FirstCredit from FirstBank offers instant digital loans up to ₦300,000 with a fixed 8% interest for a maximum 30-day term. No paperwork or collateral is required – the process is entirely digital for maximum convenience. Applicants need only an active FirstBank account (for at least six months), a linked BVN, and a good credit record. Upfront insurance of 5% applies. Penalties are charged if you do not repay on time, with 1% per month and daily interest of 0.3% on defaults.

How to Apply For FirstCredit Loan

1. Dial *894# on your phone
2. Select “Loans” from the menu
3. Choose “FirstCredit”
4. Pick your desired loan amount from the options provided
5. Give your data usage consent and accept the terms
6. The borrowed sum is instantly credited to your FirstBank account

Pros of FirstCredit Loan

One major benefit is the speed – loans are processed and credited immediately after approval. The application process is straightforward, requiring only a mobile phone and an active FirstBank account.

No collateral or paperwork makes FirstCredit very accessible, even for those without assets or high salaries. The digital application means you can apply at any location or time.

Cons of FirstCredit Loan

The 8% interest for 30 days reflects a steep annual rate (96%), so costs can add up if used repeatedly. Insurance fees increase the total borrowing cost.

You need to already be a FirstBank customer for at least six months, which may exclude new customers or those banking elsewhere.

Our Verdict

FirstCredit is a fast, convenient loan option for existing FirstBank customers in need of short-term funds. While easy to access, the cost is high if repayments are delayed, so use cautiously.