigerian banking institution that offers loans, savings, and other banking services. The bank has a branch in every state of Nigeria and also has an international presence.
In this section, we will explain the process of borrowing money from Access Bank.
First, you need to visit the Access Bank website and open an account with them by completing the online form.
After opening your account with Access Bank, you can apply for an Access bank loan by filling out the online form, visiting an access bank branch, using the access bank app or loan app or using the access bank loan code.
You will be required to provide your personal information such as your name, address, date of birth etc. as well as details about your income and monthly expenses. You can also upload a copy of your ID card or passport if you want to make it easier for them to verify your identity.
Types of Loan offered by Access bank
- Creative Sector Loans: For individuals and businesses in industries like fashion, information technology, movie production and distribution, and the creative arts.
- Lending Against Turnover (LATO): For non-salary account holders who already have an active access bank account for over six months.
- Personal loan: Flexible loans for employees.
- Salary Advance: Get up to 100% of your net monthly salary.
- Small Ticket Personal Loan: Get 400% of your net monthly salary.
- W Power Loan: Loans and credit facilities for female-owned businesses.
- Advance for School Fees: Loans to pay for children/ward’s school fees, professional courses and certifications.
- Device Finance: Loans for financing the purchase of mobile devices.
- Maternal Health Service Support (MHSS): Loans to finance birth and fertility-related procedures.
- Vehicle Finance: Loans for financing the purchase of a vehicle or car. Eligible for salary earners, SME owners, and Corporate organizations.
Requirements for How to Borrow Money from Access Bank
- To borrow money from Access bank’s creative sector loan you must have a detailed business plan, good credit history and make at least a 30% equity contribution to the loan. You can secure it by contacting your Account Officer, Access bank contact centre or by visiting any Access Bank branch close to you.
- To borrow money from Access bank’s LATO loan, which is a small ticket personal loan, to its salary advance loan, your phone number has to be linked to your BVN.
- For Access bank’s personal loan, you need to complete an application form, an employer’s confirmation form, a copy of your employment ID, BVN (find out how to check BVN), credit checks, and a letter of lien.
- To borrow from Access bank’s W power loan, your business must be 50% female-owned and have been in operation for at least 1 year, have a Valuation report, a 1year bank statement. Credit checks, CAC documents, BVN validation page of directors/proprietor, BOQ (for project-related transactions), credible Guarantor form and notarized statement of net worth, Drawdown Domiciliation Letter, Simple resolution (Business enterprises) or Board resolution (Corporate) and Evidence of Insurance cover and Credit life insurance.
- For an advance for school fees, you need to have a completed loan application form, a confirmation or promotion letter, a Letter of Authority or an Irrevocable Letter of Domiciliation, school fees or tuition bill/invoice in the name of the student, valid identification documents, Letter of Lien/Set-off, Credit Checks, Means of Identification, Document Attestation, Salary bank statement/Payslips (for new bank customers).
CheckOut: How to Check Access Bank Account Balance
How to Borrow Money from Access Bank by Visiting a Bank Branch – Step 1
The process of borrowing money from Access Bank by going to one of their bank branches is not complicated. All you need to do is to follow the steps below:
1. Visit your nearest Access Bank branch with your identity card and a valid form of address verification.
2. Fill out an application form for the loan that you want to borrow and submit it together with other relevant documents such as your passport, driver’s license, and NITEL bill among others.
3. The bank will review your application and approve it if it meets the requirements as stipulated in their loan policy. If not, they will ask you to provide more documents or request more information before they can approve the application.
4. Once approved, get a copy of the loan agreement from the bank’s customer service officer before leaving the bank premises.
How to Borrow Money from Access bank Using Code – Step 2
The process of borrowing money from Access Bank using code is called the Payday loan service from Access bank, which is not a complicated process. You just have to dial the Access bank Nigeria loan USSD Code; *901*11*1# and follow the instructions. But for a more detailed process, all you need to do is to follow the steps below:
- Make sure you have an Access bank account.
- Register for Access bank’s mobile banking.
- Get a Mobile banking authentication PIN or Token.
- Link your Mobile phone number linked to your Access bank account.
- Then dial the Access bank loan code: *901*11*1#
- Next, follow the instructions on your phone screen to request a loan.
This is how you go about borrowing money from Access bank using code.
Also See: How to Use Access Bank Internet Banking
How to Borrow Money from Access bank Using App – Step 3
The process of borrowing money from Access Bank using the mobile app is still a Payday loan service. This process isn’t complicated. All you need to do is to follow the steps below:
- Download the access bank mobile app from google or apple store if you haven’t already, and log in to the app.
- Create an account and sign up by clicking the signup button and following the instructions
- Next, click the menu button and select loans and investments
- Then Select the Payday loans options
- After which you’d be shown the maximum amount which you are eligible for as well as the terms and conditions of the loan, accept the terms.
- Then enter the loan amount you desire and click on request loan.
- Access Bank will disburse the loan into your account within 24 hours if your application was successful.
So you now know how to borrow money from Access bank using code, the mobile app and even by visiting a bank branch. So what are you waiting for? Borrow away as long as you repay in time for you to maintain a good credit score in Nigeria.