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5 Access Bank Loans Including The Loan Code


Want to get information about the access bank loans including the codes?

In a minute, I’m going to show you how but first let’s discuss what a loan is the types of loans, and its advantages and disadvantages.

What Is A Loan?

Generally, a thing that is borrowed, especially a sum of money that is expected to be paid back with interest is known as a loan.

According to Wikipedia, In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.


Moreso, A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest. Loan terms are agreed to by each party before any money is advanced. A loan may be secured by collateral such as a mortgage or it may be unsecured such as a credit card.


According to Investopedia, the term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In many cases, the lender also adds interest and/or finance charges to the principal value which the borrower must repay in addition to the principal balance. Loans may be for a specific, one-time amount, or they may be available as an open-ended line of credit up to a specified limit. Loans come in many different forms including secured, unsecured, commercial, and personal loans.


Types Of Loans


Personal Loans

Just as the name implies, this type of loan is for personal stuff like going on a vacation or buying a new television with it, spend it anyhow you like.

You can get these loans at almost any bank. The downside is that they are usually for small amounts at most $5,000 and the interest rates are higher than secured loans.


Cash Advances

In case of an emergency and the need to get money quickly arises and maybe when there is no other alternative, cash advances from your credit card company. These loans are easy to get but can have extremely high-interest rates. They usually are only for small amounts, ideally $1,000 or less.

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Student Loans

This kind of loan helps you as a student to help finance a college education. The most common loans are Stafford loans and Perkins loans. The interest rates are very reasonable, and you usually don’t have to pay the loans back while you are a full-time college student. The downside is that these loans can add up to well over $100,000 in the course of four, six or eight years, leaving new graduates with huge debts as they embark on their new careers.


Mortgage Loans

This is the biggest loan option. If you are looking to purchase your first home or some form of real estate, this is likely the best option. These loans are secured by the house or property you are buying. That means if you don’t make your payments promptly, the bank or lender can take your house or property back.


Small Business Loans

This set of loans is usually offered by local banks to people who intend to start a business. They do require a little more work than normal and often require a business plan to show the validity of what you are doing. These are often secured loans, so you will have to give up some personal assets as collateral in case the business fails.


Advantages Of Loans


  • Business Growth And Expansion

Loans are a great way for a business to expand and grow quicker than it could have naturally. Access to additional money helps businesses hire more employees, buy inventory and invest in needed machinery.


  • Flexibility

A bank Loan allows one to repay as per convenience as long as the instalments are regular and timely. Unlike an overdraft where all the credit is deducted in go. Or a consumer credit card where the maximum limit cannot be utilized in one go.


  • Cost-Effectiveness

When it comes to interest rates, bank loans are usually the cheapest option compared to overdrafts and credit cards.

  • Profit Retention

When you raise funds through equity you have to share profits with shareholders. However, in a bank loan raised finance, you do not have to share profits with the bank.



  • Benefits Tf Tax

Government makes the interest payable on the loan a tax-deductible item when the loan has been taken for business purposes.




  • Financial Bottleneck

Since getting big finance from a bank is normally on a collateral base, most small scale businesses will find it hard to finance their operations based on bank loans.


  • Irregular Payment Amounts

In a case of over a long duration payback basis through monthly instalment, they might witness variation in the rate of interest. This means that the EMI will not be constant, rather it will change as per the influence of the market on the interest applicable.


Access Bank Loans

Having taken a look at what a loan is, types of loans, advantages as well as disadvantages of loans. With a Laser focus on Access Bank, let’s discuss the types of Access Bank loans available and the codes to access them.

1. PayDay Loan

This type of Access bank loan helps take care of emergencies when you go short on cash. Just remember, you got a friend called PayDay Loan and you can get access to an instant loan by dialling *901*11*1# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.


Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at a low-interest rate with no documentation or collateral needed.



  • 24/7 service which does not require visits to the bank and the application is done conveniently via *901*11*1# QuickBucks App, Internet Banking, Mobile App.
  • No documents are required.
  • No collateral is required.
  • Up to thirty-one (31) days tenor.


2. Access Agent Loan

According to access bank, the access agent loan is an instant digital Access bank Loan product which is targeted at Access CLOSA Agents to bridge liquidity and funding gaps.

You get up to N1 million with Access Agent Lending.



  • 24/7 service which does not require visits to the Bank and application is done conveniently via QuickBucks
  •  Process 10 or more transactions a day to qualify
  • No documentation required
  • No collateral required
  • 2days/48 hours tenor
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3.  Cash-Backed Loan

Are you in need of cash urgently

and the maturity of your investment with us is far away? This is where cash-backed lending comes in! You can access instant cash-backed loans by dialling *901*11*2#


4. Creative Sector Loan

This type of loan is aimed at supporting initiatives of young people and creating opportunities for individuals and businesses who are in any of the following space

  1. Fashion
  2. Information Technology
  3. Movie Production
  4. Movie Distribution
  5. Music
  6. Software Engineering Student Loan



  • Low cost-single digit funding for your business
  •  Flexible structure and repayment plans
  • Opportunity to achieve your long term business goals
  • Excellent financial advisory service


How it works

To be eligible, all you got to do is the steps below.


  • Prepare your business plan or statement on how much you want for your business.
  • Go to any Access bank branch with the above-mentioned document or apply online through our Creative sector loan portal

And the loan officer will contact you to process your request.



The maximum interest rate of 9% per annum (all charges inclusive) is applicable on all loans.

The repayment period is a maximum of:

  • 3 years for Software Engineering Student loan.
  • 10 years in Movie Production & Distribution, Fashion, Information Technology and Music loan.

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5. Personal Loan

As the name implies, it helps you take care of important things that normally you can or rather while waiting for your dreams to become reality, you can fix your life with any access bank loan.



  • Flexibility to meet individual needs
  • Loan amount up to 50% of net annual salary
  • Get up to 36 months of tenure repayment plan
  • Credit life insurance



  • Completed application form.
  • Copy of employment ID and valid means of identification.
  • Credit checks.
  • A duly accepted offer letter and term sheet.
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