First Bank of Nigeria
With FirstCredit, get loans of ₦1,000 to ₦300,000 at a flat 8% interest, up to 30 days, no collateral or paperwork required. 100% digital and instant disbursal.
FirstCredit by First Bank of Nigeria is a quick loan option that caters to those who need short-term funding, offering between ₦1,000 and ₦300,000 based on your account activity. The standout feature is an 8% flat interest rate for a term of up to 30 days. There’s also a 5% insurance fee, all deducted upfront. No collateral or physical paperwork is required, making it accessible for a broad segment of customers.
If you meet the simple eligibility requirements—like having an operational FirstBank account for six months, a valid BVN, and an active mobile phone number—you can apply anytime, anywhere.
How to Apply for FirstCredit
- Dial *894# from your registered phone
- Select the Loans option and choose FirstCredit
- Pick your account number
- Give consent for data usage and agree to the terms
- Choose from the four loan amount options displayed
- Receive the loan instantly in your bank account
What Makes FirstCredit Stand Out?
The biggest benefit is its simplicity. You can request and receive a loan in minutes, without paperwork or visits to a branch, and with instant disbursal.
No collateral means less stress for those without assets. For anyone who has a FirstBank account for six months or more, this is a convenient and reliable short-term loan solution.
Where FirstCredit Falls Short
A notable downside is the relatively high effective annual interest rate when the 8% monthly flat rate is added up. Plus, if you default, extra fees will stack up quickly.
The maximum tenor is just 30 days, so if you need a longer repayment period, you’ll have to look elsewhere. Also, you can only apply via your registered phone number.
Verdict: Is FirstCredit Right for You?
FirstCredit is ideal for quick cash needs and those who value instant access. Its ease of use is impressive, though the cost is on the higher end for longer-term borrowing. If you repay on time, this could certainly be a good emergency loan option.