“Your salary has been credited to your account” is a message that every employee looks forward to receiving at the end of each month. Gone are the days when wages were paid in cash or by check.
Back then, after receiving monthly cash payments, employees had to go to the bank to deposit their wages. Fortunately, the advent of technology has changed everything since workers are paid directly into their bank account(s).
Banks around the world have reinvented the role the payroll account plays in helping the average worker become economically self-sufficient not only to meet their immediate needs, but also to venture into various projects and investments that will empower them. autonomy, guarantee their financial independence and prepare them for life after retirement.
Back in Nigeria, the country’s premier financial institution, FirstBank, is offering solutions to bridge the funding gap that Nigerian workers so badly need. FirstBank is able to achieve this financial intermediation through its range of consumer loan products which are specifically designed to meet any financial need in the immediate, medium and long term.
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These products include FirstAdvance, FirstCredit and PLAS (Personal Payday Loan) which are designed to help people unlock their existing wealth.
FirstAdvance is the most convenient and easiest way to meet urgent needs, all without the paperwork.
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It provides an opportunity for employed Nigerians with FirstBank domiciled salary accounts to access 50% of two months net average salary up to a maximum amount of N500,000 with a mobile phone.
The eligible amount is also calculated after reviewing other customers’ existing loan obligations to the Bank. This product is accessible through the Bank’s main digital channels: FirstMobile and USSD.
Features of FirstAdvance include: payroll account must be domiciled with FirstBank, loan amount up to 50% of net monthly income, term is 30 days or next payday, whichever comes first. The reimbursement is triggered as soon as the salary is received.
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FirstCredit and how it works.
The bank also launched FirstCredit in the last quarter of 2021. FirstCredit is a product designed to provide self-employed retail customers with a quick loan to meet their immediate needs.
FirstCredit loans can be accessed digitally without going to the bank. There is no documentation involved or warranty and all the customer needs is a cell phone. The client’s account must be operational in FirstBank for at least six months and the maximum loan amount is N300,000.
The term of the loan is 30 days, a fixed interest rate of 10% and insurance costs are also
payment upon disbursement of the loan. To apply for FirstCredit, customers should dial *894*11#,
select FirstCredit and follow the instructions.
Personal Payday Loan (PLAS)
For FirstBank PLAS, the payroll account holder can access personal loans of up to N50 million to pursue long term projects, investments and other fulfilling achievements.
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Additionally, PLAS offers flexible options to top up and refinance existing loans at competitive rates.
The product is also designed to help customers meet their immediate personal financial obligations such as rent renewals, vacation travel, payment for professional exams, etc.
With PLAS, Nigerian earners need to be assured of a financing partner in FirstBank to realize their dreams. PLAS is available to employees whose salary accounts are domiciled with FirstBank.
In addition to the above benefits, opening a salary account comes with other benefits including zero opening balance, zero minimum daily operating balance, zero annual management fee (AMC), the first free issue of Verve or Mastercard and, as mentioned earlier, easy consumer access. loans.
There is no doubt that these products from Nigeria’s leading financial inclusion service provider (FirstBank) deliver on the Bank’s ‘You First’ promise.
To learn more about these products, click here for more information.