First Bank’s FirstCredit Loan is designed for Nigerians who need quick cash for emergency needs or daily spending. The main appeal of this loan offer is its speed and simplicity: you can request between ₦1,000 and ₦300,000 directly from your mobile. No collateral or paperwork is involved and approvals are instant. The maximum term is 30 days, and the interest is 8% flat per loan, plus a 5% insurance fee which is taken upfront. To qualify, your account must be at least 6 months old, BVN-linked, and your phone number up to date. Negative credit with any bureau will block your access.

Step-by-Step Application Process

• Dial *894# from your registered phone number
• Select the “Loans” option, then “FirstCredit”
• Choose your account number and consent to data terms
• Select your loan amount from the available options
• Your loan is disbursed immediately to your First Bank account

Pros of FirstCredit Loan

FirstCredit’s biggest advantage is the speed of disbursement. You don’t need to visit a branch, and approval is automated based on your account profile.

Another strong point is the simplicity: no documents, no collateral, and the process can be completed with any type of phone, making it accessible to most Nigerians.

Cons of FirstCredit Loan

The main downside is the high effective interest rate for short-term loans – 8% flat per 30 days is steep compared to longer-term products. There is also a 5% insurance fee deducted upfront.

You must repay within 30 days. If you default, the penalties are significant: 1% monthly flat and 0.3% daily rates until cleared, plus possible reporting to credit bureaus or banks.

Verdict: Is FirstCredit Right for You?

If you need quick, short-term cash and can repay on time, FirstCredit is a solid option. Just be sure to understand all fees and repay promptly to avoid extra charges.