In the context of loans, liquidation means reclaiming the money lent by seizing the borrower's collateral and selling it. This happens when a borrower defaults on their loan, meaning they stop making their scheduled payments. To recoup their losses, the lender takes possession of the collateral (like a car or house) used as a guarantee for the loan. The lender then sells the collateral, often at a discount due to urgency, and uses the proceeds to pay off the remaining loan balance.
However, you can also self-liquidate your Loan. Self-liquidation of Loan refers to the process of paying off a loan in full before its scheduled maturity date. This proactive approach allows you to completely settle your debt obligations ahead of time using your collateral, which can provide financial relief or strategic advantages depending on the situation.
In businesses, the term "Liquidation" is often associated with the dissolution of a business, wherein the company sells off its unpledged assets to generate funds. These funds are then used to pay off the company’s debts. This process typically occurs when a business is unable to meet its financial obligations and faces bankruptcy. By selling its assets, the company aims to satisfy creditors and settle outstanding debts as part of the liquidation process.
In a broader financial context, liquidation can also refer to converting various assets into cash. However, this interpretation is less relevant when discussing loan liquidation, as the loan itself is already in monetary form. In the context of loans, liquidation specifically focuses on the early repayment of the debt using collateral, thereby freeing the borrower from future interest payments and financial commitments associated with the loan.
Now, that you've understand the meaning of Loan and Business Liquidation, it's time to proceed to Access Bank Loan Liquidation. Here, you'll learn how to liquidate your Access Bank Loan on the QuickBucks App. Let's dive in!
Liquidating Access Bank Loan
You have the flexibility to pay off your Access Bank Loan whenever it suits you. Those who wish to self-liquidate their existing Access Bank's PayDay Loan can do so easily through the QuickBucks platform. Here's how to liquidate your loan via the QuickBucks App:
- Open the QuickBucks App on your mobile device.
- Navigate to the loan section of the app.
- Select the option to pay off or liquidate your existing loan.
- Follow the prompts to complete the payment process.
If you prefer, you can also liquidate your Access Bank Loan by contacting Access Bank directly. Reach out to them at +234 700 300 0000 or +234 1 271 2005, send an email to [email protected], or visit any Access Bank branch for assistance.
What is QuickBucks App?
You can access quick loans conveniently with QUICKBUCKS right from your mobile phone. Access Bank's QuickBucks is a Mobile Banking Application designed for digital loans, offering a comprehensive platform for all loan products to enhance your borrowing experience. It caters to various financial needs, including retail loans, credit cards, debit cards, consumer durable loans, and device financing loan requests. The types of loans available on QuickBucks include Access Bank's PayDay Loans, Access Bank's Salary Advances, Small Ticket Personal Loans, and Device Financing.
To sign up on QuickBucks, follow these steps:
- Download QuickBucks from your app store.
- Enter your email address and BVN-linked phone number.
- You will receive an OTP via SMS for verification. If the SMS is unsuccessful, you can request the OTP to be delivered via a voice call, or request a push message from the app, which sends an encrypted message to a short code. This functionality is applicable only for customers using their BVN-linked phone number for the transaction.
- Upon OTP validation, create an app password (to be used for logging into the app) and a PIN (to be used for transactions).
- Enter your personal details, including location, first name, last name, other names, date of birth, occupation (salaried or self-employed), place of work, salary bank name, bank account number, closest branch, BVN, and monthly salary amount.
- Agree and consent to the Terms and Conditions.
To log in to QuickBucks, follow these steps:
- Enter your email address and BVN-linked phone number.
- You will receive an OTP via SMS for verification.
- Validate the OTP and enter your username and password.
- Click on the Login button.
In summary, liquidating a loan involves paying off the entire loan amount before its scheduled maturity date. Access Bank give it customers the flexibility to liquidate their loans at their convenience. This can be done easily via the QuickBucks platform. Alternatively, customers can contact Access Bank directly through phone, email, or by visiting a branch to complete the loan liquidation process.