Access Bank charges 5.15% interest rate on LATO.
Access bank (www.accessbankplc.com) is charging qualified customers a total of 5.15% for 30 days on eligible amount on its lending against turnover (LATO) instant loan financial product.
The breakdown of the 5.15% interest charge include 4% interest rate, 1% management fee and 0.15% for credit insurance.
LATO is an instant credit designed to meet urgent financial needs of its customers. Of course, eligible amount differ among customers but the same rate applies.
Don’t worry, if the rate is okay by you and you are expecting cash to flow into your account in not more than 30 days, then LATO could come to your rescue any time, any day.
This financial products was designed to attend to customers’ urgent cash demand. For many people, there are times when cash in hand worth more than what you are expecting.
However, a key feature of this consumer loan is that, Access Bank would take interest rate, management and insurance fees upfront.
For Access Bank, LATO is a high risk financial product. It is open.
This is because you don’t need to have your salary account domicile with Access Bank before you are able to access the loan.
As you would note, this is against usual pattern in the banking sector. Most of the instant credits services by banks demand that customers maintain salary account.
So, LATO is a bit different by design.
But, non-salary account holders must have an existing banking relationship with the Bank for over six months.
MarketForces gathered that the loan is for maximum of 30 days. Therefore, it is okay for customers that are certain that they would receive inflow of cash at due date.
You run the risk of defaulting if you are not sure about where the next cash would flow into your account.
Though, no documentation or collateral is required, your credit report is an important factor.
For those with existing obligations, there is 50:50 probability that this loan will be granted but rest assure Access Bank would factor in your existing monthly obligations in calculating your eligible amount.
For the qualified customers, eligible amount will be display on your screen after dialing USSD code *910*11#. Surprisingly, the loan will be disbursed instantly after assessment.
It is important to note that your eligibility will be affected if you have unpaid loans in Access or other Banks.
Also, if your salary account is incorrect or you used a phone number not linked to your BVN. Just as if your average minimum turnover is not up to N20,000 monthly.
It is also important to note that your loan would be automatically debited from your account after 30 days.
By Julius Alagbe
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