FirstAdvance (Category: Safe Loan )

FirstAdvance is a digital lending solution designed to provide quick access to funds for salaried individuals awaiting their payday. This product is ideal for FirstBank payroll customers who have had their accounts domiciled with the bank for at least two months and need a financial boost before their next salary arrives.

Key Features:

• Loan Amount: Up to 75% of your net monthly salary for the 3-month variant, with a maximum of N2,000,000; and up to 50% of your net monthly salary for the 30-day variant, with a maximum of N1,000,000.
• Repayment Tenor: 30 days or the next payday (whichever comes first) for the 30-day variant, and 90 days or the third payday (whichever comes first) for the 3-month variant.
• Interest Rate: 3% flat per month, collected upfront.
• Management Fee: 1% flat, deducted upfront.
• Credit Life Insurance: 1% flat, deducted upfront.
• Access Frequency: Eligible customers can access the loan up to five times daily, subject to their maximum eligible loan amount.
• Automated Approval Process: Loan approval and risk acceptance criteria are fully automated.
• Repayment: The loan is automatically deducted when your salary is credited to your account.

How to Apply for FirstAdvance:

1. Via FirstMobile App:

• Download and log into the FirstMobile App.
• Open the menu and select Loans, then choose FirstAdvance.
• View your eligible amount and fees, accept the terms, and enter your desired loan amount.
• Confirm with your transaction PIN, and the loan will be credited to your account within minutes.

2. Via USSD Code:

• Dial *894*11# or *894# and select Get Loans.
• Enter your desired loan amount and confirm with your 5-digit PIN.
• The loan will be credited to your account almost instantly.

Eligibility Criteria:

• Your salary must be domiciled with FirstBank for at least two months.
• Salaried employees willing to move their accounts to FirstBank are also eligible.

Fees and Charges:

• Interest: 3% flat per month.
• Management Fee: 1% flat.
• Credit Life Insurance: 1%.
• VAT: 7.5% on the management fee.
• All fees are deducted upfront.

Other Key Terms:

• The loan is payable immediately after salary is received.
• A lien may be placed on an unfunded account until repayment is made.
• Loans can be accessed up to five times per day, but the total must not exceed the maximum eligible amount.

Conditions and Documentation:

• Security: The loan is secured with irrevocable domiciliation of salary and credit life insurance.
• Repayment Source: Proceeds from your salary or any BVN-linked account in another bank.
• Penalty for Late Payment: A 1% penal charge will be applied to overdue amounts.

FirstAdvance is a reliable way to cover urgent expenses before payday, with flexible repayment options and quick disbursement. Start today and enjoy the convenience of digital lending.