Access Bank’s Money Borrowing Guide 2023.(Eligibility and Requirements)

Can I borrow money from Access Bank?

Yes, you can borrow up to ₦300,000 instantly from Access Bank with a 90-day repayment plan. To be eligible, you’ll have to provide the necessary requirements and documents.


Currently, borrowing money in Nigeria is becoming a way bit easier than ever. 

Recently, there has been a great rise of loan apps in the country like PalmPay, Okash, Ease Money, Opay, and the rest. 

One thing is this, all banks/loan apps have requirements to be eligible. They have their uniqueness which stands them out from others. 

In this article, we’ll be discussing Access Bank Loan. 

You’ll know the requirements to borrow money, the types of loans available, how to borrow, and all related issues. 

Stick around, as I guide you through the processes. 

Little Clue About Access Bank

Access Bank Plc is an operating multinational commercial banking sector licensed by the CBN(Central Bank of Nigeria), that provides loans, credit/debit cards, savings, investment, and mortgage services to its customers. 

The bank is owned by “Access Bank Group” founded in 1989. Their headquarters is situated at 14/15, Prince Alaba Adiodun Oniru Road, Victoria Island Lagos, Lagos State Nigeria. 

With over 28,120 employees, Access Bank is one of the biggest banks in Nigeria and Africa at large. 

To know more about them, visit their website


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What Are The Requirements For Access Bank Loans? 

To borrow money from Access Bank, you need to meet up with the basics. 

There are different types of loans on Access Bank, and each, has its unique requirement. 

Here are the requirements for any Access bank loan

  1. Advance For School Fees
  • Provide a valid utility bill. A maximum of 3 months gap
  • BVN 
  • Valid ID (e.g. NIN, Drivers license) 
  • Application letter and form
  • Invoice of the school fees. It will be sent to your school directly by the bank. 
  1. Creative Sector Loan
  • Provide a well-documented business plan to the bank 
  1. Device Finance 
  • BVN
  • Present your credit record balance history 
  • Application letter and form
  1. LATO (Lending Against Turnover) 
  • BVN
  • Your current phone number that’s linked to your BVN
  • Evidence of your previous monthly salary statement 
  1. Maternal Health Service and Support 
  • BVN
  • Current phone number 
  • Provide your medical report 
  • Submit an application form
  • Then provide other necessary documents needed. 
  1. Personal Loan
  • BVN
  • An application form
  • Confirmation letter from your employer 
  • Plus other important documents 
  1. Salary Advance Loan
  • BVN
  • Current phone number linked to your BVN
  • Be a salary earner
  1. Small Ticket Personal Loan
  • BVN 
  • Your current phone number 
  • Your previous monthly salary statement 
  1. W – Power Loan
  • The business must be owned by a woman 
  • More than one year of service 
  • Minimum of 2 employees. 
  1. Vehicle Finance 
  • BVN
  • Provide your utility bill (e.g. NEPA bill) at least a maximum of 3 months back

Types/Available Loans on Access Bank

What makes the Access bank loan program unique, is the variety of available loans. 

It gives you access to more than 9 different loan options to choose from. 

Here are some available loans on Access Bank. 

  1. Advance For School Fees

This type of loan is for parents/guardians. You can apply for it as a means of paying your kid’s school fees. 

  1. Creative Sector Loan

This one is specifically for business owners. It’s offered by the CBN directly to small businesses and enterprises in Nigeria. 

  1. Device Finance

If you want to buy a laptop, smartphone, or any other mobile device, but don’t have enough cash with you, this loan option is for you. 

Access banks are out to help you purchase that mobile device you desire. 

  1. LATO (Lending Against Turnover) 

If you’ve been an Access Bank customer for at least six(6) months, you’re eligible for this loan offer. You’ve just 30 days to pay off the loan. 

This loan is also accessible using the Access Bank USSD Code. 

  1. Maternal Health Service and Support 

For newly blessed couples, Fertility, and any health-related issues, this is the best loan option to go for. 

  1. Personal Loan

As a salary earner, this loan option is your go-to during rainy days. It’s meant for cover-up in times of urgency. 

And you have a whole 36 months to pay back the money. 

  1. Salary Advance Loan 

This is strictly for salary earners. This type of loan offers about 100% of your sum monthly salary. You don’t need any collateral, documents, or forms to be eligible. And you have a maximum of 90 days (3 months) to pay back. 

  1. Small Ticket Personal Loan 

This is similar to the Salary Advance Loan. 

However, the only difference is the high percentage rate. You stand a chance to get about 400% of your sum monthly salary. 

  1. W – Power Loan 

If you’re a female business owner with at least 2 staff and have been operating for a minimum of one year, this option is for you. No need to worry about your male business competitors, Access Bank got you covered. 

  1. Vehicle Finance 

The last on our list. 

Are you a business owner or an individual in need of a vehicle/car for your business or personal activities? if you are, this is for you. 

The loan repayment is due in 48 months, so you have a lot of time to pay up. 

How To Borrow Money on Access Bank 

Borrowing money on Access Bank can be done in different ways. It all goes down to the type of loan you want. 

Some loans can only be obtained in the bank, some at the official website. 

It doesn’t end there, you can apply for a loan using the Access Bank mobile app, WhatsApp banking channels, or the USSD Code. 

To access the loan option using a USSD Code, dial ×901×11×1#. 

How To Pay Back Access Bank Loan

Paying back your loan on Access Bank is very easy. 

The money is deducted automatically from your account every month depending on your repayment plan. 

It’s not necessary to go to the bank. Just relax at your home, and watch your loan be taken care of from your bank account balance. 

What is Access Bank PayDay Loan? 

The Access Bank PayDay loan is an instant loan offer specifically for salary earners that doesn’t require any collateral.

To be eligible, you’ve to align with the bank risk acceptance criteria known as (RAC). 

How Do You Request For A PayDay Loan? 

The same way you apply for the normal Access bank loans, that’s how you can apply for the PayDay loan. 

You can request it through these means, 

Access Mobile App

Access Bank Internet Banking 

Whatsapp Banking Channels 

USSD Code ×901×11# or ×426×11#

QuickBucks. Download the App using your Apple App Store or Google Play Store. Or visit the QuickBucks website. 

Must You Have a Salary Account on Access Bank to be Eligible? 

The answer is no. 

It’s not compulsory to be a salary account holder on Access Bank to be eligible. 

However, once your loan is approved after applying, Access Bank will automatically open an account with your details. Then the money will be disbursed to the new account for withdrawal. 

Are There Any Rates/Fees for PayDay Loan? 

The rates are charged differently. 

For Access Bank salary account holders, your interest rate will be 10%. While non-account holders & third parties will be charged 11%. 

Also, there’s an upfront 1% management fee and a 0.3% credit life insurance fee. 

How Long Does the Loan Last? 

The loan is due every 30 days (1 month). 

How Much Does PayDay Loan Offer? 

If you’ve no outstanding loan at the bank, you can borrow a maximum amount of ₦500,000. Which is about 75% of your monthly salary. 

What Can disqualify me from the PayDay Loan? 

If you were unable to meet the criteria I’m going to list below, you can’t be able to access the PayDay loan. 

Here are the things that can disqualify you 

  • If your phone number is not linked to your BVN 
  • If you’ve exceeded the eligible amount you can borrow from other loan apps
  • If your previous loan and monthly repayment exceed your eligible amount 
  • If you fail to provide evidence as regards your previously received monthly salary statement 
  • If you’re owning other banks or Access Bank

How Long Does it Take to Get a PayDay Loan? 

Immediately after your loan request is approved, you’ll receive the money in your Access bank account within 24 hours. 

You don’t need to worry because you’ll be updated all through the process. 

How Many Times Can I Request a PayDay Loan? 

It can be accessed countless times. 

The only limitation is exceeding the amount of money you can borrow. 

What Happens if I Couldn’t Pay Back on Time? 

Once the 30 days elapsed, you’ll be charged a 1% penal fee per month for not paying up on time. 

To avoid being charged extra fees, endeavour to pay off your debts on time. 

Is PayDay Loan Different from Other Access Bank Loan Options? 


The PayDay Loan is an instant loan offer specifically for salary earners. 


Other Access bank loans can be accessed by business owners, parents/guardians, salary earners, and individuals. 


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Can You Borrow Money on Access Bank Using USSD Code? 


You can easily access the loan option by just dialing a code. This method saves you the stress of going to the bank and having internet and data issues. 

To use the USSD Code, dial ×901×11×1#

What Happens if I Couldn’t Pay Back the Loan on Time? 

If you were unable to pay back on time, Access Bank will deduct the money automatically from your bank account, or any other bank linked to your BVN. 

Secondly, once you apply for a loan, it comes with a penalty attached to it. If you fail to comply on time, you may face a high debt increase, or your collateral will be sold off. 

How Long Does it Take to Receive Your Money Once Approved? 

Immediately after your loan request is granted, you will get the money within 24 hours. 

Depending on the type of loan you applied for, you may be required to provide some documents before you can withdraw the funds. 


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The requirements of Access bank loans differ. 

Some require collateral, while some need only your BVN and phone number. 

So try to know what is needed of you for any loan you’re going for. 

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