PayDay loan deepens access to cash for financial emergency
Many people face difficulties paying monthly bills on time. In fact, the financial problems Nigerians face aren’t surprising. Though, the country is out of recession, the question on the lips of everyone is: “Why does the cost of living still remain so oppressive, if truly, Nigeria is out of recession?”
This stagnation makes it difficult for individuals and families to save money.While paying monthly bills is a struggle, life gets even harder when unexpected expenses arise. Where do you find an extra N20,000 when your car needs repairs or you have to go to the doctor?
A lot of people get quick loans from friends and family to pay for these unexpected expenses. However, relying on friends and family can lead to a spiral of disappointment. In general, it’s a good idea to avoid lending money, to keep your relationships intact.
Access Bank is looking to keep its status as one of most-worker friendly financial institutions with the launch of its PayDay USSD *901*11#.The package is one of the best ways to raise cash for a financial emergency. It is payable with the next paycheck, which means that you will only be in debt for a few weeks at most.
The main benefit include, speed, convenience and no collateral. Once you dial the USSD code *901*11#, the bank will approve application for the loan almost instantly when you provide the necessary information. The application process is simple and quick. You do not need to fill any lengthy forms or go through a rigorous process, as is the case with conventional loans.
All the processes and interactions involved when applying can be performed remotely, right from your phone. You also do not need a loan officer. You can spend the cash you get from the loan on anything, including paying for an expensive dinner.
Traditional loans may require collateral. You do not need any collateral to get the loan. As long as your income is consistent and verifiable, your stable income is enough proof that you can repay the borrowed amount.
You don’t need to have an account with the bank. All you need to access it is to be a salary earner, and be paid through Remita. You can only access an amount that is within your salary range. However, when you pay your first loan on time, you stand a chance to increase the amount you can access in your subsequent applications. The bank will inform you of the amount you are eligible for during the application process. Paying off your loan on time enables you establish a good relationship with the bank.