As a salaried employee, you have access to different types of loans, including essential bank loans. The Access Bank salary advance loan is an ideal loan product designed to meet the needs of the average salary earner in Nigeria. This loan is a great option for covering emergency expenses until your next paycheck arrives.
Access Bank Salary Advance Loan
If you are an employee facing an urgent financial need such as rent, medical bills, school fees, etc., Access Bank’s salary advance loan can help you with the necessary assistance. With salary advance, you can receive an advance payment before your salary is paid.
By opening a salary account, you can access a range of loans tailored to your specific needs. Also, you can benefit from a 5.5% reduction in interest rates on loans. The loan is designed to cover up to 200% of your net monthly salary, and you can repay it in six monthly installments.
Features of Access Bank Salary Advance Loan
Here are the features of the Access Bank Salary Advance Loan.
- 24/7 service which does not need you to visit the bank. The application is done easily via the QuickBucks App or USSD code *901*11*1#.
- No documentation is required.
- You will not need any collateral.
- Six (6) months tenor.
How To Apply for Access Bank Salary Advance Loan?
You can apply for a Salary Advance Loan through any of the following ways listed below:
- Dial the USSD code *901*11#
- QuickBucks
Download the QuickBooks app. It is available on the Google Play store or iOS App Store
Or you can visit the QuickBucks website
Access Bank Salary Advance Loan Eligibility
To be eligible for this loan;
- You need to have a salary account domiciled with Access bank
- Your salary account needs to be active for at least the last 3 months before application.
- Your monthly salary should be at least N50,000.
What Can Affect Your Loan Eligibility
Your eligibility will be affected;
- If you have any outstanding loan(s) in Access Bank or other financial institution.
- When you apply with a phone number not linked to your BVN.
- If there is no evidence of you receiving salary payment in the previous month.
- When you have taken a prior digital loan and exceeded your eligible amount.
- If you have an existing loan already and the monthly repayment is higher than your eligible amount.
Benefits of Access Bank Salary Advance Loan
Here are the benefits of taking an access bank salary advance loan.
- The loan application is swift. It does not require a mountain of paperwork.
- Loan disbursement takes place as soon as your loan is being confirmed.
- A salary advance loan provides a flexible payback schedule that consists of six months of equal monthly installments.
- It has a competitive interest rate without hidden charges.
- The loan is available to salary earners and employees.
Frequently Asked Questions
What Are the Fees for Salary Advance?
The interest rate for a Salary Advance loan is 5.5% on reducing balance. In addition, there are upfront fees of 0.7% for credit life insurance and 1% for management.
How Much Can I Get with Salary Advance?
The maximum amount you can get is 200% of your monthly salary. It will show your eligibility when you apply for the loan.
How Much Salary Should I Earn to Qualify for A Salary Advance Loan?
To qualify for Salary Advance, you must earn a minimum of ₦50,000.
When Is Salary Advance Loan Due for Repayment?
Every thirty days from the date of the loan, three payments need to be paid back for the Salary Advance. An automated debit will be made from your account for the payback amount.
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