Amid emergency circumstances, people turn to their employers for cash assistance. This might be successful for some people but most employers can't help due to company policies. If you need cash, you can apply for the Access Bank Salary Advance Loan.
Access Bank offers the Salary Advance Loan to those who need access to 100 percent of their monthly salary and can repay within three months. This type of loan is similar to other loan products that guarantee easy access to money after approval.
The best thing about the Salary Advance Loan is that no collateral is required. Applicants can borrow money on mobile phones and get approved easily. Here’s a guide on how to apply on mobile for the Access Bank Salary Advance Loan.
Why Get A Salary Advance Loan
A salary advance loan is a service that gives salaried individuals quick cash for short-term financial needs. Be it a medical emergency, settling debts, or paying for bills, the salary advance loan is the type of cash assistance you need.
Access Bank offers this product to salary earners who meet risk acceptance criteria. As the name suggests, the salary advance loan is based on an individual’s salary grade. For instance, if you need a loan, the amount will depend on your monthly net income.
Features Of An Access Bank Salary Advance Loan
The best feature of the Salary Advance Loan is that you can get it through your mobile device and not visit an Access Bank branch. The simple and hassle-free application helps minimize your worries and focus on approval.
The maximum loan amount can be 100% of your monthly salary, less any active loans at the bank. This means you can access a month's salary and pay it back in three months or less.
Another reason to love Access Bank Salary Advance Loan is the zero collateral and documentation required. Because you are applying online, you only need to submit the minimum requirements set by the bank.
Eligibility For Salary Advance Loan
To be approved, you must be employed and have an existing account with Access Bank. If you satisfy the second criteria, the account must be active for at least three months. The additional requirement includes salary slip and valid identification cards.
Apply On A Mobile Device
To apply for the Access Bank Salary Advance Loan, you need to dial the USSD code *901*11# or download the QuickBucks App available on Google Play or in the Apple App Store.
Fees And Charges
Fees associated with the Access Bank Salary Advance Loan are a management fee of 1 percent flat, credit life insurance of 0.2 percent flat, and an interest rate of 4 percent on the reduced balance. Meanwhile, the penal charge is 1 percent for 11 to 60 days past due.
Access Bank Contact Information
For inquiries and concerns, you can contact Access Bank at +2341-272005-7 or +2341-2802500. You can also use the live chat tool of the bank that is located on the official website.
Furthermore, you can visit the head office at 14/15 Prince Alaba Abiodun, Oniru Road, Victoria Island, Lagos, Nigeria.
Conclusion
If you need cash assistance that isn’t necessarily big, you can rely on Access Bank Salary Advance Loan. Applicants can get access to a 100 percent one-full month's salary with minimal interest charges.
For more information about this product, you can visit the website of Access Bank.
