Last Updated on February 5, 2023 by admin
A first bank salary advance is one of the best loan services available to people who are productive. The service permits a simple and helpful method for getting loans during situations or needs. Therefore, applicants who demand this loan fully expect their salary.
Indeed, there are certain requirements that can boost the process in some cases. However, waiting for your salary can be very late, that is the reason the first bank is offering speedy cash credit called Firstadvance.
Have you been searching for information on the best way to get a loan? This article is basically for you. How about we go through the basics you need to know?
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How does a Salary Advance Loan Work?
Salary advance loans are short-term loans available to professionals who earn a salary.
Additionally, You may use this for any emergency situation or to pay for large expenses, like medical bills.
The truth is that a loan is a sum of money you acquire for long-term financial purposes. It is a type of debt that you repay over a long period of time.
Who is Eligible for the Loan?
- Applicants who are employed and earning a stable salary of N50, 000 naira for 6 months consecutively are eligible for the loan
- If you fall within the age bracket of 18 years and above, you are also eligible to receive the loan from the First bank.
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What is the First Bank Salary Advance Limit
The first bank will approve your account and determine your loan. However, the bank gives at least N10, 000 naira and a limit of 3 million naira.
Duration
The bank furnishes you with an adaptable strategy for reimbursement with 3-multi month lengths. The loan will be deducted from your record on your payday. Funds will likewise be taken from different banks connected with your BVN
Interest Rate
The interest rate is relatively low at 2.5% which is an upfront payment. Other applicable charges are management fee @ 10% and credit life insurance @ 0.50%
Also Read: Renmoney Loan Application and How to Apply
How Can I Access the First Bank Salary Advance?
You can access the First bank salary advance via the First bank Mobile app and USSD.
How can I Take an Advanced Salary?
- Fill out the online application form or pick up a printed copy of the application form at the nearest lender’s branch office.
- Wait for conditional approval.
- Document collecting and Know Your Customer (KYC).
- Credit to your account
What are the Requirements to secure the First Bank Salary Advance?
- Your salary account should be domiciled with the first bank.
- No extraordinary obligations or wrongdoings in your account.
- Updated Statement of account
- Loan application structure
- Confirmation from FBN that you are good to go
Read also: Access bank salary advance loan: how to apply
How to Apply for First Bank Salary Advance
- Quickly dial *894*11# or *894# with your registered number
- Choose your record number and pick 1 for Firstadvance
- Accept the conditions of the loan and continue by picking the sum you need.
- Promptly information your first bank pin and sit tight for approval
- You will quickly get the loan to your account
NB: The first bank salary advance is also Firstadvance
Related: How to Apply for Microfinance Loan in Nigeria
Frequently Asked Questions
What is the meaning of the FirstBank Nano loan?
Nano Finance is a system that allows the world’s poorest women to access the spark of individual interest-free loans of little more than the amount of $20 USD. This is to support their livelihoods, emergency needs, school tuition for their children, and family health care.
How many times can apply for a salary advance?
Salary Advances are only permitted three times each calendar year or financial year. However, no more than 50% of the salary earned while applying for a salary advance shall be paid in any month.
Is salary advance a loan?
Salary Advance Loans are short-term loans available to employees that receive a salary. Unlike loans for long-term needs.
Can I get a loan without a salary slip?
You can apply for a loan without a pay slip if you provide alternative income evidence.
Conclusion
It is critical to understand that applicants who have been employed and earning a stable salary of N50,000 naira for 6 months in a row are eligible for the loan.
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