First Bank: How to apply for FirstAdvance loan on your phone

To apply for the FirstAdvance,

1. Through FirstMobile App Or
2. USSD CODE-*894*11# or *894#

1. To apply for FirstAdvance on FirstMobile App

• Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone
• 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.
• Next, 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.
• Your account is debited for management fee & VAT, interest rate and insurance as upfront fees and charges.
• Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment.

2. To Apply using USSD Code how do I apply on it?

• Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
• or *894*11#
• 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.
• Your account is debited for management fee, interest rate, insurance and VAT as upfront fees and charges.
• Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment.

Loan Information

• Salary account must be domiciled with FirstBank
• Loan amount of up to 50% of net monthly income.
• Tenor is 30 days or next pay day [whichever comes first]
• Maximum single obligor limit of N500,000.00
• Interest rate @ 2.5%flat collected upfront
• Management fee @ 1.0% flat
• Credit Life Insurance @ 0.50%
• FirstAdvance is an enhanced and improved version of Digital SODA.
• The loan can be accessed up to three times a day subject to maximum eligible amount
• The Risk Acceptance Criteria for FirstAdvance is automated.
• Repayment is taken immediately salary is received, while a lien is placed on unfunded account.
• All fees, including Interest rate are collected upfront upon disbursement of the loan.