If you have heard of First bank quick loan code and would like to know what it is and how to go about it, then you have found the right page.
You might just be a curious first bank customer who likes to be well-informed or a first bank customer who could really be in need of funds urgently. Whichever the case is, you would find answers to your questions right here on this post.
But then, let me give you a heads up. First bank quick loan is just as the name implies, quick and what they forgot to add in the name is any word that implies comfort, ease, effortless, and/or painless.
This is because that is all you get from this helpful scheme put together by the first bank of Nigeria.
Although, I would think that anything that drops “quickly” has to come with reduced stress, or do you not think so?
Given that, we can get things underway. Shall we?
What Is First Bank Quick Loan Code?
Nigerians largely recognize First bank of Nigeria as a financial institution for offering a variety of loans they offer their customers.
Without a doubt, they have been around for ages, which is also a reason they have leverage over other banks.
However, the First Bank instant loan is not in the same league as other loans the bank offers. This is because they differ in the mode of application.
For instance, first bank quick loan requires no paperwork whatsoever in the course of application. Just a few punches of digits on your mobile phone will get you the loan in a few seconds.
The bank calls these digits the first bank’s instant/quick loan code. It is *894*11#, which emanates from the original USSD code of the bank, *894#.
Nevertheless, this has a condition, only one, being that you must dial the code from a registered line that you linked to your first bank account. Otherwise, the transaction process will not be successful.
So, we have been talking so much about First Bank Instant/Quick loan, let me jog the memories of those that have heard about it and duly inform the first-timers.
First Bank Quick Loan
First bank quick loan is a loan scheme specially designed for First bank customers who have their salary accounts domiciled with First bank.
Although, the account must have been receiving salaries for at least six months for the customer to qualify for a loan.
The maximum amount you can borrow urgently via First Bank quick loan code is five hundred thousand Naira only (#500,000) provided you meet the above condition and your income can bear the credit you are about to take.
The quick loan product by First Bank is officially known as FirstAdvance. The name highly suggests that it is to help salary earners get a sort of salary advance to meet their needs while they await their salaries.
Also see What is the first bank transfer code
Other Things To Know About FirstAdvance
Here are other details you need to know about first bank quick loan:
- The tenor of the loan is thirty(30) days or the next payday, whichever comes first.
- The management fee is set at 1%.
- Credit life insurance is fixed at 0.50%.
- The interest rate is set at 2.5%.
- You can access the loan up to three times a day, as long as you are yet to meet the limit.
- The bank deducts repayment automatically from your salary as soon as it drops.
- The bank collects all fees (interest, management fee, and insurance) upfront.
How To Apply For FirstAdvance Using First Bank Quick Loan Code
To get a first bank instant quick loan using the USSD code, here is what to do:
- Punch *894*11# on your mobile phone and dial.
- Choose number 3 which is tagged as “Get Loans”.
- It will display the amount you are eligible to apply for right on your screen.
- Enter the amount you intend to borrow and send. This must be equal to or lesser than the amount you are eligible for, as I explained earlier.
- This leads to a page displaying the interest rate, management fees, and insurance.
- Accept the terms and conditions to show your confirmation of the process by inputting your five-digit pin.
- That completes the process, and the bank disburses the loan into your first bank salary account.
I hope you found this post on first bank quick loan code helpful and I hope this post fulfilled its promise of providing detailed answers to the bugging question you could have had on your mind regarding First bank quick loan code.
Visit any nearest first bank branch to you to find out more about the other loans since the post focused on first bank quick loan only.
You can also check my post on how to get loan from UBA bank using USSD code in case you have another account with UBA or know a friend who does.
I would love to read your reviews and suggestions in the comments section, so feel free to share.