First Bank is one of the leading financial institutions in Nigeria, offering a variety of banking services, including loans. The bank has streamlined the process of obtaining a loan through the use of a USSD code, making it more accessible for customers to borrow money quickly and efficiently. This article will guide you through the process of using the First Bank loan code, and provide answers to some frequently asked questions about borrowing from First Bank.
What is the First Bank Loan Code?
The First Bank loan code is a USSD code that allows First Bank customers to apply for loans directly from their mobile phones without needing internet access. This service is part of First Bank’s effort to make banking services more accessible and convenient for its customers. The USSD code for accessing loan services is 89411#.
How to Borrow Money from First Bank Using the USSD Code
Step 1: Meet the Eligibility Criteria
Before you can borrow money from First Bank, you must be a customer with a good banking record. This includes having an active account that has been operational for a certain period, usually six months or more, and meeting the bank’s credit scoring criteria.
Step 2: Register for USSD Banking
If you haven’t registered for First Bank’s USSD service, you will need to do so by dialing 8940#. Follow the prompts to create a five-digit PIN which will be used for transactions.
Step 3: Access the Loan Feature
Dial 89411# from your registered mobile phone. Follow the prompt to select the ‘Loan’ option. This service will guide you through various loan products available to you.
Step 4: Choose Your Loan Type
First Bank offers various types of loans, such as personal loans, salary advance loans, and SME loans. Choose the one that best suits your needs. Each loan product may have different terms and conditions, such as interest rates and repayment periods.
Step 5: Agree to Terms and Complete Application
After selecting a loan, you will be presented with terms and conditions. Read these carefully. If you agree, proceed to complete your application by following the prompts. You might be required to enter your USSD PIN and other requested details to finalize the application.
Step 6: Await Approval
Once your application is submitted, it will be reviewed by First Bank. This process usually takes a few minutes to several hours. If your loan is approved, the funds will be disbursed directly into your First Bank account.
FAQs about First Bank Loans
What are the interest rates for First Bank loans?
Interest rates vary depending on the type of loan and the customer’s profile. Generally, rates can range from competitive percentages upwards, reflective of market conditions and the customer’s creditworthiness.
How much can I borrow from First Bank?
The amount you can borrow depends on the type of loan and your eligibility. For instance, salary advance loans might allow you to borrow up to 50% of your monthly salary, while personal loans could offer higher amounts based on your income and credit score.
How long does it take to get a loan from First Bank?
Loan approval times can vary. However, if you meet all eligibility criteria and provide the necessary documentation, the process can be quite quick, sometimes within the same day of application.
Are there any hidden charges when taking a loan from First Bank?
First Bank strives to maintain transparency in all its transactions. All applicable fees will be disclosed during the loan application process. It’s important to read all terms and conditions before accepting any loan.
Can I repay my First Bank loan early?
Yes, you can repay your First Bank loan ahead of the scheduled repayment date. Early repayment may reduce the total interest paid on the loan. It’s advisable to contact the bank to understand if any early repayment fees apply.
Conclusion
Borrowing money from First Bank via the USSD loan code (89411#) is a convenient option for customers needing quick financial assistance. The process is straightforward, making it accessible to many First Bank customers. As with any financial commitment, ensure you understand all the terms and conditions before proceeding with a loan application
