Do you know the Access Bank Payday loan duration? It is important for you to know the Payday loan tenor so you can liquidate your loan before the expected time.
As the name suggests, a payday loan means you can’t wait for your salary or payday before you eat, so you are being offered an instant loan you can pay when your salary is paid.
That is a big helping hand that everyone can take, even those with big pockets.
However, the question is, how long do you have to pay back the Payday loan after you have secured it?
Now it remains something clients do not want to know until the money is finished.
Well, you don’t have to be waiting till you have exhausted your loan money before you know how many days are left for you to pay back.
Therefore, if you want to know Access bank Payday loan tenor read below.
Recommended guide: How To Get Salary Advance Loan.
What Is “Access Bank Payday Loan Duration”
The Access bank Payday loan duration is one month which is exactly 30days. Within that period, your loan is still active.
So once you have borrowed money through Access bank Payday loan, it is valid for 30days, and within that period, you must pay back your loan or face a penalty.
See also: How To Check WEMA Bank Account Balance.
How Can I Get A Loan From Access Bank Nigeria (2021)
If you want to get a loan from Access Bank Nigeria, you need to apply for one. But before you apply for the loan, you need to check if you qualify for the loan.
Your application will be declined if you do not qualify.
Also, you need to check the available loan schemes you can apply for and the easiest way to do this is to check the bank’s website.
Another guide: How To Check BVN On MTN Nigeria.
How Much Is Access Bank Payday Loan Penalty And For What Duration?
The Access bank Nigeria Payday loan penalty is 1%, and you are charged that when you fail to pay your loan within the tenor.
So when you fail to pay your Access bank payday loan within a 30days period, you will be charged a penalty of 1%.
So that is the Access bank Payday loan duration within which you must pay back your loan.
I will not advise you to exceed your loan duration let alone pay any penalty for defaulting to pay.
This is because it affects your credit score. Moreso, you can use the penalty fee for another thing beneficial.
Related article: Ultimate Guide To Linking NIN Number.
What Do I Need To Pay Back My Payday Loan?
There’s is not much needed. All are your details, including name, phone number, and detail of the loan you took, then you can either request for direct debit from your account or cash payment.
Moreover, it would be best to have the money ready.
Note: You may think that the Access Bank payday loan duration is long enough. No. Make sure you repay your loan before the duration is due.
That is all we have for you today about the Access Bank Payday loan.
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This simple and easy Banking and Finance Guide Was Last Updated on 12th May 2021 by thetransfercode
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