How to Borrow Money from First Bank

Borrowing money from First Bank in Nigeria is quite accessible and convenient, especially if you are a salary earner and an active customer of the bank. Here’s how you can apply for a loan from First Bank:

Applying for a Loan from First Bank

1. FirstAdvance Loan:
   • This is a salary advance loan offered by First Bank, designed to help salary earners meet urgent financial needs before their payday.
2. Eligibility Requirements:
   • To be eligible for the FirstAdvance loan, you must be an active First Bank customer.
   • You should have received salary payments in your First Bank account for at least 2-3 months.
   • A good and clean credit score is necessary.
   • Your registered phone number linked to your First Bank account is required.
3. USSD Code Application:
   • Dial *894# from your phone linked to your First Bank account.
   • Follow the prompt and select ‘3’ to get loans.
   • Choose the loan amount you wish to borrow (up to the eligible amount displayed).
   • Accept the terms and conditions after reviewing the interest rate, management fees, and insurance fee.
   • Input your First Bank transaction PIN to confirm the loan.
   • The loan amount will be credited to your First Bank salary account.
4. Online Application:
   • Visit the First Bank loan application page on their website.
   • Fill out the online application form with your personal, employment, and loan details.
   • Choose the type of loan and the amount you wish to apply for.
   • Submit the application and wait for the bank’s approval.

Interest Rates and Repayment

• The interest rates for First Bank loans vary, with rates ranging from 0.5% to 15% depending on the loan repayment duration.
• The specific terms regarding interest rates and repayment will be communicated to you during the application process.

Note

• Approval of your loan application will depend on meeting all the requirements and the bank’s assessment of your creditworthiness.
• It is important to understand all the terms and conditions associated with the loan before accepting any loan offer.

ALSO SEE: How to Borrow Money from POLARIS Bank

By following these steps and ensuring that you meet the eligibility criteria, you can conveniently apply for a loan from First Bank, either through USSD code or online.

For more detailed information or to start your loan application, visit the First Bank website or contact their customer service

FAQS

General Questions about First Bank Loans

1. What types of loans does First Bank offer?
   • First Bank offers various loans, including the FirstAdvance Loan, a salary advance loan for urgent financial needs.
2. Can I get a First Bank loan without collateral?
   • Yes, the FirstAdvance loan does not require collateral.
3. How can I apply for a loan from First Bank?
   • You can apply through the USSD code *894# or via the online loan application form on First Bank’s website.
4. Is it possible to apply for a First Bank loan online?
   • Yes, you can apply online through the First Bank loan application page.
5. Who is eligible for First Bank loans?
   • Eligibility typically includes being an active First Bank customer, a salary earner, having a good credit score, and receiving salary payments in your First Bank account.

Applying for Loans

6. What is the USSD code for First Bank loans?
   • The USSD code for First Bank loans is *894#.
7. How do I use the USSD code to get a loan?
   • Dial *894#, follow the prompts to select ‘Get Loans’, choose the loan amount, and follow the instructions.
8. What are the requirements for the FirstAdvance Loan?
   • You must be an active First Bank customer, a salary earner, and have a good credit score.
9. Can I apply for a First Bank loan through their mobile app?
   • The primary methods mentioned are USSD and online application. The availability of a mobile app option was not specified.
10. What information do I need to apply for a First Bank loan?
    • Personal information, contact details, employment details, and your First Bank account information.

Loan Amounts and Terms

11. How much can I borrow from First Bank?
    • Loan amounts vary based on your eligibility and the specific loan product.
12. What is the interest rate for First Bank loans?
    • Interest rates range from 0.5% to 15%, depending on the loan type and repayment duration.
13. What is the repayment period for First Bank loans?
    • Repayment terms vary depending on the loan product.
14. Can I choose a different loan amount than what is offered?
    • You can select or enter a loan amount up to the eligible limit shown.
15. Are there long-term loans available at First Bank?
    • The loan terms vary, with some options offering longer repayment periods.

Interest Rates and Repayment

16. How is loan interest calculated at First Bank?
    • Interest is calculated as a percentage of the loan amount, based on the specific loan type and terms.
17. Can I repay my loan early?
    • Early repayment terms should be confirmed directly with First Bank.
18. What happens if I can’t repay the loan on time?
    • Late repayment can incur additional charges and affect your credit score.
19. How does loan repayment work?
    • Repayment typically occurs through automatic deductions from your salary account.
20. Is there a penalty for late loan repayment?
    • Late repayment penalties vary depending on the loan agreement.

Eligibility and Application Process

21. Who is eligible for First Bank loans?
    • Eligibility depends on the loan type but generally includes being a salary earner with a good credit score.
22. What documents do I need to apply for a loan?
    • Requirements may include proof of income, employment ID, BVN, and a registered phone number.
23. How long does it take to get a loan approved by First Bank?
    • Approval times can vary, but First Bank aims for a quick processing time.
24. Can I get a loan if I don’t have a salary account with First Bank?
    • Having a salary account with First Bank is a requirement for the FirstAdvance loan.
25. Do I need a good credit score to get a loan from First Bank?
    • A good credit score is typically necessary for loan approval.

Loan Application Process

26. How do I apply for a FirstAdvance loan?
    • Dial *894# and follow the prompts to apply for the FirstAdvance loan.
27. What is the maximum loan amount I can get from First Bank?
    • The maximum loan amount depends on your salary and eligibility.
28. Is FirstAdvance the only loan product offered by First Bank?
    • First Bank may offer other loan products, but FirstAdvance is a prominently featured option.