May 15, 2024
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If you’re a Nigerian, chances are you’ve had to obtain a loan at some point, whether from a loved one or an institution. Access Bank understands the need for loans and has various loan products to cater to different needs. This article highlights the types of loans offered by Access Bank, the requirements, and how to apply for a loan.

Types of Loans Offered By Access Bank

  1. Creative Sector Loans: This Central Bank of Nigeria loan is designed to provide employment opportunities for individuals and businesses in industries such as fashion, information technology, movie production and distribution, music, and so on.
  2. Lending Against Turnover (LATO): This instant loan product targets non-salary account holders who already have a relationship with the Bank for over six months and above. This type of loan requires no documentation or collateral and lasts for 30 days. You can conveniently apply for this type of loan using the Access Bank loan code – 90111*1#.
  3. Personal loan: This type of loan targets employees to empower their needs through a salary administration product. It is flexible and lasts for 36 months.
  4. Salary Advance: The Access Bank salary advance provides employees with access to up to 100% of their net monthly salary. It requires no documentation or collateral and can easily be applied for through their quick bucks app or USSD code. The individual is to repay within 3 months.
  5. Small Ticket Personal Loan: For this type of loan, Access Bank offers up to 400% of your net monthly salary. You will be expected to repay this loan within 12 months.
  6. W Power Loan: This unique Access Bank loan product helps close the financing gap for female-owned businesses. W Power Loan provides them access to loans and credit facilities.
  7. Advance for School Fees: As a parent or guardian, you can borrow to pay your child/ward’s school fees. This type of loan also allows you to borrow to pay for professional courses and certifications.
  8. Device Finance: This is an Access Bank loan scheme designed to help you finance the purchase of mobile devices.
  9. Maternal Health Service Support (MHSS): This loan is designed to finance birth and fertility related procedures.
  10. Vehicle Finance: If you have been looking for a way to acquire a new car conveniently, Access bank vehicle finance loan gives you the money you need to make this happen. It is open to salary earners, SME owners, and Corporate organizations. You get access to a wide variety of vendors, and you’re to pay back the loan within 48 months.
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Access Bank Loan Requirements & How to Borrow Money

  1. For the creative sector loan, you need a business plan or a statement of how much you need for your business.
  2. To secure the LATO loan, small ticket personal loan, and the salary advance loan, you need a phone number that is linked to your BVN, and evidence that you received salary payment in the previous month.
  3. For a personal loan, you need a completed application form, a completed employer’s confirmation form, a copy of your employment ID, BVN, credit checks, and a letter of lien.
  4. To access a W power loan, the business must be 50% female-owned, must have been in operation for a minimum of 1 year, and a minimum staff strength of 2 people.
  5. For an advance for school fees, you need a duly completed application form, a duly accepted offer letter, school fees bill/invoice in the name of the student, a valid ID card, and a recent utility bill in the last 3 months.
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How to Pay Back Access Bank Loan

For most of their loan, Access Bank allows borrowers to pay back their loans through monthly installments. This means that after about 30 days of receiving the loan, the amount due will be automatically deducted from your account every month. This saves you the stress of visiting the bank to make repayments. It’s worth noting that this repayment method is not exclusive to Access Bank; other banks, such as Zenith Bank, also adopt it.

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FAQs on Access Bank Loans

Here are some frequently asked questions regarding Access Bank loans:

What happens after your loan is approved?

After your loan is approved, you can expect to receive your funds within 24 hours. However, the time frame may be longer depending on the bank or lender involved. Additionally, some banks may require certain documents before you can access the loan.

What is the loan application fee?

Loan application fees are charges imposed by lenders during the application process. It usually ranges from 0.1% to 5% or more. Nowadays, most lenders tend to waive this fee to attract more customers.

What happens if I am unable to pay back at the right time?

The penalties for defaulting on loan payments are stated in the loan terms and conditions. Usually, most lenders either increase the interest rate or sell off collateral to recover their money. Access Bank automatically deducts the due amount from your account on the due date.


Access Bank has made it easier for Nigerians to access quick loans with a variety of loan products. To access their loans and make more inquiries, you can conveniently use their channels such as their Access Mobile App, Internet Banking, WhatsApp Banking, and QuickBucks App.

By following these guidelines, you can easily repay your Access Bank loan without any hassle or penalties.

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