How to apply for the FirstBank FirstCredit Loan

A Practical Guide to Applying for the FirstBank FirstCredit Loan

First Bank of Nigeria Limited provides the FirstCredit facility as a streamlined solution for customers in need of immediate, short-term financing. This digital loan product eliminates the complexities of traditional lending, offering a quick and efficient application process. This guide provides a formal, step-by-step framework for applying for the FirstCredit loan, outlining the eligibility criteria, application methods, and official support channels.

Eligibility Requirements for FirstCredit

To maintain a responsible lending ecosystem, FirstBank has established specific criteria that applicants must meet to qualify for the FirstCredit loan. These requirements ensure that the facility is extended to customers who have demonstrated financial reliability.

The primary requirements are as follows:

• Active FirstBank Account: The applicant must operate a savings or current account with FirstBank.
• Consistent Account Activity: The account must have been active for a minimum of six months, with a regular and consistent flow of transactions. This history allows the bank’s automated system to assess your cash flow and determine a suitable credit limit.
• Bank Verification Number (BVN): Your account must be linked to a valid BVN. This is used for identity verification and to check your credit history with national credit bureaus.
• Positive Credit History: Applicants must not have any outstanding unpaid loans or a history of default with FirstBank or other financial institutions. A clean credit record is crucial for approval.
• No Unresolved Debt Obligations: The system will verify that you have no non-performing loans or unresolved debt issues linked to your BVN.

Meeting these requirements makes you a candidate for a pre-qualified loan offer, which you can then access through the designated digital channels.

The Step-by-Step Application Process

FirstBank offers two primary methods for applying for a FirstCredit loan: the USSD service and the FirstMobile application.

Method 1: Applying via USSD Code

This method is accessible on any mobile phone and does not require an internet connection.

1. Dial the Code: On your registered phone number, dial the FirstBank USSD code: *894#.
2. Select Loans: From the menu that appears, select the option for “Loans.”
3. Choose FirstCredit: You will be presented with the FirstCredit option. Select it to proceed.
4. View Your Offer: The system will display the maximum loan amount you are eligible for.
5. Enter Desired Amount: Input the specific loan amount you wish to borrow, which must be equal to or less than your pre-approved limit.
6. Review Terms: The system will show you a summary of the loan, including the interest rate, fees, and the total repayment amount.
7. Confirm with PIN: To accept the loan offer, you will be prompted to enter your five-digit USSD transaction PIN.

Upon successful PIN entry, the requested amount will be disbursed to your FirstBank account within minutes.

Method 2: Applying via the FirstMobile App

This method requires a smartphone with the FirstMobile app installed and an internet connection.

1. Log In: Open the FirstMobile app and log in securely using your mPIN, User ID and password, or biometric details.
2. Navigate to Loans: From the home screen or menu, locate and tap on the “Loans” or “Apply for Loan” option.
3. Select FirstCredit: Choose the “FirstCredit” product from the list of available loan types.
4. Initiate Application: The app will display your eligible loan limit. Tap to apply.
5. Enter Amount and Details: Specify the amount you wish to borrow.
6. Accept Terms and Conditions: Carefully read the loan agreement, which details the interest, fees, and repayment date. Tick the box to accept the terms.
7. Authorize Transaction: Authorize the loan request by entering your transaction PIN.

The funds will be credited to your account almost instantly after successful authorization.

Official Bank Contact and Support Channels

Should you encounter any issues or require further clarification, it is crucial to use only the official FirstBank contact channels to protect your personal information.

• Phone Support (FirstContact): 0700 34778 2668228, +234 1 448 5500
• Email Support: [email protected]
• Official Website: https://www.firstbanknigeria.com
• Verified Social Media: FirstBank maintains official, verified accounts on platforms like X (formerly Twitter), Facebook, and Instagram for announcements and support.

Frequently Asked Questions (FAQs)

1. What happens if I cannot repay the loan on the due date?

If you fail to repay the loan on the scheduled date, the loan will be considered in default. This will attract late payment fees, and the default will be reported to the national credit bureaus, which will negatively impact your credit score and your ability to secure loans in the future.

2. Can I apply for another FirstCredit loan if I have an existing one?

No, you cannot take out a new FirstCredit loan while another one is still active. You must fully repay the existing loan before you can become eligible to apply for a new one.

3. Why was my FirstCredit loan application denied even though I am a FirstBank customer?

An application may be denied for several reasons, including: an insufficient transaction history (less than six months), a low volume of account activity, an existing unpaid loan with another lender, or a negative report from a credit bureau linked to your BVN.

See on the bank’s website

The FirstCredit loan facility by FirstBank provides a powerful and convenient financial resource for its customers. The application process is deliberately designed to be simple, secure, and rapid, ensuring that users can access funds during critical moments.

By understanding the eligibility requirements and following the correct application steps, customers can effectively leverage this tool. However, it is essential to approach borrowing with discipline, ensuring that you can comfortably meet the repayment terms to maintain a healthy financial standing and build a positive credit history.

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