First Bank Loan Code: Apply for FirstAdvance loan, Requirements, Interest Rate, Details
First Bank of Nigeria Limited has made it known its plans to open up wealth opportunities for its customers who are salary account holders
Here comes the FirsAdvance loan, the bank stated that the personal loan is for salary account holders of the bank who may need a payday loan before their salary eventually arrives.
In a statement made by the Bank’s Group Head, Mister Abiodun Famuyiwa disclosed that customers of the bank with salary account will be able to access up to N500,000 in a state of affairs that enables them to carry out capital projects, they may use the loan to renovate their real estate, buy real estate properties or other related assets, provide their children with best education and help them commit to other things they may desire to.
“The system offers options for the addition and refinancing at competitive rates for existing loans. Such versatile solutions are designed to offer consumer comfort and reward in other to help the banking brand promise of ‘ YOU First.’
The Group head further disclosed that the package also allows consumers to be able to satisfy their rental commitments, to choose destinations for holidays and to pay for a new certification that can enable them to upscale their career.
Nigerian salary earners under PLAS have an assurance of having a financial refuge with First Bank as their reliable funding partner to help achieve their life goals and objectives. FirstAdvance is applicable to workers with First Bank salary accounts.
First Bank has come out to make its users understand that the Salary accounts with the bank can do much more than just receive monthly salaries; the accounts can as well be leveraged to unlock a new wealth opportunity to help fulfil their dreams.
You will agree with me that First Bank of Nigeria limited is no doubt one of Africa’s most diversified financial institutions. The Banking service provider has managed to stay relevant for over 120 years and within the century the banker has offered unmatched financial services through continuous revitalization cycle based on the principles of strong corporate governance, efficient liquidity and internal risk controls.
The current customer-centric model blends service delivery with conventional business outlet with the convenience of digital supply chains to create a strong customer service experience.
This loan facility is a short term service, which gives you access to funds that meet your personal needs as a matter of urgency.
First bank customers who hold salary accounts have access to FirstAdvane loan of N500,000.00 subject to 50% of net average 6months salary, The loan facility is made accessible via digital channels of the bank like USSD code, FirstMobile, FirstOnline and ATM.
However, you must be able to meet the below requirements to be eligible for FistAdvance loan.
Firstly you need to make sure you have a Salary account with the First Bank of Nigeria
FirstAdvance Eligibility & Requirements
- The amount of loan should be around 50% of the net monthly income.
- Bee ready to pay the loan on the next tenor which is usually between the next 30days or your next payday depending on which comes first
- The maximum amount you can get from FirstAdvance is N500,000.00
- It comes with an Interest rate of 2.5% flat which is retrieved upfront on loan due
- There is also a management fee of 1.0% flat
- FirstAdvance loan is a refined version of the Digital SODA. Customers have access to the credit facility up to 3 times to reach the maximum obligor amount above.
- Please note that this is a payday loan from First Bank Nigeria and repayment is automated and immediately deducted from the salary received, unfunded accounts will have a lien placed on it.
- All other fees attached to the FirstAdvance loan, are collected upfront at the disbursement of the loan.
How to Apply for FirstAdvance Loan VIA USSD Code
The process to apply to FirstAdvance is pretty simple, you can apply easily using the dedicated First bank Loan Code, open the phone dialer app on your mobile and dial the first Bank loan code *894*11# or *894# to get started, be sure it is on the SIM you used in opening your First Bank salary account.
- Dial *894# on your mobile to access the FirstBank’s USSD Banking facility
- Select 3 to Get loans, you can as well directly dial *894*11#
- On the next screen, you will see the eligible loan amount
- Type in your desired amount, make sure the amount is within your eligibility
- Then click on send
- Use your 5 digit transaction PIN to accept terms and conditions
- Your loan will be disbursed same minute into your salary account, and you will be charged of all loan maintenance fee including Interest rate, Management fees & Insurance
You can as well apply to FirstAdvance from your FirstMobile App, Follow the simple steps listed below to get going:
Make sure your mobile device is connected to the internet
Open up the FirstMobile App, if you don’t have installed already you can download the app from Android Play Store
- Log in to your personal area on the app with your First Bank internet banking Details
- Find menu options at the top left-hand side of the app
- Click on the menu that reads ‘Loans’
- Select ‘FirstAdvance’ loan
- On the next screen, you will see the amount you are eligible to get from the facility and other pricing/interest details
- Once you are sure it is what you want, Proceed by Accept the Terms & Conditions (for a caution be sure to have read through)
- Type in the loan amount you desire, it has to be within the eligible amount displayed above
- Input your transaction pin.
- Then immediately, your loan will be disbursed to your account.
- You will immediately be debited for all Management fee & VAT, Interest rate and Insurance as upfront fees & Charges.
As soon as you receive your next salary within 30 days you will be automatically debited for the principal.
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