FirstCredit by FirstBank is a digital lending product tailored for customers seeking fast, hassle-free loans in Nigeria. With this offer, you can borrow between ₦1,000 and ₦300,000 for up to 30 days, subject to your banking relationship and credit profile. The interest rate is a flat 8% per loan, with a 5% insurance fee, both deducted upfront. Penalties for default are 1% monthly and an added 0.3% daily interest on overdue amounts. There’s no collateral or paperwork required, just an operational account with FirstBank for at least 6 months, a valid BVN, and your registered phone number.

Step-by-Step Guide to Apply

Dial *894# on your mobile device and follow the menu to select loans and then FirstCredit. After choosing your account number and granting consent, select from the available loan amounts. Enter your 5-digit USSD PIN, and upon approval, the cash gets credited instantly to your account.

Pros of FirstCredit

A major upside of this offer is its pure convenience. There’s no need for bank visits, physical documents, or collateral. Approval and disbursal are swift, designed for modern banking needs. The eligibility criteria are straightforward, making the loan accessible for many customers who have kept a good record with FirstBank.

Cons of FirstCredit

The main drawback is the short loan tenor—only up to 30 days to repay. The interest and insurance rates, though competitive for instant loans, might be steep if you’re used to longer-term or secured loans. Also, once you have an active loan, you’ll need to repay it in full to qualify for another.

Our Verdict

FirstCredit is a strong choice for FirstBank customers who need quick, simple access to cash without jumping through hoops. If you meet the requirements and value speed and simplicity over lower rates, this can be an excellent way to cover urgent expenses.