How to Borrow Money from Access Bank Using USSD Code
Many Nigerians know the feeling of running low on cash when unexpected expenses show up. It could be an urgent bill, a quick business need, or even airtime that you cannot afford to miss out on. In moments like this, getting access to quick loans from your bank without paperwork or stress becomes a lifesaver. Access Bank has made this easy by allowing customers to borrow money directly through a USSD code. No app, no internet, just your mobile phone.
The good thing is that the process is simple and works on almost any type of phone. With just a few steps, you can borrow money instantly and sort out your financial needs.
What’s the Code to Borrow Money from Access Bank
The USSD code to borrow money from Access Bank is *901#. This is the same code customers use for other Access Bank mobile banking services. Once you dial *901# on your registered phone line, you will be given different options. To request a loan, select the loan option and follow the prompts.
Access Bank currently offers loans under its PayDay Loan service and other quick loan packages. The process does not take long, and if you qualify, the money is credited to your account immediately.
How to Borrow Money from Access Bank Using USSD
Here is a step-by-step guide on how to borrow money from Access Bank with the USSD code:
- Dial *901# on your mobile phone.
- Select the loan option from the menu.
- Follow the on-screen instructions to choose the loan type you want.
- Enter the loan amount (based on what you are eligible for).
- Confirm the details and submit.
- Once approved, the loan is disbursed straight into your Access Bank account.
The process is that simple. No need to visit a branch or fill out long forms.
Requirements for Borrowing Money from Access Bank
Before you can access a loan with USSD, there are conditions you need to meet. These requirements help Access Bank confirm that you are eligible and can repay:
- You must have an active Access Bank account.
- Your phone number must be linked to the account.
- You should have a history of regular transactions with the bank.
- Salary earners may qualify faster if their salary account is with Access Bank.
- You should not have unpaid loans with the bank.
If you meet these requirements, your chances of getting a loan instantly through USSD are very high.
How Much Can You Borrow from Access Bank with USSD
The amount you can borrow depends on your account activity and the bank’s evaluation of your profile. For some customers, the minimum may start from a few thousand naira, while others can get much higher amounts. Salary earners may qualify for bigger loans compared to personal account holders.
For example, Access Bank’s PayDay Loan allows you to borrow up to 75 percent of your net monthly salary. Non-salary earners are also eligible, but the bank decides the loan limit based on how you use your account.
Loan Repayment Period
One of the main things you need to understand before borrowing is repayment. Access Bank loans taken via USSD are usually short-term. For PayDay Loans, repayment is automatically deducted from your next salary or inflow into the account. For other types of quick loans, repayment terms will be shown to you before you confirm the loan.
This means you should borrow only what you can repay comfortably, since the bank will take it back once money enters your account.
Interest Rates on Access Bank Loans
Like every loan, Access Bank charges interest on borrowed funds. The interest rate is usually displayed before you confirm the loan request. PayDay Loans often come with a small percentage fee, and the amount you are expected to repay is calculated for you instantly.
Although the rate is not as high as some loan apps in Nigeria, it is important to check the exact repayment amount before confirming the loan. This helps you plan ahead and avoid surprises.
Benefits of Borrowing from Access Bank with USSD
Using USSD to borrow money from Access Bank comes with several advantages:
- Instant disbursement: The money is credited to your account immediately.
- No paperwork: You do not need to fill out any forms.
- Works without internet: Even with a simple phone, you can access the service.
- Safe and reliable: The loan is backed by Access Bank, one of Nigeria’s biggest banks.
- Flexible options: Customers can borrow different amounts depending on their eligibility.
Challenges You May Face
While the process is simple, some customers may experience issues:
- Being told you are not eligible for a loan. This can happen if your account is new or does not show enough activity.
- Network issues when dialing the USSD code.
- Having an existing unpaid loan that prevents you from borrowing again.
- Not receiving the expected loan amount because your eligibility is lower.
If you face any of these, you can contact Access Bank customer service or visit a branch for more details.
How Much Do You Need to Repay
Before confirming your loan request, Access Bank shows you the repayment amount. This includes the loan amount plus interest. Repayment is automatic, which means once money enters your account, the bank will deduct what you owe.
For example, if you borrow N20,000 with an interest fee of 5 percent, the bank will deduct N21,000 from your next salary or account inflow. This transparency allows you to know exactly what you are signing up for.
What Happens If You Do Not Repay the Loan
Defaulting on a loan with Access Bank can affect your financial record. The bank may restrict you from accessing future loans, and in some cases, report your details to credit bureaus in Nigeria. This is why it is important to borrow responsibly and repay on time.
Borrowing money through USSD is one of the easiest ways to access quick cash in Nigeria today. With Access Bank, the process is fast and works even if you do not own a smartphone. Still, it is important to remember that loans are not free money. They are meant to help you meet urgent needs, not to fund careless spending.
