If there is any bank in Nigeria which commands unprecedented respect, and is known to many Nigerians for loan services it renders then, it is First Bank of Nigeria. Here we shall look at the FirstBank mobile app and how to get loan through the mobile application.

Since launching its Quick Loan service in Nigeria, in 2015, through its FirstMoney mobile app, the bank has even become more popular among the Nigerian populace.

To be able to take full advantage of the FirstBank mobile app, we will walk you through the vital information you need to know about how to access loan through the FirstBank mobile app. Also check out how to access First Edu loan.

FirstBank mobile app

The First Bank app is one of the numerous banking applications designed to enable bank customers conduct transactions from the comfort of their homes or anywhere there is internet connectivity.

The following are the information about the app:

Version: 2.4.1
Last Update: January 4th 2021
Total Downloads: Over 1million
Download file Size: 43.04MB
App Provider: First Bank Nigeria
Release Date: September 9th 2015

Requirements for obtaining a loan from First Bank Mobile App

Just like it is with all loan companies, obtaining a loan from first bank requires that you fulfil all certain criteria. And the following are the criteria to be fulfilled:

You must have an account with First Bank. This is very important because the loan service is only available for first bank customers.
You must show proof of employment as well as steady salary in the past 6months.
Your salary account must be with First Bank

Features of FirstMoney App Loan

The maximum tenure is 30 days or your next payday
It has management fee of 1%, to be deducted at the point of loan disbursement
Credit life assurance fee of 0.5% of the value of the loan
Interest rate is 2.5% flat, and it is collected upon disbursement
Loan service is based on an enhanced and modern version of Digital SODA
Loan repayment is automatically deducted from the account
Loan can only be obtained on three occasions.
Automatic risk acceptance criteria

How to get loan through FirstBank mobile app

Obtaining a loan with the first bank mobile application is quite simple. Follow the procedure below:

Download the FirstMobile app from Google Play or Apple Store, depending on the type of device you are using.
Login with your online banking details.
Open the mobile app menu and select loans from the available options.
Select “FirstAdvance”, after which your eligible maximum amount and applicable pricing fees would be displayed.
Click on “Accept the Terms & Conditions” button
Input the loan amount in the displayed dialog box.
Input your transaction PIN to confirm your application request.
Upon successful request, the bank disburses the loan into your salary account in a matter of minutes.
The banks debit you for charges like management fee & VAT, interest rate, insurance, and other applicable deductions.
Your loan repayment will be deducted from your account upon the next credit.

Note: FirstMoney mobile app offers loan services to first bank customers whose salary account are domiciled with the bank. It is easy to use and very user-friendly, therefore patronized by thousands of customers on a daily basis.

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