Our main focus is to give you full details about the Access bank Payday loan interest rate in today’s guide.
Many of you are always in a hurry to apply for a loan from your banks, but usually, you forget to check the interest rate.
A payday loan is one way to acquire instant cash during an emergency easily, but it also comes with its interest rate.
The good news is that Access bank’s Payday loan interest rate is lesser than salary advance loans.
However, to be on the more safe side, it is imperative to know the interest amount on the loan you are applying for.
If you want to know the Payday loan interest rate, we have all the details for you stuck to this guide. So if you are ready, let’s begin.
What Is Access Bank PayDay Loan Interest Rate?
The Access bank Payday loan interest rate is three percent (3%).
Whenever you apply for a Payday loan from Access bank, you will pay the amount of the loan you took plus 3% of it.
That is very cool compared to the outrageous interest rate on loans from other banks.
What Is The Interest For Access Bank Late Payday Loan Repayment?
When you fail to pay your Payday loan with Access bank during the 30days tenor, you will be charged an extra 1%.
That means you will pay the full amount of loan you took plus interest rate and penalty charge of 1%, which will make it 4% in addition to their loan.
What Happens If I Fail To Pay Back My Access Bank Loan On Time
You will pay the penalty when you fail to pay back your Access bank loan with the tenor period.
Irrespective of the type of loan, whenever you fail to pay your loan during the agreed period, there is a penalty charge you have to pay.
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