FCMB Salary Plus Loan
Short- to medium-term salary-backed loans with fast approval, no paperwork, and disbursement within 8 hours for active salary account holders at FCMB.
The Salary Plus Loan from FCMB is designed for employees with salary accounts domiciled at FCMB. This loan offers quick access to cash for short- or medium-term needs, letting qualified customers borrow funds before their next salary. Interest rate is variable and depends on employer categorization with FCMB, with loan terms generally spanning up to a few months. Approval and disbursement are possible within just 8 hours, ideal for emergencies or urgent needs. To qualify, you must have been receiving your salary with FCMB for at least 6 months and work for an employer categorized by the bank.
How to Apply: Step-by-Step
- Log in to your FCMBOnline account.
- Select the ‘Consumer Loan’ option.
- Choose the ‘Salary Plus Top Up’ menu.
- Select your current account number.
- Confirm your desired loan amount and accept terms.
- Submit your application. Approved loans are disbursed swiftly, often within 8 hours.
- Alternatively, visit any FCMB branch and provide your account number to the teller to initiate the process.
Highlights: Key Advantages
One of the standout features is the fast turnaround time—funds can reach your account within 8 hours, making it highly convenient if you face an urgent expense. The fully digital process means no paperwork or extra documentation is required, which is uncommon among salary loans in Nigeria.
Additionally, the process is transparent: eligible customers are shown their loan limits and monthly repayment amounts before finalizing the application. This lets borrowers make informed decisions before committing.
Considerations: Drawbacks
On the downside, only customers with a salary account at FCMB and a six-month history are eligible. Those new to FCMB banking or working for non-categorized employers cannot access this offer. Also, loan eligibility is strictly tied to regular salary inflow—any default or job change can result in higher fees or interest adjustment.
The interest rate is variable and dependent on your company’s standing with FCMB, so it may change if you leave your employer or the market shifts. Repayment flexibility for customers with income uncertainties is limited as well.
Our Verdict
The FCMB Salary Plus Loan stands out for speed, simplicity, and transparency. It is an excellent option if you are a salary account holder with stable employment and require funds urgently. However, eligibility is narrow, and future job changes could affect your loan terms. Evaluate your stability with your employer and plan repayments carefully to maximise the benefits of this offer.