First Bank FirstAdvance Salary Loan Application Form and Eligibility

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First Bank FirstAdvance Salary Loan Application Form and Eligibility
First Bank FirstAdvance Salary Loan Application Form and Eligibility

FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.

Loan Description

FirstAdvance is a loan facility meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more. 

Maximum amount accessible is N500,000.00 subject to 50% of net average three months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank. 

This product can be accessed via our digital channels: FirstMobile App and USSD transaction code.

FirstAdvance Features

  • Salary account must be domiciled with FirstBank
  • Loan amount of up to 50% of net monthly income.
  • Tenor is 30 days 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 loan can be accessed up to three times a day subject to maximum eligible amount
  • 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.

How to Apply?

To apply for the FirstAdvance, Through FirstMobile App Or

USSD CODE-*894*11# or *894#

1. To apply for FirstAdvance on FirstMobile App:

  • Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone
  • Log on to the FirstMobile App
  • Open menu options on the top left-hand side
  • Select ‘loans’
  • Next, select ‘FirstAdvance’
  • Next Menu Option shows your eligible amount and the applicable pricing and fees.
  • Next, accept the terms and conditions
  • Next, input desired loan amount not more the eligible amount.
  • Followed by your transaction pin.
  • Successful, loan is disbursed to your salary account within minutes.
  • Your account is debited for management fee & VAT, interest rate and insurance as upfront fees and charges.
  • Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment.

2. To Apply using USSD Code: 

  • Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
  • or *894*11#
  • The next menu shows your eligible loan amount
  • Input desired amount and send
  • Interest rate, management fees and Insurance is displayed
  • Input five digit transaction PIN to accept terms and conditions
  • Loan is disbursed into your salary account within minutes.
  • Your account is debited for management fee, interest rate, insurance and VAT as upfront fees and charges.
  • Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment. 

Loan Application Form

Easily request for all FirstBank loans and credit financing products.

>>> CLICK HERE TO FILL THE LOAN APPLICATION FORM

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