First bank salary advance, what it is, and how to get it
First bank salary advance – Managing the family expense has never been a walk in the pack for Mrs. Johnson who lose her husband a year earlier, the pain of motherhood is overwhelming then make a light comparison with that of widowhood or a single mother.
Surmounting financial tasks and budgets have never been without struggle, and in between lies financial emergency from time to time.
Despite being a civil servant and earning reasonably enough, one cannot equate properly sometimes to cover the most unforeseen circumstance, this was the case with Mrs. Johnson who runs the financial affairs of her family alone with little or no help from anywhere.
Read also: How to apply and receive Polaris bank Payday loan in minutes
In one of those tight fisted occasions, on a medical emergency she got introduced to First bank salary advance and that has been her go to for emergency funds.
What’s First Bank Salary Advance?
The First bank salary advance otherwise referred as FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.
From the above definition you could easily come to a few conclusion about FirstAdvance.
“Key take way”
- It’s a short term loan meant to ease financial burden
- Purposely for salary earners/employees
- This loan can be accessed before salary arrives for the month under review, wherein repayment is effected at the arrival of the salary, by this it means the obligor will need to have a salary account domiciled with First bank.
Features of First bank salary advance
- Salary account must be domiciled with First bank
- Loan amount is up to 50% of net monthly income
- Tenor is usually 30 days or next pay day whichever comes first
- It has a maximum single obligor limit of N500,000
- You will be charged a 2.5% flat interest rate payable upfront
- Management fee charged at 1% flat
- Credit life insurance at 0.5%
- Subject to the maximum eligible limit the loan can be sourced thrice daily
- Repayment immediately salary is received
- However, fees and all interest are collected upfront on loan disbursement.
How to apply
There are basically two ways that aid the application of this loan
1. Apply on Mobile App
You should be onboard the FirstMobile to use this version of service.
- Download FirstMobile app on Google Play store for Android and IOS
- Sign up and log on to the app
- Go to the menu option, select loans
- Select FirstAdvance
- In the next menu you will be shown eligible amount, application price and fees
- Accept the terms and conditions
- In the next slide input required loan amount not above your eligible limit
- Enter your PIN
- Loan will be disbursed to your salary account in few minutes
- Your account is then debited for VAT and other fees, etc.
2. How to apply using the USSD code
From your registered phone line with your First bank account.
- Dial *849# or *894*11#
- Select option “3” for get loans
- In the next slide you’ll get to see your eligible loan amount, input your amount and send
- You’ll be notified of interest rate, management fee, etc.
- Insert your PIN to accept terms and conditions
- Your loan is disbursed into your salary account in few minutes
- Debit will be passed for management fee, interest, insurance, VAT upfront.
- Repayment is processed/debited upon receipt of salary
Frequently asked questions
First Advance code?
This refers to the USSD code applied in accessing First bank salary advance loan, it’s denoted by *894# or *894*11#
First bank car loan?
Otherwise referred as the First bank auto loan. You can access this loan to purchase your dream car, employees in paid employment and business owners can apply for this loan to acquire vehicles for running their businesses.
For this loan you are expected to make 20% equity contribution into the car purchase.
Read more about this loan here.
Read also: How to access Wema bank salary advance loan
First bank student loan in Nigeria
This is referred to as FirstEdu, a loan package that targets proprietors and school owners who are in need of financing for running the school affairs.
With this loan schools can bridge funding gap, upgrade facilities pending the receipt of school fees.
First bank mortgage loan
This is referred to as “Personal home loans” for customers who wish to buy their first home, construct or renovate homes.
Conclusion
The First bank salary advance is a term loan that can meet your emergency and short term loan requirements, repayment is made on the next pay day debited automatically since your salary account will be domiciled with First bank as a basic prerequisite for sourcing.
