Loans & Grants

First bank application – How to get a loan with first bank mobile app

First Bank of Nigeria Limited (FirstBank) is a Nigerian multinational banking and financial services company headquartered in Lagos, Nigeria. It is the oldest commercial bank in Nigeria and the second-largest bank in the country by assets. FirstBank was founded in 1894 by Sir Alfred Jones, a British shipping magnate. The bank has a network of over 700 branches and business locations across Nigeria, as well as subsidiaries in Ghana, Gambia, Sierra Leone, and the United Kingdom.

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What are the eligibility requirements to obtain a loan from the first bank mobile app?

The eligibility requirements to obtain a loan from the First Bank mobile app vary depending on the type of loan you are applying for. However, some general eligibility requirements include:

  • You must be a Nigerian citizen.
  • You must be at least 18 years old.
  • You must have a valid BVN.
  • You must have a salary account with First Bank.
  • You must have a good credit history.
  • You must be able to provide proof of income.

The specific eligibility requirements for each type of loan are as follows:

  • FirstAdvance: This loan is designed for salary earners who need quick access to cash. To be eligible for FirstAdvance, you must have a salary account with First Bank and have received regular salaries in the last two months or more. The maximum loan amount is N1,000,000 subject to 50% of net monthly salary.
  • FirstCredit: This loan is designed for customers who need a short-term loan to cover unexpected expenses. To be eligible for FirstCredit, you must have a salary account with First Bank and have been a customer for at least 6 months. The maximum loan amount is N300,000 and the loan term is up to 30 days.
  • FirstGem Funds: This loan is designed for women-owned businesses. To be eligible for FirstGem Funds, your business must be registered with the Corporate Affairs Commission (CAC) and have been in operation for at least 12 months. The maximum loan amount is N3,000,000 and the loan term is up to 24 months.

You can apply for a loan from the First Bank mobile app by following these steps:

  1. Open the First Bank mobile app.
  2. Click on the “Loans” tab.
  3. Select the type of loan you want to apply for.
  4. Enter your details and submit your application.
  5. The bank will review your application and notify you of their decision.

If your application is approved, the funds will be disbursed to your account within 24 hours.

What are the features and charges associated with the First bank mobile application loan?

The First Bank mobile application loan is a digital lending solution that offers convenient and easy access to cash for payroll customers awaiting payment of their salaries. The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last two months or more.

Here are the features and charges associated with the First Bank mobile application loan:

  • Loan amount: The maximum loan amount 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.
  • Tenor: The maximum tenor is 30 days or your next payday.
  • Interest rate: The interest rate is 2.5% flat, which is collected upfront upon loan disbursement.
  • Management fee: A management fee of 1% is deducted at the point of loan disbursement.
  • Credit life assurance fee: A credit life assurance fee of 0.5% of the value of the loan is charged.
  • Other charges: VAT and other applicable deductions may apply.

The loan can be accessed via the FirstBank mobile app or USSD. To apply, you will need to:

  1. Download the FirstBank mobile app from the App Store or Google Play.
  2. Open the app and log in to your account.
  3. Tap on the “Loans” tab.
  4. Select “FirstAdvance”.
  5. Enter the amount of loan you want to apply for.
  6. Accept the terms and conditions.
  7. Submit your application.

If your application is approved, the loan will be disbursed into your account within minutes. The interest, management fee, and other charges will be deducted from your account at the time of disbursement. The loan repayment will be automatically deducted from your account on your next payday.

ALSO READ: Federal Government loan agencies in Nigeria

Here are some additional things to keep in mind about the First Bank mobile application loan:

  • You must be a salary earner with a valid BVN and at least 2 months of salary history with FirstBank.
  • You must have a good credit history.
  • You must be able to repay the loan on time.
  • The loan is not available to customers who have other outstanding loans with FirstBank.

If you are interested in applying for a First Bank mobile application loan, I recommend that you contact FirstBank customer service for more information.

How to get a loan with first bank mobile app

  1. Download the FirstMobile app from the Google Play Store or Apple App Store.
  2. Open the app and log in with your FirstBank online banking credentials.
  3. Tap on the “Menu” icon and select “Loans”.
  4. Select the “FirstCredit” loan product.
  5. Enter the amount of loan you want to borrow and the duration of the loan.
  6. Read and agree to the terms and conditions of the loan.
  7. Submit your application.

FirstBank will review your application and will notify you of the approval status within 24 hours. If your application is approved, the loan amount will be credited to your FirstBank account within 48 hours.

Here are some requirements for getting a loan with FirstBank mobile app:

  • You must be a FirstBank customer with a savings or current account.
  • Your account must have been operational for at least 6 months.
  • You must be linked to a valid BVN.
  • You must have a positive credit record with Credit Bureaus.

The maximum loan amount you can borrow with FirstBank mobile app is N1 million. The interest rate on FirstCredit loans is 2.5% per annum. The loan repayment period is 30 days or your next payday, whichever is shorter.

In Conclusion:

obtaining a loan with the FirstBank mobile app is a convenient and accessible option for FirstBank customers. To be eligible for a loan, customers must have a savings or current account with FirstBank that has been operational for at least 6 months. Additionally, customers must be linked to a valid BVN and have a positive credit record with Credit Bureaus. The maximum loan amount available through the FirstBank mobile app is N1 million, with an interest rate of 2.5% per annum.

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