Are you a trader who deals in fast-moving goods? If yes, then there is a good news for you. Here we will show you how to apply for First Trader Solution (FTS) Loan. The First Trader Solution is a short term overdraft facility offered to traders in pre-approved market locations that deal in fast-moving goods. Also check how to apply for CBN CACS loan through FirstBank.
The overdraft allows you to continue withdrawing money even when your account with First Bank has no money in it or has insufficient funds to cover the amount needed for withdrawal. So, it is a kind of loan.
Features of First Trader Solutions
- It is only available to traders that deal in fast moving goods
- The loan tenor is either 90 days or 180 days.
- Minimum loan amount is five million naira (N5,000,000).
- It does not require collateral for the 90 days variant.
- Collateral for the 180 days variant shall be an equitable mortgage on shop title
documents to cover 200 percent of the loan amount. - It requires opening of a charged Savings
Account with an opening amount of 5% of the loan amount. There will also be
subsequent deposits as shown below:
a) 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
b) 1% of the loan amount daily throughout the tenor of the 90 days facility.
Benefits of the facility
- It helps increase business volume through injection of additional funds.
- Steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of facility
- Easy repayment plan
- No collateral required.
How to apply for First Trader Solutions loan
Kindly follow the guideline below to apply for a First Trader Solution loan;
1. Download the Retail Loan Application Form
2. Complete the form and submit to the nearest FirstBank branch.
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