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How to apply for First Bank Loan Without Collateral

First Bank of Nigeria provides non-collateral loans for customers with an enterprise of a medium or small size. The loans offered by First Bank are a good deal.

The qualification and application process for loans at Nigerian banking institutions are difficult for both businessmen and women.

The majority of requirements of banks for the acquisition of loans are not feasible for small-scale entrepreneurs. After you have met the requirements for obtaining a loan it is not a guarantee you’ll ever receive the loan.

It’s why you need to locate the Nigerian institution that offers non-collateral loans for individuals who don’t have to go through lengthy procedures.

This article will explain the requirements to qualify to receive the First Bank loan without collateral. I have also explained the various kinds of First Bank of Nigeria loans.

Please let me know in the comments if you have any concerns or require further assistance.

Types of First Bank Loan

These are the kinds of First Bank of Nigeria loans that are available to customers

  1. FirstCredit
  2. Personal Home Loans
  3. Joint Mortgage
  4. Automobile Loans
  5. Salary Loans


FirstCredit is a product that was designed to offer you simple and fast loans to help you fund your transactions.

The loan can be accessed at any time, and without having to go to the Bank.

There is no documentation or collateral needed. All the customer needs is an internet-connected smartphone or tablet.


  • It is easy and simple to access the loans needed to meet your requirements.
  • Request for a quick loan and disbursement
  • No physical documents are required
  • No collateral required
  • No hidden fees

FirstCredit Loan Eligibility

  • The account of the customer must be operational with FirstBank for at least six months.
  • The customer needs to be connected to an existing BVN.
  • Customers must have up-to-date number of phones
  • The customer must maintain a good credit score through Credit Bureaus.
  • Minimum Loan Amount: N1,000 (One Thousand Naira)
  • Maximum Loan Amount: N300,000 (Three Hundred Thousand Naira)
  • Loan Tenor Maximum of 30 days
  • Rate of Interest 10 percent flat
  • Insurance: 1.1% per transaction
  • A penalty of 1% each month and a daily interest rate of 0.3 percentage is due on the default
  • The interest on the loan amount will be paid upfront when loan funds are disbursed.
  • The insurance fee is also paid prior to loan disbursement

Application Procedures

  • Dial *894#
  • Select Loans
  • Select FirstCredit
  • Select Make a new loan
  • Choose the account number the account number you’d like to apply for the loan.
  • Consent to use of data and agree to the conditions and terms
  • You will be presented with four option for loan amounts.
  • Choose your desired loan amount
  • The loan is transferred to your account.

First Bank Personal Loans

Are you buying your first house either by building or doing some renovations? Our home loan is flexible and can provide the cash boost you require to fund your renovation.


  • Accepted to people with a proven and consistent income flow
  • The maximum tenor for a tenor is 20 years subject to a retiring age of sixty.
  • Documentation that is simple
  • Minimum down payment less than 30 percent, subject to location
  • Competitive interest rates
  • There is no equity contribution requirement to be made Home Equity Refinancing
  • The property to be used for financing must be a residence and not used for commercial purposes.
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Required Documents

  • Application letter
  • Form for Personal Home Loan Applications Form
  • Three months’ pay slips for the last three months
  • Statement of accounts
  • Applicant’s letter of total earnings
  • Employer confirmation on FBN’s approved list
  • Document proving title to the property.
  • Letter of irrevocable domiciliation pay for the period of time of the facility.

How to Apply

Apply for the Home Equity Loan Personal:

First Bank Joint Mortgage

Thanks to the help of our Joint Mortgage loan, you together with your spouse or business associate are able to purchase a home which the two of you would ordinarily not be able purchase on their own.

Employers in paid employment as well as self-employed professionals can make an application to an First Bank Mortgage loan.


  • Couples who apply for a license are legal or legally registered partners
  • The capacity to pay is dependent for both applicants
  • Candidates are financially committed
  • The applicants are co-owners and joint owners of the property
  • The amount of the loan is N70 million.
  • Maximum tenor of 240 month (20 years) with a maximum tenor of 240 months (20 years), subject to the age of 60 years for retirement.
  • The minimum amount of equity required is 20 to 30 percent based on the area of the business.


  • Flexible repayment structure
  • The loan repayment is split between the spouses to ease pressure on repayment
  • Rates of interest that are competitive.

Required Documents

  • Consumer Loan Request Form
  • Form for a Status Enquiry to Employer
  • Three to six months of pay slips
  • 3 to 6 months Statement of Bank Account
  • Three passport-sized photographs
  • Means of identification- driver’s License/international passport/national identification
  • Utility bill for residence or company address
  • Recent remuneration letter
  • A current account is available with FirstBank
  • A Letter of Introduction to the Employer.
Requirements for Construction
  • A copy of title papers that are attached to the real estate (ownership has to be registered in the name of purchaser)
  • Copy of the building plan
  • The bill copy quantity
  • Valuation Report for the property and , if there is any construction activity on the property, photographs of the property that show the front, back and side views
  • Equity contribution of 20-30 percent of the property’s cost not including costs of land based on the property’s location
  • Cash flow projections for the loan repayment.
Requirements for Outright Purchase
  • Letter of offer from the vendor.
  • A copy of title papers for the land (ownership has to be registered in the name of the seller).
  • Copy of the construction plan.
  • A copy of the statement of amounts/cost estimates, if the property is to be revamped.
  • Report on the value of the property.
  • Images of the property that show the front, back and side views.
  • Equity contribution of between 20% and 30 percent of the cost of the property not including the cost of land, based on the property’s location.
  • Projection of cash flow on the repayment of loans.


All mortgages are eligible.

  • Security is a Legal Mortgage on the property being constructed/purchased.
  • A Mortgage Protection Assurance Policy is necessary.
  • Fire as well as Special Peril Insurance policies are required by FBN Insurance Brokers, if you are approved for a loan.
  • Unrevocable domiciliation of salaries during the term of period of time.

Application Procedures

For more information, apply to an application for Joint Mortgage Loan,

First Bank Automobile Loans

Take out an Auto Loan from us today and get your dream car faster than you thought.

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Businesses may also use this loan to purchase vehicles to run the day-to-day operations of their business , or for other reasons.

Employed employees are eligible to make an application to an First Bank Automobile loan.


  • Maximum loan amount N15 million
  • The maximum term is for 48 months (four years)
  • 20% equity investment is required
  • 22 per cent rate of interest
  • The vehicle to be financed has to be brand new and originate from FirstBank-approved suppliers
  • Salary domiciliation.


  • An entire year of no cost car maintenance or car serviced at 15,000km (whichever is first)
  • Fuel card for free that is valid for one calendar year
  • Free registration for cars.
  • Three-year manufacturer’s warranty on cars.

Required Documents

  • Application letter
  • Auto Loan Application Form
  • Proforma invoice from FirstBank-approved vendors
  • Payslips for the last three months
  • Statement of account
  • Letter of the total amount of emolument.

How to Apply

In order to apply for the Auto loan,

First Bank Salary Loan

Have you got a pay bank account at FirstBank?

Fill the Loan Application Form to get started with our Personal Loan Against Salary that is designed to assist you in meeting urgent financial obligations before payday.

Featured Salary Loans

  • Personal Loan Against Salary
  • FirstAdvance
  • Agent Credit
Personal Loan Against Salary

Are you in need of a loan to address urgent financial issues prior to payday? Our Personal Loan against Salary is specifically designed for those who need it!


With the Personal Loan Against Salary Service:

  • You can avail the option of a 36-month repayment option with a minimum the age limit of 60 and the repayment schedule is adjustable.
  • A guarantor isn’t required.
  • The processing time is fast.
  • Equity contributions are not necessary.
  • The minimum documentation is needed.
  • Your Salary Account is required to be registered with FirstBank during the time when the loan facility has been put in operation. Flexible repayment structure.
How to Apply

In order to apply to get this Personal Loan Against Salary, you’ll need these documents

  • Application letter
  • Personal Loan Application Form
  • Payslip
  • Accounts statement.
  • Letter of the applicant’s total emolument.
  • The applicant’s employer must be confirmed on the FBN accepted list.
  • A letter of irrevocable domiciliation of the salary for the duration of the agreement.
  • Fill out the form and then submit it to the closest FirstBank branch.

FirstAdvance is a lending solution designed to provide an easy and convenient access to cash for customers who are who are waiting to receive their salary.

The product is intended for those who earn a salary whose accounts are registered with FirstBank and who have earned regular wages in the last 6 months and more.

The maximum amount available can be N500,000.00 but subject to 50 percent of the average net three months’ pay, or whatever is less.

The amount eligible is calculated after subtracting the other loan obligations that are owed that are owed to the Bank. The product is accessible through our online platforms: FirstMobile and USSD.

  • The salary account has to be registered with FirstBank
  • The amount you can borrow is up to 50% of the net monthly income.
  • It is 30 calendar days until the the following payday, whichever is first.
  • Limit of one obligor per maximum N500,000.00
  • Interest rate of 2.5%flat payable at the beginning
  • Management fee of 1.0 percent flat
  • Credit Life Insurance @ 0.50%
  • FirstAdvance is an upgraded and enhanced version Digital SODA.
  • The loan is available up to three times per day, subject to the maximum amount that is eligible.
  • The risk Acceptance Criteria is used for FirstAdvance is completely automated.
  • Payment is immediately made after the payment is made, while an obligation is put on a bank account that has not been funded.
  • All charges, including interest rate, are incurred in advance upon the repayment of loan.
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How to Apply

For more information on how to apply for FirstAdvance,

  1. Through FirstMobile App Or
  2. USSD CODE-*894*11# or *894#

1. For FirstAdvance applications, sign up on the FirstMobile App

  • Download the most recent FirstMobile App from the Google Play Store or Apple Store on your mobile device.
  • Log on to the FirstMobile App
  • Open menu options are available on the left-hand side of the screen.
  • Select ‘loans’
  • Then, click ‘FirstAdvance’.
  • The following menu Option displays your eligible amount as well as the costs and pricing.
  • After that, Accept the terms and conditions.
  • Next, enter the amount you want to borrow, but not more than the amount that is eligible.
  • The transaction pin will be followed by the confirmation.
  • A loan that is approved is paid to your account for salary within a matter of minutes.
  • Your account is debited to pay management fee and TVA, the interest rate, and insurance charges as upfront fees and charges.
  • After receiving your salary, or after 30 days (whichever is first) Your account will be debited to pay for principal.

2. To apply with USSD Code how do I apply for it?

  • Dial *894# for a connection the FirstBank’s USSD Banking, select 3 [Get Loans[Get Loans]
  • or *894*11or *894*11
  • The following menu will show the loan amount you are eligible for.
  • Enter desired amount and then Send
  • The interest rate, management fee and insurance are shown.
  • Enter a five-digit transaction pin to accept the terms and conditions
  • The loan is deposited into your account on salary in a matter of just a few minutes.
  • Your account will be debited for an administration fee and interest rate, as well as VAT and insurance as upfront costs and charges.
  • When you receive your pay or the expiration of 30 days (whichever occurs first) the account will be debited for principal repayment.
Agent Credit

Firstmonie Agent Credit is a digital loan solution that was that is designed to offer bridge financing for our Agents overcome liquidity issues resulting from account balances that are depleted even if the Agents are carrying cash on the ready.

  • The amount of the loan is 25 percent of the daily average credit turnover over the duration of 3 months, subject to an amount that is not more than N1Million.
  • Tenor is available 24 hours during weekdays, and 72 hours or the following working day on the weekend and public Holidays.
  • The agent should have had an account with FirstBank for at least three months.
  • Rate of interest @ 0.3 per cent flat on the paid amount.
  • Keyman Insurance of N1,000 per annum.
  • The minimum amount for loans is N20,000.
  • Positive Credit Check.
  • Satisfactory KYC Report.
  • Up as high as N1 million to finance more transactions.
  • The ability to access funds prior to cash is deposited on the spot.
  • Open for use all day long All day, even during peak times (weekdays weekend, days off for public holidays).
  • Growth in business and an growth in revenue.
Target Market

Agents active in the bank’s Agent Network for a minimum of three months.

How to Apply

You can apply through Firstmonie App. Firstmonie App by clicking on the link and following the directions.

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