FirstCredit from FirstBank is a digital loan solution ideal for Nigerian customers seeking instant loans. The offering allows users to access amounts ranging from ₦1,000 to ₦300,000 with a flat interest rate of 8%. Borrowers do not need to provide collateral or fill out lengthy paperwork, and all processes are conveniently handled via mobile phone with quick disbursal of funds.

Key terms include a maximum loan period of 30 days and an upfront 5% insurance fee per transaction. The entire process can be completed remotely, making it accessible even without a smartphone – any mobile device works. Loan approval is based on at least six months of account activity, a good credit record, and a valid BVN.

How to Apply for FirstCredit

1. Dial *894# on your mobile device
2. Select the Loans option
3. Choose FirstCredit and follow the prompts
4. Select the account to receive the loan
5. Consent to data usage and accept terms
6. Pick your desired loan amount
7. Funds are instantly disbursed to your account

Advantages of FirstCredit

The application procedure is quick and does not require physical paperwork, making FirstCredit suitable for emergency needs. Approval is typically automatic as long as eligibility is met and there are no outstanding loans.

Another benefit is its flexibility: you can access the loan anytime and from any location in Nigeria, using any phone. Repayment can also be executed through the same USSD code, giving users complete control.

Drawbacks to Consider

Despite its convenience, the 8% flat interest means costs can add up. The 30-day term may feel short for some, and late repayments attract additional charges and penalties. Missed repayments may also affect your credit standing.

Verdict

FirstCredit stands out as an accessible, fast, and reliable microloan solution, especially for urgent needs. While the costs and short tenure merit attention, responsible and timely use can make it a valuable financial tool for many Nigerian customers.