Last Updated on July 1, 2024 by admin
FirstAdvance is a digital lending solution From First bank Nigeria Plc which is designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.
The credit facility is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last two months or more. or salary earners willing to move their salary account to the Bank under the the banks terms & conditions:
Customers will have a Maximum amount accessible is N1,000,000 subject to 50% of net monthly salary. The eligible amount is calculated after deducting all other loan obligations to the Bank.
The bank offers an interest rate of 3% flat, per month, which shall be subject to review from time to time in line with the prevailing money market
For Late Payment Penalty, A monthly penal charge of 1% flat on overdue amount, in addition to current rate of interest on the unpaid sum until full repayment will be applicable where credit facilities remains outstanding after expiration
What is the features of First Advance
1.Salary account must be domiciled with FirstBank
2.Loan amount of up to 50% of net monthly income.
3.Tenor is 30 days or next pay day [whichever comes first]
4.Maximum single obligor limit of N1,000,000.00
5.Interest rate @ 3% flat collected upfront.
6.Management fee @ 1.0% flat
7.Credit Life Insurance @ 1.0%
8.The loan can be accessed up to five times a day subject to maximum eligible amount.
9.The Risk Acceptance Criteria for FirstAdvance is automated.
10.Repayment is taken immediately salary is received, while a lien is placed on unfunded account.
All fees, including Interest rate are collected upfront upon disbursement of the loan.
How to Apply for First advance Loan
To apply for the FirstAdvance, use any of the application listed below:
1.. To apply for FirstAdvance on FirstMobile App
a.Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone
b.Log on to the FirstMobile App
c.Open menu options on the top left-hand side
d.Select ‘loans’
e.Next, select ‘FirstAdvance’
f.Next Menu Option shows your eligible amount and the applicable pricing and fees.
g.Next, accept the terms and conditions
h.Next, input desired loan amount not more the eligible amount.
i.Followed by your transaction pin.
j.Successful, loan is disbursed to your salary account within minutes.
k.Your account is debited for management fee & VAT, interest rate and insurance as upfront fees and charges.
l.Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment.
2. To Apply using USSD Code how do I apply on it?
a.Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
or *894*11#
b.The next menu shows your eligible loan amount
c.Input desired amount and send
d.Interest rate, management fees and Insurance is displayed
e.Input five digit transaction PIN to accept terms and conditions
f.Loan is disbursed into your salary account within minutes.
g.Your account is debited for management fee, interest rate, insurance and VAT as upfront fees and charges.
h.Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment.
These credit facilities can be accessed via the bank digital channels: FirstMobile and USSD.
