Access Bank Cash-Backed Loan Turn Your Fixed Deposit into Instant Naira
Access Bank Cash-Backed Loan turns your fixed deposit into instant Naira with same-day approvals, borrow up to 85% while your savings keep earning interest and apply fast via USSD *901*11*2#
How Access Bank Cash-Backed Loan works
Access Bank Cash-Backed Loan turns your fixed deposit into instant Naira by using your FD as collateral while it continues to earn interest. You can borrow up to 85% of your fixed deposit value, so you get liquidity without breaking your savings – a neat solution for short-term cash needs in Nigeria.
The product is digital-first and designed for busy Nigerians who need same-day approval and fast disbursement. With a clear linkage between your fixed deposit and loan amount, you keep the discipline of savings while accessing funds for emergencies, bills, school fees or small business capital.
Fast application and local convenience
Applying is straightforward: dial the USSD code *901*11*2# from your phone to start the process, or use Access Bank’s mobile app or internet banking. The digital flow verifies your fixed deposit and, for eligible customers, gives instant approval and same-day credit into your Access Bank account.
Eligibility is simple – you must hold a qualifying fixed deposit with Access Bank Nigeria. Multiple applications are allowed as long as the cumulative loan amount does not exceed the eligible percentage of your FD, so you can top up liquidity whenever needed without breaking the deposit.
Costs, rates and repayment terms
Interest rates depend on loan tenor and are competitive compared with unsecured options, but remember the loan is secured against your fixed deposit. Repayments are due every 30 days with a maximum tenor of 12 months, and unpaid balances can be recovered from incoming funds or the collateral if necessary.
One major benefit is that your fixed deposit keeps earning interest while acting as collateral, so you do not lose the base return on your savings. Still, compare the effective cost for the period you need to borrow and plan repayments to avoid using your FD as a last-resort recovery option.
Why many Nigerians choose this solution
The Cash-Backed Loan is popular because it balances liquidity and savings discipline: you access Naira instantly without liquidating investments. For households and small business owners in Lagos, Abuja or Kano, this means bridging cashflow gaps quickly and cheaply relative to some other credit lines.
Access Bank also offers other digital lending products like PayDay, Salary Advance and LATO, so customers can pick the right fit for their situation. If you hold a fixed deposit and want instant access to cash with transparent terms, the Cash-Backed Loan is worth considering.