FirstCredit is a solution made to give you an easy loan to finance your transactions. Loans can be accessed without going to the bank from anywhere.
Benefits
All that is needed from the customer is a mobile phone or tablet; no paperwork or collateral is needed.
• Convenient and simple access to loans to suit demands.
• Rapid loan application and disbursement
• There is no need for tangible documentation.
• No security is needed
• No extra costs
Features
• The customer’s account in FirstBank must have been open for at least six months.
The customer must be associated with an authorized BVN.
• Customers’ phone numbers must be current and accurate.
• The customer’s credit history with the credit bureaus must be good.
• N1,000 is the minimum loan amount (One Thousand Naira)
• N300,000 is the maximum loan amount (Three Hundred Thousand Naira)
• Loan Term: 30 days at most
• Flat interest rate of 10%
• Insurance: 1 percent for each transaction
• If there is a default, a monthly penalty of 1% and daily interest of 0.3% are applied.
• Prior to disbursing the loan, interest on the disbursed amount will be collected.
• An upfront insurance cost is also charged when loans are disbursed.
How To Apply
• Dial *894#
• Choose Loans
• Decide on FirstCredit.
• Choose “Get New Loan”
• Decide which account number you wish to use to apply for the loan.
• Consent to the use of your data and acceptance of the terms
• There are four loan amount choices available to you.
• Decide on the loan amount you want.
• Loan funds are deposited into your account.
Before using the Service, carefully read these terms and conditions. You accept to be bound by these terms and conditions by accessing or using the Service (FirstBank FirstCredit). These terms and conditions are subject to change at any time, and the FirstBank website will host any changes.
Please do not accept the offer, subscribe to the service, or use it if you do not agree with these terms and conditions.
By using this service, you signify that you have read, understand, and agree to be bound by the terms of this Agreement.
Definitions
Within the Agreement:
Automated Teller Machine shall be referred to as “ATM.”
The customer who has signed up for the offer or service is the “borrower.”
“Digital Channels” refers to the Bank’s current and future digital channels, including USSD, First Data, and
FirstBank FirstCredit is referred to as “the Offer” or “the Service.”
“the Bank” refers to FirstBank.
Unstructured Supplementary Service Data is what “USSD” stands for.
WHEREAS:
1. The Borrower applied for FirstBank FirstCredit using one of the Bank’s digital channels to address urgent personal cash flow needs.
2. The Bank has consented to provide the Borrower with FirstCredit by way of principle.
3. The loan amount must be paid directly into the borrower’s FirstBank current or savings account.
THE FOLLOWING IS APPROVED:
The Loan, 1
Following the borrower’s successful risk assessment and scoring, the bank thus agrees to make the amount to be disbursed (hereinafter referred to as “FirstCredit”) available to the borrower for a period of time not to exceed 30 days from the date of disbursement.
Interest Rate 2.
2.1 An upfront risk-based interest rate of 10% will be charged on each disbursement, which equates to a 120% annual percentage rate. For any prepayment, early loan termination before the 30-day mark, or for any other reason, there will be no reimbursement of the upfront interest rate. If the borrower doesn’t pay any amount due to the bank under the terms of this agreement by the due date, the bank will be able to keep charging interest on the unpaid balance at a rate of 0.3% per day and 1% per month flat.
3. The cost
3.1 The Borrower consents to the Bank’s right to deduct the full amount due as repayment directly from any of the Borrower’s accounts, including Savings Accounts, Current Accounts, Domiciliary Accounts, Investment Accounts, Deposit Accounts, Electronic Wallets (whether held individually or jointly with the Bank and any bank in Nigeria).
3.2 The Borrower hereby grants the Bank the authority to withhold any amounts owed to it from any credit received by the Bank’s or any other Nigerian Bank’s accounts.
4. Fees and Costs
All out-of-pocket costs incurred by the Bank processing this facility, including enforcement of security and recovery of facility in the case of default, shall be for the account of the Borrower. These costs may include registration, legal fees, stamp duties, and other fees.
5. Defeat
In the case of
i. The Borrower’s failure to pay any amount that is due and unpaid under this Agreement.
ii. Any violation of this Agreement’s terms by the Borrower
iii. Should the Borrower fail to fulfill his or her obligations under this agreement, the entire amount still owed under it, along with any other fees or expenses owed to the Bank by the Borrower, shall become immediately due and payable. Without giving the Borrower prior notice, the Bank shall be entitled to terminate this agreement and pursue any losses or damages it may have suffered as a result.
Use the FirstMobile app or the USSD code *894*11# or *894# to submit an application for the first advance.