Description
FirstAdvance
FirstAdvance is a digital lending product licensed by the Central bank of Nigeria within the FirstBank portfolio.
Products
- Salary Advance – FirstAdvance Salary Advance is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries. The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more. Maximum amount accessible is N500,000.00 subject to 50% of net average 3months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via digital channels: FirstMobile & USSD
Pros
- High loan amount up to N500k
- Revolving overdraft
- Flexible repayment options
- Maximum tenor of 12 months
- Flexible conditions
Cons
- Salaried employment required
- First Bank account required
- Loan amount linked to salary level
Requirements
- Completed Application Form
- First Bank account required
- Salaried employment required
- Letter of employment
- Staff identity card
- 3 months of account usage
- Must be older than 18 and younger than 60 years old
