Saturday, January 23, 2021

How to Apply for Firstbank Salary Advance

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How to Apply for Firstbank Salary Advance

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Firstbank salary advance is a soft loan offer to salary earners and other users of the bank at avery convenient interest rate, payable in 30 days or the next payday whichever comes first . It is a fast and convenient way for payroll customers to access cash, while awaiting their salaries.

The Firstbank salary advance is a digital lending solution created by First bank to offer convenient easy access to salary earners whose salary account are domiciled with First bank Nigerian Limited or Salry earners who are willing to move their salary account to Firstbank. The products can be accessed by salary earners who have received regular salary in their Firstbank account in the last 2 months or more.

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Customers can accessed up to N500,000.00, but subject to 50% of their net average in their Three months Salaries. Eligible amount for the Firstbank salary advance is calculated after all other loan obligation to the bank has been deducted. The Firstbank salary advance can be access via various First bank digital platforms and through their USSD code *894#.

Conditions to meet before you can Apply for the FIrstbank Salary Advance:

  • Have a Salary account which must domiciled with FirstBank
  • Be profiled on the Firstbank salary Advance
  • Must have received regular salary in your account for the last 6 months
  • Loan amount of up to 50% of net monthly income.
  • The loan can be accessed up to 3 times a day subject to maximum eligible amount
  • Tenor is 30days 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 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.
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How to apply for Firstbank salary Advance via the Firstbank Mobile App (FirstMobile)

  • Download the FirstMobile App from Google Play Store or Apple Store
  • Log on to the Firstbank Mobile App
  • Click on the menu option on the top left side of the mobile App
  • Select loan
  • Select FirstAdvance
  • Check if eligible
  • The menu option would show your eligible amount and applicable fees
  • Accept the Terms & Conditions
  • Enter desired loan amount, which should not be more than the eligible amount.
  • The App would prompt you for your transaction Pin
  • Enter your transaction pin.
  • If loan is successful it is disbursed to your account within minutes
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How to apply for Firstbank salary Advance using the *894# USSD Code

  • Dial *894# on your phone to connect to FirstBank’s USSD Banking and Select 3, [Get Loans]
  • Or dial *894*11#
  • The next menu shows your eligible loan amount
  • Enter amount not exceeding eligible amount and send
  • Interest rate, Management fees & Insurance is displayed
  • Input 5 digit transaction PIN to accept Terms and conditions

Note: Your account is debited for Management fee, Interest rate, Insurance and VAT as upfront fees and Charges.  However, repayment of loan is upon receipt of salary or 30days (whichever comes first).

The Firstbank salary advance can help you meet essential needs urgently. For More Information on Firstbank salary Advance visit : https://www.firstbanknigeria.com/personal-banking/loans-and-mortgages/firstadvance/

Read Also:Access Bank Loan: 50 Billion Naira Interest-Free Loan To Help Nigerian Businesses To Be Disbursed

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Braimah Abdulrasak
I am a passionate writer, with interest in politics, policies, government, history, sport, environment and world news.

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