How To Loan Money From First Bank via USSD Code(FirstBank Loan): Do you want to take a loan (borrow money) from first bank and you don’t know how to go about it then you are in the right place. Today we shall be going through how to borrow money /take loan From first bank using USSD code.
Technology have greatly evolved over the years as you can now collect a bank loan from the comfort of your home. No need for many paper work and even collateral.
Like other banks first bank plc have also joined the moving train by introducing the first advance loan service. First advance loans service is a product that enables customers to borrow money and pay back after 30 days with very little interest of 2.5%. See First Bank Nigeria Wins Fastest Growing Retail Bank..
REQUIREMENTS FOR TAKEN LOAN FROM FIRST BANK
You account must be a salary account that must have received salary for at least 6 months.
There are two main channels of getting this loan which are:
- via ussd code
- via bank mobile app
How to borrow money from first bank using USSD code
- Dial *894# to connect to FirstBank’s USSD Banking,
- select 3, [Get Loans]
- The next menu shows your eligible loan amount
- Input desired amount and send
- Interest rate, management fees and Insurance is displayed
- Input five digit transaction PIN to accept terms and conditions
- Loan is disbursed into your salary account within minutes.
How to borrow money from first bank using FirstMobile App
- Download FirstMobile App
- Log on to the FirstMobile App
- Open menu options on the top left-hand side
- Select ‘loans’
- Next, select ‘FirstAdvance’
- Next Menu Option shows your eligible amount and the applicable pricing and fees.
- accept the terms and conditions
- Next, input desired loan amount not more the eligible amount.
- Followed by your transaction pin.
- Successful, loan is disbursed to your salary account within minutes.
How To Pay Back First Advance Loan
The process of paying back the first advance loan is actually automated. All it requires is for you to make sure your account balance matches or exceeds the amount of loan acquired 30 days ago, as the funds will be automatically deducted from your account on the 30th day.
What is the interest rate of first bank loan?
Loans taken will attract an interest of 2.5%, which will be charged from the loan provided. i.e, 97,500 Naira will be credited to your account if you request a loan of 100,000, which indicates the 2.5% has been deducted.
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