First Bank Payday Loan: Requirements, Interested Rate and More
Are you interested in First Bank Payday Loan? Then this FirstAdvance is for you.
In this article, we will tell you all you need to know about the Loan like the Requirements, Interested Rate and More.
FirstAdvance is known to be one of the leading digital solution which was created in order to render suitable and free access to cash for customers who are on payroll and awaits payment of salaries.
In other words, this service is for income earners whose salary accounts are domiciled with First bank limited.
The account must have received salaries in the pass 6 months or even more.
The highest or maximum accessible amount is N500,000.00 which is in subject to the 50% of net salary of 6 months.
- As an interested customer, you must have a salary account with first bank
- The monthly income of the loan amount is up to 50% of net
- You start repayment in the next salary payday or after 30 day. (Depending on anyone that comes first)
- The highest accessible amount is N500,000.00
- The interest rate is 2.5% flat
- The management fee is 1.0% flat
- The Credit life insurance is 0.50%
- FirstAdvance is a more improved and advance form of Digital SODA.
- A customer have only 3 times access per day to the loan following the maximum eligible amount.
- Immediately you receive your salary, repayment of repayment of loan will take place.
How To Apply for First Bank Payday Loan
In other for you to be able to apply for the FirstAdvance, you should follow the instructions below.
- You can use the FirstMobile App Or
- You can use the USSD CODE-*894# or *894*11#
How to Apply for FirstAdvance on FirstBank Mobile App
- Go to Google Play Store or Apple Store and download the recent FirstMobile App on your smartphone.
- Login the FirstMobileApp
- Locate the menu option and at the top left hand side
- You will see ‘Loan’ select it
- You will see ‘FirstAdvance‘
- The next menu option will bring out the eligible amount and the price and fees
- It will bring out Terms and condition, accept it.
- The next option will bring out where you can put the amount you want to borrow, but when you are about imputing the loan amount, note that is should not be more than the eligible amount.
- Another option will request that you put your transaction pin
- Congratulations, you have successful collected the loan of your desired amount on FirstAdvance in minutes.
- Your account will be debited for VAT, Maintenance and Management fees, Insurance and Interest rate fees.
- In 30days after your account must have received salary, repayment will start immediately and the money would be debited from your principal account.
How to Apply For First Bank Payday Loan Using USSD Code
- In order for you to apply to the FirstAdvance loan using USSD code, you should dial *894# or *894*11#
- The next menu will show you the amount you are eligible for
- Put in the amount you would like to borrow in the space provided
- Management, Interested rate and Insurance fee will display
- Put your five digit pin in order to agree to the terms and conditions
- In few minutes, you will receive alert for the loan you requested for.
- VAT, Insurance and Management Fees will be debited as upfront charge and fees
- You will be debited from your salary the next month for repayment
Terms and Conditions for First Bank Payday Loan
First banks of Nigeria Limited is granting a Salary Advance Loan known as FirstAdvance or a First Bank Payday Loan to any eligible and interested customer of FirstBank Limited.
The Firstbank customer’s account must have an account which is domiciled with first bank for at least two(2) months or any income earner who is willing to move their income account to the bank following the terms and conditions.
Things you should know about First Bank Payday Loan or Salary Advance Loan
Here are few things you should know about the First Bank Payday Loan or the Salary Advance Loan
The Lender is First Bank of Nigeria Limited.
Amount Of Loan:
The bank decides how much you are eligible of getting
Purpose of Loan:
In other to bridge the gap of quick cash flow.
Tenor be for repayment:
The tenor is 30days or your need salary date, any of them that comes first would do.
What is the Interest Rate for the First Bank Payday Loan:
The Facility interest rate is 2.5% flat monthly which will be reviewed occasionally which is in line with the Money Market terms.
What is the Management Fee:
The management fee is 1% flat
What is the Credit Life Insurance:
The Credit Life Insurance is 0.5% flat on the facility amount
What is the Value Added Tax (VAT)
The Value Added Tax (VAT) of Management Fee is 7.5% flat.
What is the Late Payment Implications for First Bank Payday Loan
If you don’t repay within the slated 30days, you will receive penalty from First Bank.
You will be charged 1% flat on overdue amount monthly in addition to the already existing interest rate until you fully pay up.
How Payment would be made:
The repayment money would be collected from your monthly salary on the account you provide or the domiciled account.
But if by the month end or after 30day your domiciled account is not credited with salary, First bank reserve the right to access and take the money from your other banks like with Bank Verification Number (BVN).
Commencement Date for repayment of the First Bank Payday Loan
The charges will start once you have borrowed the money not minding the 30days of repayment on your salary payment date.