This post on Access Bank loan requirement is for you if you need to know how to qualify and apply for an Access Bank loan in 2022
Generally, the access bank loan requirement for individuals is having a salary account or maintaining a consistent account turnover for some months. Likewise, a business needs to be registered and maintain an account with Access bank to qualify to borrow money. if qualify, dial *901*11*1# on your registered phone (Mtn, Glo, Airtel or 9 Mobile.), Quickbucks app, or visit the nearest branch to apply.
Therefore, this post will help you understand every Access loan criteria and the steps to take to apply. Also, you get answers to some related questions.
So let’s start.
Types of Loans Offered by Access Bank
Below are the types of loans offered by Access bank offers to individuals, salary and non-salary earners and businesses which require collateral and documentation or not:
- Payday Loan: An instant loan available for every Access bank customer, salary earner or self-employed to borrow without any collateral for up to 31 days at a low-interest rate of 5.15%.
- Personal Loan: A loan offer for Access bank customers to borrow up to 50% of their net annual salary and repay for up to 36 months.
- Small Ticket Personal Loan: Small Ticket Personal loan is for Access bank customers to borrow up to 400% of their net monthly salary and repay within 12 months.
- Salary Advance Loan: It is a loan for Access bank customers to borrow up to 200% of their net monthly salary and repay within 6 months.
- Lending Against Turnover (LATO): This Access bank loan is for non-salary account holders to borrow up to 20% of their net 6-month turnover and repay within 3 months.
- Instant Business Loan: This is an Access bank loan available for business owners to borrow up to 10 million Naira and repay within 6 months.
- Creative Sector Loans: This is a CBN initiative loan that Access bank customers in the creative sector can borrow for their businesses and repay for up to 10 years.
- W-Power Loan: W-Power loan is an Access bank loan for female-owned businesses to access up to 100 million Naira depending on their staff strength.
- Device Finance Loan: This is a loan for Access bank salary account holders to buy a mobile phone without any collateral and repay within 12 months.
- Vehicle Finance Loan: It is a loan available for Access bank customers to buy a new or pre-owned car and repay within 48 months
- Advance For School Fees: This is a short-term loan offered by Access bank to individuals who need to pay tuition fees and repay within 6 months
Access Bank Payday Loan Requirement/Eligibility
To get the Access bank Payday loan, there is no need for collateral. Below are the requirements to qualify to borrow the money:
- Have a Salary Account with Access bank
- Evidence that you received salary payment at least the last 3 months in your bank account.
- Minimum of ₦50000 monthly salary
- Apply for Access bank Payday loan through USSD code *901*11*1# or QuickBucks App
Other ways to apply for and get Access bank Payday loan are through Access Mobile App, Internet Banking and WhatsApp Banking.
To understand better, read my detailed post on the Access bank Payday loan.
Access Bank Device/Phone Finance Loan Requirement
No need for collateral to borrow money to buy a phone. Below are the criteria to qualify to get the Access bank Phone loan:
- Have an active Access Bank salary account for 6 months
- You must earn ₦40,000 minimum monthly salary
- Evidence that you received salary payment in the previous month
- Apply for an Access bank device/phone loan through Quickbucks App
Access Bank Instant Business Loan Requirement/Eligibility
You don’t need collateral to borrow money for your business. Below are the requirements to qualify to get the Access bank instant business loan:
- A registered business entity with full ‘Know Your Customer’ (KYC) documents.
- Proof of one year minimum of business existence.
- MEMART or Articles of Association of the business.
- BVN and TIN of the company’s promoter and all related accounts (of the promoter and business).
- Minimum of three months relationship with Access Bank
- Average Monthly turnover of at least ₦500,000
- Apply for Access bank instant business loan through the QuickBucks App or visit any Access branch.
Access Bank Personal Loan Requirement/Eligibility
You can borrow money from Access without tangible collateral. The requirements to qualify to get the Access bank personal loan are:
- Copy of employment ID and valid means of identification
- Completed application form
- Credit checks
- A duly accepted offer letter and term sheet
- Down payment of at least 50% of your existing loan facility
- Apply for Access bank personal loan through the Quickbucks App or visit any Access branch.
Access Bank Small Ticket Personal Loan Requirement
In case you need to borrow money as a salary earner, the criteria to qualify to get the Access bank small ticket personal loan are:
- Evidence of at least the last 3 months’ salary payment in your bank account.
- Have an active Access Bank salary account for 6 months
- You must earn ₦100,000 minimum monthly salary
- Apply for the Access bank loan through USSD code *901*11*1# or the QuickBucks App
Access Bank Salary Advance Loan Requirement
As a salary earner, you may need to borrow quick money. Below are the criteria to qualify to get the Access bank Salary Advance loan:
- Evidence of at least the last 3 months’ salary payment in your bank account.
- Active Access Bank salary account for 6 months
- Earn ₦50,000 minimum monthly salary
- Apply for the Access bank loan through USSD code *901*11*1# or the Quickbucks App
Access Bank Vehicle Loan Requirement/Eligibility
You can borrow money from Access to buy a new or used car. The requirement to qualify to get the Access bank vehicle loan are:
- Copy of Staff ID for salary earners
- Pro forma invoice from any of the Access Bank’s approved car vendors.
- Credit Checks
- Blank transfer of ownership Form
- Vehicle Inspection report & agreement (Pre-owned vehicles only)
- Duly accepted offer letter & term sheet
- Apply for Access bank Vehicle loan through any Access branch or fill out the form online here.
Access Bank Creative Sector Loan Requirement
Those in the creative sector can borrow money from Access. Below are the requirements to qualify to get the Access bank creative sector loan:
- Business Plan
- Economic benefits
- 3 Years Financial Projections
- 3 years of audited accounts for existing companies
- Statement of Affairs for start-ups and companies with less than 3 years of existence
- Certificate of Incorporation. R.C
- Brief on Directors
- BVN
- Tax Identification Number (TIN)
- Previous /Current Management Position
- Shareholding
- At least 2 Credit Reports for the company and each Director
- Proposed schedule of fund disbursement
- Proposed schedule of fund repayment
- CBN Intervention(s) which the project is Currently Benefiting from
- Minimum Equity Contribution-30% of total project cost
- Provide evidence of any of the following: Legal mortgage, All asset debenture or Personal Guarantee
- Apply for an Access bank Creative Sector loan through any Access branch or fill out the form online here.
The following are those categorized as a creative sector under the Central Bank of Nigeria loan initiative:
- Fashion
- Music
- Movie Production
- Movie Distribution
- Information Technology
- Software Engineering Student Loan
Access Bank Lending Against Turnover Loan Requirement
The criteria to qualify to get the Access bank Lending Against Turnover (LATO) loan are:
- Have an active Access Bank account for 6 months
- Have a consistent monthly turnover for 6 months
- Apply for an Access bank Lending Against Turnover (LATO) loan through dial *901*11*1#, Access mobile app or any Access branch.
Access Bank W-Power Loan Requirement/Eligibility
The criteria to qualify to get the Access bank W-Power loan, strictly for females are:
- Business is owned by a female or at least 50% female ownership
- Valuation report
- One (1) year bank statement
- Credit checks
- CAC documents
- Valid means of identification
- BVN validation page of directors/proprietor
- BOQ (for project-related transactions)
- Credible Guarantor form and notarized statement of net worth
- Apply for an Access bank W-Power loan by visiting any Access bank branch.
Access Bank Advance For School Fees Loan Requirement
You can borrow money from Acess bank for school fees. Below are the requirements to qualify to get the Access bank Advance For School Fees loan:
- Completed loan application form
- Means of Identification
- Admission letter
- Tuition Bill
- Credit Checks
- Duly accepted offer letter & term sheet
- Apply for Access bank Advance For School Fees loan through the Quickbucks App or any Access branch.
Access Bank Loans Without Collateral
The following are the Access bank loans you can borrow without any collateral:
- Payday Loan
- Small Ticket Personal Loan
- Instant Business loan
- Salary Advance Loan
- Device/Phone Finance loan
- Lending Against Turnover
Lending Against Turnover loan is suitable for a non-salary earner who had a good relationship with Access bank for at least 6 months.
While the Access bank Instant Business Loan is meant for business owners.
Lastly, Loans such as Payday, Small Ticket Personal, Salary Advance and Devices Finance Loan need no collateral to be eligible but a salary account with Access bank
Access Bank Quick Loan Code
*901*11*1# is the quick loan USSD code to borrow money from Access Bank on Mtn, Glo, Airtel and 9 Mobile. Alternatively, download the QuickBucks app on Google Platsore or IOS App Store to access different loans offered by Access bank.
Read: All Access Bank Loan Codes to Borrow Quick Money
How to Apply and Get A Loan from Access Bank
You can apply for and get a loan from Access bank using any of these:
- Dial *901*11*1#: You can get a quick loan from Access bank by dialling *901*11*1# on your registered phone (Mtn, Glo, Airtel or 9 Mobile.). Note you must have a salary account with Access.
- QuickBucks App: Also, download the app on Google Platsore or IOS App Store to get a loan from Access bank.
- WhatsApp Banking: You can apply for a Payday loan through Access bank Whatsapp number +234-9090-901-901
- Access Bank Mobile App: With the mobile app, you can apply for and get a loan from Access bank.
- Access Bank Internet Banking: You can easily apply for and get a loan from Access bank through your internet banking profile
Who is Eligible to Borrow Money from Access Bank Loans
Below are those who are eligible to borrow money from all types of loans offered by Access Bank:
- Salary earners
- Non-Salary Earners
- Business owners
- Students
- Creators: Into music, movie, fashion, IT etc.
- Businesswomen: females who fully or jointly own a business
How Much Loan Can You Get From Access Bank
You can get an access bank loan of up to ₦500,000 as an individual depending on the type of loan you are applying for and your eligibility status. This is what will determine how much money you can borrow.
As a business owner, you can borrow money of up to ₦100 million depending on the type of loan and your staff strength.
How to Qualify for Access Bank Loan?
The requirements to qualify for an Access bank loan as a salary earner are you must have a salary account and receives money into it monthly. If you meet the criteria, you can borrow money from Access bank.
Also, for a non-salary earner, the requirement to qualify for Access loans is you must have a regular account turnover for months or collateral before you can borrow money.
Furthermore, to know if you are qualified for a specific Access bank loan, check the criteria of the loan you are applying for.
So, if you think you are qualified, apply for the Access loan through the USSD code, Quickbucks app or simply walk into any Access bank branch.
Final Thoughts
Finally, I hope you now know the different access bank loan criteria that suit you. Whether you are a salary earner, self-employed or not or a business owner, Access has a loan that can meet your need.
Are you not really satisfied and need a quick loan with no collateral? Then, consider Kuda loan or Branch loan.
Therefore, try it and let me know your experience.
Also, leave a message in the comment section below.
Very much satisfied with the categories of loans from Access Bank. I will apply for a Lending Against Turnover Loan
Thank you.