How to Activate and Use First Bank Ussd Code
Do you need money urgently to solve a pressing need? First Bank is one of Nigeria’s top banks that offer you a quick cash loan with low-interest rates and no collateral. Before you apply for the loan, here are some of the things you need to know about the loan before applying for it
- Your salary account must be domiciled with First Bank
- A loan amount of up to 50% of net monthly income is allowed.
- The tenor for repayment is 30 days or the next payday (whichever comes first)
- Maximum limit of N500,000.00
- The interest rate at 2.5% flat is collected upfront
- Management fee at 1.0% flat
- Credit Life Insurance at 0.50% flat
- The loan can be accessed up to three times a day, subject to the maximum eligible amount
Steps for the Loan Application
- Dial *894# on your phone
- Select option 3 which is “get a loan”
- The next menu will display the amounts you are eligible to loan
- From the options, select the desired amount you want to loan and send
- The next menu will display the interest rate, insurance, and management fees
- Input your 5-digit transaction PIN to accept the terms and conditions
- After you have accepted the T&C’s, the loan is disbursed into your account within some minutes
- Immediately, your account will be debited for the interest rate, insurance, management fee, and VAT as upfront fees and charges
- Upon receipt of salary or within 30 days (whichever comes first), repayments will be debited
