How to get a loan from First Bank – First Bank is a financial institution that offers a range of banking services, including personal and business loans. Founded in 1963, and one of the largest banks in Nigeria, with a presence in 11 countries across the globe.
First Bank offers different types of loans to cater to the varying needs of its customers. Some of the types of loans offered include:
Personal Loans: These are loans designed to meet the personal financial needs of individuals, such as medical bills, home renovations, and education expenses.
Business Loans: First Bank offers loans to support small, medium, and large businesses. These loans can be used to fund working capital, expansion, and other business-related expenses.
Mortgage Loans: First Bank offers mortgage loans to help individuals and businesses acquire property. These loans are typically long-term and have a lower interest rate compared to other types of loans.
Auto Loans: First Bank also offers auto loans to help individuals purchase new or used vehicles. The loans are usually for a specific term and have a fixed interest rate.
Salary Advance: First Bank also offers salary advance loans to customers who need quick access to funds before their next payday. The loan amount is usually a percentage of the borrower’s salary.
First Bank offers a wide range of loan options to meet the financial needs of its customers, whether for personal or business purposes.
Determine the loan you need
Identify the type of loan you need (e.g. personal loan, business loan, mortgage loan, etc.)
Determine how much money you need to borrow
Decide on the loan terms that best suit your needs
List of requirements on how to get a loan from First Bank
The required documents for applying for a loan from First Bank may vary depending on the type of loan and the specific requirements of the bank.
However, here are some of the common documents that may be required:
- Completed loan application form.
- Valid means of identification, such as a National ID card, International passport, or driver’s license.
- Proof of income, such as pay slips or tax returns, for salaried workers.
- Bank statements for the last six months.
- Proof of ownership of assets, such as property or a car.
- Business registration documents, if applying for a business loan.
- Credit history report.
- Guarantor’s form, if required.
It is important to note that the specific documentation requirements may vary depending on the loan product and the amount of the loan being applied for. Therefore, it is advisable to contact First Bank directly to obtain a comprehensive list of the documentation required for a specific loan product.
Tips on how to prepare your documents and make sure everything is in order
Here are some tips on how to prepare your documents and make sure everything is in order when applying for a First Bank loan:
Gather all necessary documents: Review the required documents for the specific loan product you are applying for and gather all necessary documents in advance.
This may include items such as proof of income, bank statements, identification documents, and business registration papers.
Check for accuracy and completeness: Make sure all documents are accurate, up-to-date, and complete. Double-check for errors or omissions that may delay or disqualify your loan application.
Organize your documents: Sort and organize your documents according to the requirements provided by First Bank. This will help you stay organized and make it easier to present the required documents when needed.
Keep copies of all documents: Make copies of all the documents you submit with your loan application. This will help you keep track of what you have submitted and provide a reference in case you need to refer back to them later.
Seek professional advice: If you are unsure about the documentation requirements or have any questions about the loan application process, seek professional advice from a financial advisor or First Bank representative.
By following these tips, you can ensure that your documents are in order and that you have everything you need to apply for a First Bank loan.
Apply for the loan – Methods to apply for a loan
There are different methods to apply for a loan at First Bank. Here are some common methods you can consider:
- Visit a First Bank branch nearest to you.
- Speak with a loan officer to discuss your loan options and requirements.
- Submit your loan application and required documents in person.
- Go to First Bank’s website and navigate to the loan application page.
- Fill out the online application form with your personal and financial information.
- Upload the required documents to support your loan application.
- Apply and wait for a loan officer to get in touch with you.
Apply over the phone:
- Contact First Bank’s customer service number and request to speak with a loan officer.
- Discuss your loan options and requirements with the loan officer.
- Provide your personal and financial information over the phone.
- The loan officer will guide you on how to submit the required documents.
Remember to choose the method that is most convenient for you and make sure to provide accurate and complete information to improve your chances of getting your loan application approved.
Wait for loan approval – Factors that can affect loan approval
Several factors can affect loan approval, including:
Credit score: Your credit score is a measure of your creditworthiness, and lenders will use it to assess your ability to repay the loan. A higher credit score generally means a better chance of loan approval.
Income and employment history: The first bank will want to ensure that you have a steady source of income to make loan payments. They may also want to see that you’ve been employed for a certain length of time.
Debt-to-income ratio: This is the ratio of your monthly debt payments to your monthly income. The first bank will want to see that you have enough income to cover your existing debts as well as the new loan payment.
Collateral: If you’re applying for a secured loan, such as a car loan or a home equity loan, the value of the collateral may be a factor in loan approval.
Loan amount and term: Some lenders may have specific criteria for loan amounts and repayment terms, and may be more or less willing to approve loans based on these factors.
Purpose of the loan: First bank may want to know the specific purpose of the loan, such as whether it’s for a car purchase, home improvement project, or debt consolidation.
Overall financial picture: First bank may also consider your overall financial situation, including savings and investment accounts, and other assets and liabilities.
It’s important to keep in mind that each lender may have its specific criteria for loan approval, and these factors may be weighed differently depending on the lender and the type of loan you’re applying for.
How long it usually takes to get a First bank loan approved
The time it takes to get a loan approved from First Bank depends on several factors, such as the type of loan, the amount requested, and the completeness of your application.
Typically, First Bank offers various types of loans, including personal loans, business loans, mortgage loans, auto loans, and more.
For some loans, such as personal loans, the approval process can take as little as a few hours or a day, while others may take longer, such as mortgage loans, which may take several weeks to process.
To increase your chances of getting your loan approved quickly, make sure you have all the necessary documentation and information ready, such as your credit score, income information, and employment details.
Additionally, make sure to fill out the loan application accurately and completely to avoid any delays in the approval process.
What to do if your First bank loan application is denied
If your loan application with First Bank is denied, there are several steps you can take:
Ask for an explanation: Contact First Bank and ask why your loan application was denied. This information can help you understand what areas of your financial situation you may need to improve upon for future loan applications.
Check your credit report: Request a copy of your credit report from one of the three credit bureaus (Experian, TransUnion, and Equifax) and review it for errors or inaccuracies. If you find any mistakes, dispute them with the appropriate credit bureau.
Consider a co-signer: If your credit score or income is not strong enough to qualify for a loan on your own, consider asking a family member or friend with good credit to co-sign the loan with you.
Improve your credit score: If your credit score is the reason for the denial, take steps to improve it, such as paying bills on time, reducing credit card balances, and disputing any errors on your credit report.
Look for alternative financing: If you need financing urgently, you can consider other sources such as peer-to-peer lending, credit unions, or alternative online lenders. Just be sure to carefully read the terms and conditions and compare the rates and fees to ensure you are getting the best deal possible.
Remember, a loan denial is not the end of the road. Use it as an opportunity to improve your financial situation and try again in the future.
What to expect once your First bank loan application is approved
Once your First Bank loan application is approved, there are several things you can expect:
Loan agreement: You will receive a loan agreement that outlines the terms and conditions of the loan, including the interest rate, repayment terms, and any fees associated with the loan. Review the agreement carefully and make sure you understand all the terms before signing.
Disbursement of funds: Once you sign the loan agreement, the funds will be disbursed to your account, either as a lump sum or in installments, depending on the loan type and agreement.
Repayment: You will need to begin making payments on the loan according to the agreed-upon schedule. Make sure to budget for these payments and ensure you have the funds available to make them on time.
Customer support: If you have any questions or concerns about your loan, First Bank’s customer support team will be available to assist you. They can provide information about payment options, repayment schedules, and any other aspects of the loan.
Credit reporting: First Bank will report your loan activity to credit bureaus, which can affect your credit score. Make sure to make your payments on time and in full to maintain a positive credit history.
Once your loan application is approved, you can expect to receive the funds you need to achieve your financial goals, as long as you fulfill the repayment obligations outlined in the loan agreement.
How the First bank loan funds will be disbursed to you
The disbursement of the bank loan depends on the terms of the loan agreement you signed with the bank.
Typically, when you are approved for a bank loan, the bank will disburse the loan funds directly to you or to the entity or person you are borrowing the money.
For example, if you are taking out a personal loan, the funds will likely be deposited directly into your bank account.
If you are taking out a business loan, the funds may be sent to your business bank account or your suppliers, depending on the terms of the loan.
The disbursement of loan funds may be made in a single lump sum or multiple disbursements over time, depending on the loan agreement.
Additionally, the bank may require that certain conditions be met before the loan funds are disbursed. For example, if you are taking out a construction loan, the bank may require that specific milestones be met before the disbursement of the loan funds.
In summary, the specific process for the disbursement of loan funds will depend on the terms of your loan agreement with the bank. It is important to carefully review and understand the terms of the loan agreement before signing and accepting the loan.
Repay the loan – Tips on how to make timely and regular payments of First bank loan
Making timely and regular payments on your First Bank loan is essential to maintaining a good credit score and avoiding late fees and penalties.
Here are some tips to help you make timely and regular payments:
Set up automatic payments: Consider setting up automatic payments from your bank account to ensure that your loan payments are made on time each month. This can help you avoid missing a payment due to forgetfulness or a busy schedule.
Create a budget: It is important to create a budget that includes your loan payments. Knowing your income and expenses can help you allocate funds for your loan payments and avoid missing payments.
Prioritize your loan payments: Make paying your First Bank loan a priority by ensuring that it is one of the first bills you pay each month. If necessary, consider adjusting your spending habits to make room for your loan payments.
Communicate with First Bank: If you are experiencing financial difficulties that make it difficult to make your loan payments, reach out to First Bank as soon as possible.
They may be able to work with you to develop a repayment plan that fits your current financial situation.
Keep track of your payments: Keep track of your loan payments to ensure that they are being credited to your account correctly. This can also help you identify any errors or issues with your payments and address them promptly.
By following these tips, you can help ensure that you make timely and regular payments on your First Bank loan, which can help you maintain good credit and avoid late fees and penalties.
Can I get a loan from First Bank without a salary account?
If you are applying for a salary advance, you must have a salary account with First Bank.
What is the code for the FirstBank Quick loan?
Dial *894*11# to get access to quick funds.
How to be eligible for a First bank loan
- The customer’s account must have been operational in FirstBank for at least 6 months.
- The customer must be linked to a valid BVN.
- Customers must have correctly updated phone numbers.
- The customer must have a positive credit record with Credit Bureaus.
What is the First Bank quick loan code?
The First Bank quick loan code is denoted by *894*11#.
How to get an instant loan from First Bank/How to get a loan from First Bank
How to get an instant loan from FirstBank?
- Dial *894#
- Select Loans.
- Select FirstCredit.
- Select Get a new loan.
- Select the account number with which you want to apply for the loan.
- Grant data usage consent and accept terms and conditions.
- You are presented with 4 loan amount options.
- Choose your desired loan amount.
First bank student loan in Nigeria
The FirstEdu loan is available to Private school owners who require extra funds for the smooth running of their school operations.
How to get a loan from First Bank, you will need to meet certain requirements and follow a few steps. These may include:
Have a steady source of income: You will need to have a regular income to demonstrate your ability to repay the loan.
Provide collateral: Depending on the type of loan you are seeking, you may need to provide collateral such as a property or vehicle.
Complete the loan application: You will need to fill out a loan application form and provide any required documentation.
Wait for approval: First Bank will review your application and decide on whether to approve your loan.
Disbursement of funds: If your loan is approved, the funds will be disbursed to you according to the terms of the loan agreement.
It is important to note that loan requirements and procedures may vary depending on the type of loan you are seeking and the specific policies of First Bank.
It is always advisable to speak with a representative of the bank to get accurate and up-to-date information on their loan application process.