How To Borrow Money From Firstbank With USSD Code
Life is unpredictable, and a lot of times we find ourselves in situations where we need emergency funds. Thank God for quick loans like First Bank USSD loans, you can foot your emergency bills with little hassle. In this post, I will be showing you how to borrow money from FirstBank with a USSD code, ensure you read to the end to know if you are eligible and the necessary steps to follow to get a loan.
Types Of First Bank Loans
First Banks have several types of loans to help ease the financial burdens of their customers. They include:
- Personal Home Loans
- Joint Mortgage
- Automobile Loans
- First Advance
Amongst these options, the only two loans you can access through USSD are “FirstCredit” and “FirstAdvance”. Both are easy to apply for and the loan process can be completed in a matter of minutes, provided you are eligible for the loan.
Checklist To Be Eligible For FirstBank Quick Loans
The first thing you have to do before applying for a loan is to check if you are Eligible. All you need to have to be eligible for a FirstCredit loan (First Bank USSD Loan) are:
- A FirstBank account that has been active for at least six months.
- A valid Bank Verification Number (BVN)
- A positive credit record with Credit Bureaus.
- Payment of insurance fee to be paid upfront before loan disbursal
How To Borrow Money From FirstBank Using USSD
There are several ways you can borrow money from FirstBank, but one of the easiest ways to go about it is by making use of the FirstBank USSD code.
To access a FirstCredit FirstBank loan Using USSD, all you need to do is:
- Go to your phone dial pad and dial *894#
- Click on loans in the options displayed
- Click on FirstCredit from the loan options
- Click on get a new loan
- Enter the account number the loan should be disbursed into
- Grant access to your personal data
- Accept terms and condition
- Get loan amount options
- Pick desired loan amount
- Get the loan disbursed into your account
While to get a FirstBank FirstAdvance loan using USSD, you can:
- Dial *894# or *894*11#
- Confirm how much you are eligible for
- Put in how much you wish to borrow
- Acknowledge you wish to continue with an interest rate, management fee, and insurance fee
- Enter a transaction pin of five digits to accept terms and conditions.
- Your account is credited with your request in a matter of minutes
How To Payback FirstBank Loan
Paying back your FirstBank loan is automated and very simple. To pay back your loan you need to fund the account you received the loan without exactly or before 30 days after your loan was disbursed. Once the account is funded in due time, the loan will be automatically deducted from your account.
What Is The Tenure For First Bank Shortcode Loan
Regardless of the first bank loan product you applied for, If you obtain a loan from FirstBank using shortcode the repayment tenor is 30 days. This is because the code to get a FirstBank loan is linked to FirstCredit and FirstAdvance, which are products designed for employees or salary earners. An average salary earner in Nigeria is expected to be paid after every 30 days, hence the reason why FirstBank short code loan tenor is 30 days.
What Is First Bank Payday Loan
FirstBank Payday loan is also the same thing as FirstAdvance. This product is a technology driven credit solution, created by FirstBank for customers who are on a payroll or awaiting their salaries, to help them get quick cash before payday. This loan serves as a soft landing for salary earners when in need of cash before payday and they can be applied for through Firstbank USSD code for loan *894#.
What Is The Maximum Amount I Can Borrow Using First Bank Loan Code
FirstAdvance was created to disburse quick cash for the everyday needs of FirstBank customers who are salary earners and is not meant for funding big projects like mortgages or car purchases. The maximum amount one can borrow using FirstBank USSD Code is N500,000, and this depends on how much your salary is. In the end, you can only borrow 50% of your net average 3 month salary.
What are the Features of FirstBank Payday Loan
The features of this loan might differ, depending on FirstBank account holders’ eligibility. Some of the features of this loan include:
- The loan is only disbursed to people who have a first bank account
- The total amount disbursed is capped at 50% of the recipient’s monthly income
- Regardless of the applicant’s monthly income, the maximum loan amount is N500,000
- The loan duration is 30 days
- Fees and Interest rates are deducted once the loan has been disbursed
- Repayment is deducted immediately applicant receives the salary
- The interest rate is 2.5%
Making use of the FirstBank loan code is the most convenient and stress free way to access quick loans if you are a FirstBank user. You can seamlessly get a loan without long waits at the bank and without the need for collateral.
One of the set back of this quick loan is that you cannot get cash to fund big projects like a car purchase or a down payment for a house, but not to worry if you need such loans, you can apply for other FirsBank loan types like FirstBank Mortgage loans or FirstBank Automobile Loans.
The code to get a loan from First Bank can only be used to access a maximum of N500,000 and is only available to salary earners.