How To Be Eligible For First Bank Loan Even Without Collateral In Nigeria

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Daniella Thursday, 19 September 2024, 5:51 pm

Are you, in need of financial help? First Bank, is willing to help you out both First Credit, Personal Home Loans, Joint Mortgage, Automobile Loans, Salary Loans.

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Keep tune, to this post to know how to be eligible for First Bank loan even without collateral.

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Keep reading to know more about First Bank USSD Loan Code, how to apply for First Bank Loan and the requirement needed for borrowing loans.

Requirement (Documents) Needed For Opening First Bank Account

You will be required to upload some important documents and some personal details before you can open a First Bank account.

Name (First Name -Middle Name – Last Name)
Date of birth (Day/Month/Year)
Citizenship
Contact phone number.
Occupation.
Mother’s maiden name.
Home address.
Email address.
Next of KINS
Residence status.
Passport.
Tax identification number.
Source of income (self-employed).

Let’s see, how to download the First Bank app with your mobile phone in this tutorial guide.

HOW TO DOWNLOAD FIRST BANK APP

To download the First Bank app on your mobile phone, click on your Google Play store or app store; Using BANKING METHOD.

How To Open An First Bank Account

On your mobile phone and click on Google Play store/App Store and Install the First Bank Mobile App.
Then, click “Open” and log in.
Select “Country“
Select language “English“
Enter your (First, Middle, Last)Name, Marital status, and Gender (Male/Female).
(BVN) Do you have BVN – Yes/No.
Accept the “Terms and Conditions“.
Provide necessary information such as Date of birth, Email address, Phone Number and enter ID type.
Enter a phone number that is activated.
Enter a “new pin” and confirm the new pin.

CONGRATULATION, you now have an active account with First Bank. You can pay in money into the new opened account.

When you are done with registration, you can now perform all these activities such as checking your account balance, loan, bill payments, buying data, buying airtime for others, buying airtime for yourself to any network (MTN, Airtel, Glo,9Mobile), transferring money to an account, transferring money to other bank accounts and so on.

Requirement (Documents) Needed For First Bank Loan

You will be asked to provide your personal information details such as:

First Name
Last Name
Gender
Marital Status
Date of Birth (Month/Day/Year)
Email Address
Mobile Number
Residential Address
No of Dependents
Annual Income
You will be ask whether you already a First Bank Customer? or not
Bank Verification Number (BVN)
Account Number

EMPLOYMENT DETAILS

Occupation/Business
Office Address

LOAN/CREDIT SERVICES(S)

Loan/Credit Facility
Loan Amount
Payment Tenure
Loan Purpose

Agreement

I agree to the Privacy Policy

Here Are The Terms And Conditions For Applying For First Bank Loan

These are the terms and condition, you must meet up to before you can be give a loan to apply for a loan from First Bank. Follow the below terms and condition such as:

You must have an active account on First Bank for a minimum period of 3 months.
You must have a certain amount on your account.
Details of collateral offered (if any) and address.
You must download the First Bank mobile app on your phone.
Valid means of identification (driving license, passport, voters card).
To payback the money give to you that the exact time (Due date).

How to Borrow Money From First Bank

These are steps to follow to get a loan from First Bank: Turn on your internet, such as a PC or smartphone and visit your Google Play Store to download the First Bank App.

“Log in” to your First Bank account.
Scroll down to choose the “Loan” option.

As a new user, complete the loan form by entering your full (FIRST, MIDDLE AND LAST) name, phone number, and home address.

Then, enter the loan amount you want to borrow.
Check your information to know if it is correct and click on “Submit“.
Accept their “Terms and Conditions” before submitting and you will be notified.

How To Be Eligible For First Bank Loan

You must have an account been operational in First Bank for at least 6 months.
You must be linked to a valid BVN.
You must have correctly updated phone numbers.
You must have positive credit record with Credit Bureaus.
Minimum Loan Amount: N1,000 (One Thousand Naira)

These are the types of First Bank of Nigeria loans available to customers;

First Credit
Personal Home Loans
Joint Mortgage
Automobile Loans
Salary Loans

APPLY FOR LOAN

FIRST BANK USSD CODE

The easy way to perform any First Bank transactions on your phone is by using First Bank USSD code *894# is used for accessing First Bank loans, transferring funds, checking account balances, paying bills, and buying airtime.

In a tabular form, we are going to state the activities you can perform while using the ACCESS BANK USSD CODE.

FUNCTION	USSD CODE
Open an account	89400#
check Account Balance	89400#
Airtime recharge for self	894Amount#
Airtime recharge for others	894Amount*Phone number#
Register for USSD banking code	8940#
Deactivate your mobile number	894911#
Transfer	894Amount*Account Number#

Here are the three requirements needed to activate First Bank USSD code, you must have the following:

A First Bank account
A phone number linked to your First Bank account for receiving alert
A debit card and any mobile phone.

Opening An Account With The Use Of The USSD Code

On your phone (keypad dialer), dial *894*0# and send the code.
From the displayed menu Choose “1” open an account.
Enter your name and phone number.
Choose the type of account.
You can either choose to open your account with or without BVN but remember, you will be limited to some things when you do not open your account with BVN.
Select your preferred debit card from the list
Enter the 4-digit Personal Identification Number (PIN) for the selected debit card
Create a new 5-digit PIN that will he used to confirm and authenticate your transactions, and you have successfully opened a First Bank account on your phone.

How To Loan Using First Bank USSD Code

Here are the steps to follow, when you want to use the First Bank USSD code for a loan.

But have this in mind before you can follow these steps, you must have an active account with First Bank and also use a mobile phone that has the registered number SIM.

Note: Using these steps, you don’t need a network connection on your PC or smartphone.

On your phone (keypad dialer), dial *894# and send the code.
From the displayed menu select “Loans“.
Select “First Credit“. click on to get new loan.
Then, fill in other requirements needed and accept terms and conditions.
Select the account number with which you want to apply for the loan
Enter the amount you want to loan.
Enter a 4-digit pin to confirm your transaction.

Once, it is approved, a notification will be sent to your phone that your account has been credited (successful transaction) has been done.

First Bank Personal Loan Interest Rate

In First Bank, Loan amount of up to 50% of net monthly income. Interest rate @ 3% flat collected upfront but for a ₦10 loan at 5% with a 5 month duration your weekly payment will be ₦0.53.

The 5.25% APR applies to customers with a +780 credit score, a maximum term of 24 months and includes 0.50% APR discount after applying for the loan if you open a new checking account with First Bank and enroll in the direct payment service.

First Bank Customer Care

If you in any way have difficulties in how to loan using the First Bank online banking app or First Bank USSD code, you can contact the First Bank customer agent for assistance.

You can first contact on 0700FIRSTCONTACT:

(0700-34778-2668228), 01-4485500, 0708-062-5000.

Visit the First Bank email address: [email protected].