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Life happens. One minute you are relaxed and fine, and the next boom! An unexpected expense shows up, or an emergency. If you're like me and would rather not borrow from friends or family (because let’s be honest, that can be awkward), or if loan apps stress you out (some will call your entire contact list!), then FirstBank’s FirstAdvance Salary Loan might just be your best bet.
FirstAdvance is FirstBank’s way of helping salary earners like you access quick loans without unnecessary stress. Whether you're trying to settle rent, cover school fees, fix your car, or just survive till payday, this is a digital loan solution that can help bridge the gap with ease.
Disclaimer:
I am not paid or affiliated with FirstBank in any way, this is just an honest guide to this loan service, which, in my opinion, is a great service.
FirstAdvance is a digital loan product designed for salary earners who have their accounts domiciled with FirstBank. It allows eligible customers to access up to 50% of their next net monthly salary in advance.
So instead of waiting till month-end, FirstBank gives you part of your salary now and deducts it later when your salary is paid. Simple.
To qualify for FirstAdvance, you need to meet the following conditions:
You must be a salary earner.
Your salary account must be with FirstBank.
You must have received a consistent salary for at least two months.
You need to be registered on FirstBank's mobile or USSD banking platform.
|
Feature |
Details |
|
Loan Amount |
Up to 50% of your monthly salary |
|
Tenure |
Maximum of 30 days or till next payday |
|
Interest Rate |
1.5% flat monthly |
|
Management Fee |
1.0% flat |
|
Credit Life Insurance |
0.5% flat |
|
Value Added Tax (VAT) |
Charged on fees |
Let’s break that down:
If your salary is ₦200,000 per month, you can access up to ₦100,000 in advance. But note that applicable fees will be deducted, so you’ll receive slightly less in your account.
You can apply using either the FirstMobile app or USSD:
The USSD option is the most reliable way to access the loan, as the mobile app and online methods may be a little stressful.
Dial *894*11# on your phone.
Select ‘FirstAdvance’.
View your eligible loan amount.
Input your desired amount and send.
Review interest rate, management fees, and insurance.
Accept the terms and conditions.
Input your 5-digit transaction PIN.
The loan is disbursed into your salary account within minutes.
Recently, using the Firstmobile app has been a little stressful, as the app runs into an error most of the time. I hope FirstBank rectifies this soon, but let me show you the steps to using the mobile app.
Log in to your FirstMobile app.
Go to the Loans section.
Select FirstAdvance
Accept the terms and conditions.
If you are eligible, proceed with your request.
Once approved, the loan is disbursed instantly into your FirstBank account.
No need to worry about repayment dates, FirstBank automatically deducts the loan once your next salary is credited into your account.
If your salary doesn’t come in by the expected date, the bank may initiate a direct debit once funds enter the account.
I know this question would come to mind, and the answer is yes! You can pay before your salary comes or before it expires. Here is how:
Transfer the money into your salary account.
Dail *894*11#
Select FirstAdvancw
Select Repay Loan
Select the loan
Enter the amount you wish to pay
Enter your five (5) digit PIN.
The loan amount would be instantly deducted from your salary account.
Fast & Easy: You do not need to provide any paperwork, collateral, or guarantors.
24/7 Access: You can apply anytime, anywhere using USSD or the FirstBank mobile app.
Short-term Relief: This loan is mainly for bridging financial gaps before payday.
Safe & Trusted: FirstBank is one of Nigeria’s most reputable banks, so their loan services can be trusted.
You'll need to have your salary paid into your FirstBank account for at least 2 consecutive months before becoming eligible.
The loan is usually set to be deducted when your salary drops, but yes, you can also repay manually before then via the app or USSD.
FirstBank may attempt to debit your account once there's a sufficient balance.
Yes, only if your previous application was not up to 50% of your salary. The total amount given for a month is equivalent to 50% of your salary.
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If you’re a salary earner with FirstBank and you ever need fast cash before payday, the FirstAdvance loan is a simple and stress-free solution. It’s digital, easy to apply for, and comes with transparent fees.
Just make sure your salary is paid through FirstBank and keep your USSD or mobile app active. In just a few taps, you could sort out that emergency without begging anyone or downloading 10 loan apps.
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