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The short answer
Access Bank's PayDay Loan FAQ (May 2024) gives a limit of up to 75% of monthly salary, less active loans, capped at ₦500,000, and a tenor of 30 days or until the next salary, whichever comes first. It lists interest of 12% for Access Bank customers and 11% for non-Access customers, plus a 1% management fee and 0.3% credit life insurance, all taken upfront. Confirm the current figures on your offer, as the bank can revise them.
The published terms
The figures below come from Access Bank's own PayDay Loan FAQ, dated May 2024. They are the most recent terms we could find published by the bank. Banks revise pricing, so check the amount and charges on your offer screen before you accept, and read Access Bank PayDay Loan: who qualifies and how it works for eligibility.
| Term | As stated in the FAQ (May 2024) |
|---|---|
| Limit | Up to 75% of monthly salary, less active loans with the bank |
| Disbursement cap | ₦500,000 |
| Interest | 12% for Access Bank customers; 11% for non-Access customers |
| Management fee | 1% |
| Credit life insurance | 0.3% |
| When charges are taken | Upfront |
| Tenor | 30 days or next salary date, whichever comes first |
| Late charge | 1% per month, starting 31 days past due |
The FAQ does not label the 12% as monthly or annual. Because the loan runs for at most 30 days and the charges are taken upfront, in practice it is the charge for that one loan period. Your offer screen shows the naira amount, which is the figure to rely on.
Worked example of the total cost
Example only, using the FAQ figures for an Access Bank customer borrowing ₦100,000, and assuming the upfront charges are deducted from the amount credited:
| Item | Amount |
|---|---|
| Loan amount | ₦100,000 |
| Interest (12%) | ₦12,000 |
| Management fee (1%) | ₦1,000 |
| Credit life insurance (0.3%) | ₦300 |
| Total charges | ₦13,300 |
| Amount you receive | ₦86,700 |
| Amount repaid at salary | ₦100,000 |
Measured against what you receive, the cost is ₦13,300 on ₦86,700, about 15.3% for up to 30 days. If your next salary arrives sooner, say in 15 days, the same charge covers fewer days and the cost per day is higher. If the bank instead credits the full ₦100,000 and collects ₦113,300, the cost is 13.3% of what you received. The offer screen tells you which applies.
How the limit is worked out
The limit starts from 75% of your monthly salary and subtracts active loans at Access Bank, then is capped at ₦500,000. Example only: on a salary of ₦300,000, 75% is ₦225,000; with an existing Access loan balance of ₦50,000, the most you could be offered is ₦175,000. On a salary of ₦800,000, 75% is ₦600,000, but the cap limits the offer to ₦500,000. The FAQ also says requests can fail where you have outstanding loans elsewhere or digital loans larger than your eligible amount.
Repayment and the late charge
According to the FAQ, the loan is deducted from your salary account on the due date; for salaries paid through Remita it can be deducted at source. If the account is unfunded, the bank can take repayment from any inflow, and past-due amounts from any account linked to your BVN. A late charge of 1% per month applies from 31 days past due. Early repayment is allowed by USSD, the QuickBucks app, the contact centre, email or a branch. Access PayDay Loan repayment, liquidation and customer care has the detail.
Is it good value?
About 15% for a month is far more than a term bank loan, but it can be less than several loan apps. The fair comparison is the naira cost for the days you need the money. If you need ₦100,000 for a week before salary, ask whether an employer advance or delaying the expense is cheaper. Overdraft vs loan app compares options; how to apply is in how to get an Access PayDay Loan via *901#.
Who qualifies, in short
The FAQ describes the product as for salary earners who meet the bank's risk acceptance criteria, with the eligible amount shown when you request. It lists common reasons for a failed request: outstanding loans at Access Bank or other banks, using a phone number not linked to your BVN, no evidence of salary in the previous month, and existing digital loans or repayments larger than your eligible amount. Fixing those before you apply saves wasted attempts. Access PayDay Loan declined: reasons and what to do covers each one.
Channels listed by the bank
- USSD: *901*11#
- QuickBucks app or QuickBucks website
- Access Mobile app, under Loans and Investments
- Internet banking and WhatsApp banking
Use only these official channels. Messages offering a PayDay Loan for an upfront fee, or asking for your PIN, are not from the bank.
Non-Access customers
The FAQ's separate 11% rate for non-Access customers shows that salary earners paid by other banks can be eligible through QuickBucks. The same limit rules and upfront charges apply, and the bank's collection terms extend to accounts linked to your BVN.
Where Pryme fits
For a purchase from a merchant, Pryme customers may be offered Loans on Spaces from Solid Allianze Microfinance Bank, spent only in Spaces, with the cost shown in the app before acceptance.
Questions people ask
What is Access PayDay Loan interest rate?
Access Bank's May 2024 FAQ lists 12% for Access customers and 11% for non-Access customers, plus a 1% management fee and 0.3% insurance, taken upfront. Check your offer for current figures.
How much can I get on Access PayDay Loan?
Up to 75% of monthly salary, less active loans, with a ₦500,000 cap, per the bank's FAQ.
How long is the Access PayDay Loan tenor?
30 days or until your next salary, whichever comes first.
What happens if I don't repay Access PayDay Loan?
The bank can deduct from inflows and from other accounts linked to your BVN, and a 1% monthly late charge applies from 31 days past due.
Sources
- Access Bank: PayDay Loan FAQs (May 2024) · accessed Oct 2026
- Access Bank: Payday loan · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.