FirstBank FirstCredit
Quick loans up to ₦300,000, no collateral, 8% flat rate, 30-day tenor, instant disbursal for FirstBank account holders. Easy application on mobile or by USSD.
FirstCredit by FirstBank offers instant digital loans for Nigerian customers seeking prompt cash support without traditional hurdles. The loan is available to existing FirstBank account holders who have maintained their account for at least six months. Borrowers can access amounts between ₦1,000 and ₦300,000 with no collateral or paperwork required.
The interest rate is set at 8% flat per loan and the maximum repayment period is 30 days. An additional insurance fee of 5% applies on each transaction, while a penal fee is enforced if repayment is delayed.
FirstCredit operates entirely through digital channels, allowing qualified users to apply from anywhere using their mobile phone. The process is fully automated and no branch visit is needed, removing common barriers to short-term lending.
How to Apply: Step-by-Step
- Dial *894# from your registered mobile number.
- Select ‘Loans’, then ‘FirstCredit’.
- Pick your account number and grant consent.
- Select preferred loan amount (based on eligibility).
- Input your 5-digit USSD PIN to confirm.
- Loan disburses instantly to your FirstBank account.
The Positives: Why Choose FirstCredit?
One major appeal is the total convenience. No visit to a branch, no forms, no physical collateral. Even basic phones can be used via USSD for the borrowing process.
The disbursal is quick — funds reflect immediately once approved. The eligibility criteria focus on relationship with the bank, transaction frequency, and credit bureau standing, making it accessible to many active users.
The Downsides: What to Consider
The loan term is quite short, maxing out at 30 days, which may be restrictive if you need longer-term finance. Interest and insurance are deducted upfront, so less is disbursed than applied for.
Penalties are fairly strict for late repayments, including extra daily charges and potential reporting to credit bureaus, which can affect future borrowing ability.
Our Verdict: Is FirstCredit Right for You?
FirstCredit fits those with urgent, short-term cash needs who want a no-hassle digital loan. As long as you can repay within 30 days and are comfortable with the interest and insurance fees, it is fast and reliable. If you need a larger or longer-term loan, or want flexible repayment, consider alternative options.