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

To apply for the FirstAdvance,

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.

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.