How To Apply For FirstCredit Loan | Get ₦1000 – ₦300,000 From First Bank
FirstCredit Loan, a digital lending service from FirstBank Nigeria, provides a convenient solution for payroll customers seeking quick loans.
This service emphasizes ease of access and convenience, allowing users to apply for loans from anywhere without visiting a bank. Importantly, FirstCredit requires no documentation or collateral—just a mobile phone or tablet.
Loan Accessibility and Requirements
FirstCredit provides loans ranging from ₦1,000 to ₦300,000, with a repayment period of up to 30 days. To qualify, customers need:
- A FirstBank account active for at least 6 months
- A Bank Verification Number (BVN)
- A phone number
- A positive credit report
The process is simplified and can be started by dialing *894#.
Pros and Cons of FirstCredit Loan
Pros
- Low Minimum Loan Amount: With loans beginning at ₦1,000, it caters to smaller financial needs..
- No Collateral or Documentation Needed: This makes the loan application quick and hassle-free.
- High Accessibility: Loans can be accessed from anywhere in Nigeria, enhancing user convenience.
Cons
- High Fees: Alongside an 8% interest rate, there is a 5% insurance fee per transaction and additional charges for defaults.
- Low Maximum Loan Amount: The cap of ₦300,000 may be insufficient for those with larger financial needs.
- Account Restriction: Loans are available only to customers with a FirstBank account for at least 6 months.
Customer Sentiments
There are currently no reviews available on platforms like Trustpilot or Pissed Consumer, making it difficult to gauge overall customer sentiment. This lack of feedback might be due to several factors, such as a preference for direct communication with the lender or a limited culture of online reviews among users.
FirstCredit’s Response to Feedback
FirstCredit’s lack of engagement with customer feedback on popular review platforms is an area needing improvement. Engaging actively with customer reviews can build trust and improve service quality.
Interest Rates and Fees
FirstCredit charges:
- A flat interest rate of 8%
- An additional 5% insurance fee, deducted upfront
- If a default occurs, a penalty of 1% monthly and a daily interest rate of 0.3% will be charged.
Security and Privacy
As a digital banking service, FirstCredit should prioritize the security and privacy of user data. However, detailed information about their data protection measures is not explicitly stated on their website.
Key Features
- Easy Loan Access: Quick request and disbursal without physical documentation or collateral
- Loan Amount: Minimum ₦1,000; Maximum ₦300,000
- Loan Tenure: Up to 30 days
- Interest Rate: Flat 10%
- Insurance Fee: 1% per transaction
- Penal Charges: 1% monthly; 0.3% daily interest upon default
How to Apply
- Dial *894#
- Select Loans > FirstCredit
- Choose “Get New Loan”
- Select your account number
- Grant data usage consent and accept terms
- Choose your desired loan amount
- Loan is disbursed into your account
FAQs about FirstCredit
- What is FirstCredit? FirstCredit is a streamlined loan offering tailored for simple and convenient transactions.
- How do I access FirstCredit? Dial *894# and follow the steps. Online options will be available soon.
- Maximum loan amount? Up to ₦300,000, depending on account activities.
- Loan tenure? Maximum of 30 days, with the option to repay earlier.
- Interest rate? Flat 10% on the principal amount, with additional charges for unpaid loans.
- Qualification criteria? Six months of an active account relationship, a valid BVN, and a positive credit record.
- Repayment options? Dial *894# and select the repay loan option.
- Can I apply without a smartphone? Yes, FirstCredit can be accessed using any phone.
- What if I fail to repay? Default fees apply, and access to future loans may be affected.
Our Opinion
FirstCredit provides an easy-to-access loan service, especially useful for smaller financial requirements. However, high fees, a low maximum loan amount, and account restrictions may limit its appeal to a broader audience. Prospective customers should weigh these factors before applying.
Conclusion
FirstCredit is a valuable service in the Nigerian financial sector, particularly for those needing quick, small loans. While it stands out for its convenience and accessibility, increasing transparency in its fee structure and engaging more with customers would strengthen its market position.
For more details, visit First Bank’s website or call FirstContact at 07080625000. Apply for FirstCredit today by simply dialing *894#.