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firstbanknigeria loan

First Bank of Nigeria

Interest Rate  (20% – 30%)

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Category: Bank Tags: Education, Salary Advance
  • Description

Description

First Bank of Nigeria


First Bank of Nigeria was originally incorporated as Bank of British West Africa in 1894 with an authorized share capital of £100,000 divided into 10,000 ordinary shares of £10. FirstBank was listed on the Nigerian Stock Exchange in March 1971. In 2005, FirstBank acquired its merchant banking subsidiary, FBN (Merchant Bankers) Limited and MBC international Bank Plc, following Central Bank of Nigeria’s inspired consolidation in the banking industry.

The Personal Loan Against Salary facility is designed to help you meet personal financial needs without having to wait for pay-day. It is simple, easy and straightforward. It is ideal for individuals in salaried employment.

Salary Advance is a small, short-term unsecured loan that relies on the borrower having previous payroll and employment records. With a salary advance, you repay it either out of your next paycheck or over an agreed time span. It requires your employer’s permission and some companies restrict the circumstances under which they’ll green-light an advance.

Pros

  • Up to 36 months repayment option subject to retirement age of 60 years
  • No security/guarantor
  • Faster Processing
  • No equity contribution
  • Minimum documentation
  • Competitive Rates
  • Easy access to finance
  • Flexible repayment structure.

Cons

  • Irrevocable domiciliation of salary for the period the facility is in place
  • Salaried employment required

Requirements

  • Application letter
  • Payslip
  • Statement of accounts
  • Applicant’s letter of total emolument
  • Confirmation of applicant’s employer on FBN approved list
  • Letter of irrevocable domiciliation of salary for the duration of the facility.

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