Loans are used for many purposes, in our daily lives, and in the economy as a whole. Loans are of high importance that, even the government takes loan to fund some of its projects. However, obtaining some loans can be very difficult, while others are so much easy. Interestingly, the easiest way to get a loan from Access bank is through its mobile app, and knowing how to get loan through Access Bank Mobile App is a compulsory knowledge of which is very important for all access bank customers. Check out list of Federal Government free-interest loans.
Overview of Access bank mobile app
Access bank mobile app is one of the most popular banking apps among bank’s customers in Nigeria. The app allows you to perform a lot of transactions and it is user-friendly. More importantly, the app allow users access to quick loans whenever they need money.
Access Bank app Information
Last Update: January 8 2021.
Total Downloads: Over 1million.
Download Size: 35.63MB.
App Provider: Access Bank Plc.
Release Date: December 13 2013.
Type of loans you can get through the Access bank mobile app
The Access bank mobile app permit you to access only one type of loan called “Payday Loan”. While this loan is accessible to all customers of the bank, one have to meet certain criteria to essentially become eligible to borrow. In addition, Payday loans are earmarked for employees whose salary account is domiciled with the bank. This, basically, allows you to borrow ahead your salary ahead.
Requirements to get loan through Access bank app loan
Borrowers must meet the following requirements;
- Employees with a steady monthly income for not less than 6 months.
- You must have a salary account Access bank
- Must not have previously outstanding loans with the bank.
Features of payday loan
Below are the features of Access Bank payday loan;
- It monthly interest rate is 4%.
- It attracts management fee of 1%, to be deducted once the loan is disbursed.
- The loan maturity is due on next salary, or after 31 days.
- A credit life insurance fee of 0.15% would be deducted at the point of loan disbursement.
- Repayment for the loan would be taken from your salary account or any accounts. linked to your BVN.
How to get loan through Access Bank Mobile App
To obtain a payday loan through Access bank mobile app, follow the steps below;
- Download the Access bank mobile app from either Google or Apple store. That is, if you do not already have the app.
Create an account with the app by signing up, which can be done by clicking the signup button and following the prompt. But, if you have created an account, just log in.
After logging in, click the menu button and select “Loans and Investments”.
Select Payday loans.
You will see the maximum amount which you are eligible for and terms and conditions.
If you are satisfied with the terms and conditions, enter the amount you desire to borrow.
Click on “Request Loan”.
Finally, the bank will pay out the loan into your account within 24 hours.