Since launching its Quick Loan service in Nigeria, in 2015, through its FirstMoney mobile app, the bank has even become more popular among the Nigerian populace.
To be able to take full advantage of the FirstBank mobile app, we will walk you through the vital information you need to know about how to access a loan through the FirstBank mobile app.
The First Bank app is one of the numerous banking applications designed to enable bank customers to conduct transactions from the comfort of their homes or anywhere there is internet connectivity. FirstMoney mobile app offers loan services to first bank customers whose salary account are domiciled with the bank. It is easy to use and very user-friendly, therefore patronized by thousands of customers on a daily basis.
Key information about the app:
Version: 2.4.1
Last Update: January 4th 2021
Total Downloads: Over 1million
Download file Size: 43.04MB
App Provider: First Bank Nigeria
Release Date: September 9th 2015
Requirements for obtaining a loan from First Bank Mobile App
To be eligible for a loan, here are criteria to be fulfilled:
You must have an account with First Bank. This is very important because the loan service is only available for first bank customers.
You must show proof of employment as well as a steady salary in the past 6months.
Your salary account must be with First Bank
Features of FirstMoney App Loan
The maximum tenure is 30 days or your next payday
It has a management fee of 1%, to be deducted at the point of loan disbursement
Credit life assurance fee of 0.5% of the value of the loan
Interest rate is 2.5% flat, and it is collected upon disbursement
Loan service is based on an enhanced and modern version of Digital SODA
Loan repayment is automatically deducted from the account
The loan can only be obtained on three occasions.
Automatic risk acceptance criteria
Obtaining a loan with the first bank mobile application with the following steps
Download the FirstMobile app from Google Play or Apple Store, depending on the type of device you are using.
Log in with your online banking details.
Open the mobile app menu and select loans from the available options.
Select “FirstAdvance”, after which your eligible maximum amount and applicable pricing fees would be displayed.
Click on the “Accept the Terms & Conditions” button
Input the loan amount in the displayed dialogue box.
Input your transaction PIN to confirm your application request.
Upon successful request, the bank disburses the loan into your salary account in a matter of minutes.
The banks debit you for charges like management fee & VAT, interest rate, insurance, and other applicable deductions.
Your loan repayment will be deducted from your account upon the next credit.