In today’s fast-paced world, financial emergencies can arise unexpectedly, requiring immediate access to funds.
First Bank, one of Nigeria’s leading financial institutions, understands the need for swift financial solutions. With their Quick Loan service, customers can conveniently access funds through a simple code, ensuring a hassle-free borrowing experience.
In this article, we will explore the First Bank Quick Loan code, the requirements for obtaining the loan.
First Bank Quick Loan Code
To access the First Bank Quick Loan, customers can utilize the USSD code *894*11# on their registered mobile numbers.
This code serves as a gateway to a range of loan options, allowing users to choose the desired loan amount and tenure.
Requirements for Obtaining the Loan
• Active First Bank Account
To qualify for the Quick Loan, individuals must have an active account with First Bank. It is essential to maintain a good banking relationship with the institution, as it may positively impact your loan eligibility and terms.
• Mobile Phone
A registered mobile number linked to your First Bank account is necessary for initiating the loan application process via the USSD code. Ensure that you have a mobile phone with a stable network connection to ensure a smooth transaction.
• BVN (Bank Verification Number)
The Bank Verification Number is a unique identification number issued by the Central Bank of Nigeria. It is a mandatory requirement for loan applications, helping lenders verify the applicant’s identity and creditworthiness.
• Adequate Credit History
First Bank considers the credit history of applicants to assess their repayment capabilities. It is advisable to maintain a good credit score and timely repayment of existing loans to improve your chances of loan approval.
• Loan Repayment Plan
While obtaining the loan, you will be required to provide a repayment plan, specifying how you intend to repay the borrowed amount. This plan gives the bank an overview of your repayment capacity and helps structure a suitable loan agreement.
How much can I borrow through First Bank Quick Loan?
The loan amount you can borrow through the First Bank Quick Loan service ranges from N1,000 to N500,000, depending on your eligibility and credit assessment.
What is the interest rate for First Bank Quick Loan?
The interest rate for First Bank Quick Loan varies and is subject to change. It is advisable to check with the bank or visit their official website for the most accurate and up-to-date information regarding interest rates.
How long is the repayment tenure for the Quick Loan?
The repayment tenure for the First Bank Quick Loan is flexible and can range from 3 to 12 months. You can choose a tenure that suits your repayment capabilities.
Can I apply for the Quick Loan if I am not a First Bank customer?
No, the Quick Loan service is exclusively available to existing First Bank customers. However, if you are interested in accessing their loan facilities, you can consider opening an account with the bank and building a banking relationship.