The Best Way to Qualify for a First Bank Loan Without Collateral

first bank quick loans
first bank quick loans

Small and medium-sized businesses can get loans from the First Bank of Nigeria without having to put up collateral. First Bank’s loans are a good deal.

Nigerian banks make it hard for businessmen and women to get loans and qualify for them.

Most small business owners can’t meet most of the banks’ requirements for getting loans. Even if you meet all the requirements for the loan, there is no guarantee you will get it.

This is why you need to find a Nigerian bank that lets people get loans without collateral and without going through a lot of trouble.

This post tells you how to get a First Bank loan without putting up any collateral. I also explained the different kinds of loans you can get from the First Bank of Nigeria.

If you have any questions or need more help, let me know in the comments.

I hope that you get the loan you want.

first bank
first bank

Types of First Bank Loan

Customers can get the following kinds of loans from First Bank of Nigeria:

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

First Bank Salary Loan

Do you already have an account with First Bank for your monthly salary?

To get started with our Personal Loan Against Salary, all you need to do is complete Loan Application Form. This loan is designed to assist you in meeting urgent financial needs before your next salary arrives.

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

Need a loan to take care of an emergency expense before payday? We specifically created our personal loan application against your salary for you!


With the Personal Loan Against Salary Service:

  • Subject to a retirement age of 60 years, you have a 36-month payback option with a flexible repayment schedule.
  • A guarantor is not required.
  • The processing time is quick.
  • An equity contribution is not required.
  • Minimum documentation is required.
  • For the duration of the flexible repayment structure, your salary account must be domiciled with First Bank.
How to Apply

You’ll need the following documents to apply for a personal loan against your salary:

  • Application letter
  • Personal Loan Application form
  •  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.
  • Complete the form and submit it at the nearest First Bank branch

FirstAdvance is a digital lending service created to provide payroll customers who are waiting for their paychecks with convenient and simple access to cash.

The product is intended for wage employees who have had regular salaries in the past six months or longer and whose accounts are domiciled with First Bank.

The maximum sum available is N500,000.00, subject to the lower of that amount or 50% of the net average three-month salary.

After taking into account all other loan obligations to the Bank, the qualifying amount is determined. Through our digital platforms, FirstMobile and USSD, you can access this product.

  • The salary account needs to be a First Bankdomicile.
  • Up to 50% of monthly net revenue may be borrowed.
  • Tenor is 30 days or next payday [whichever comes first]
  • Maximum single obligor limit of N500,000.00
  • Interest rate @ 2.5%flat collected upfront
  • Management fee @ 1.0% flat
  • Credit Life Insurance @ 0.50%
  • Digital SODA has been improved and replaced with FirstAdvance.
  • The maximum acceptable amount must be reached before the loan can be accessed more than three times per day.
  • For FirstAdvance, the risk acceptance criteria are automated.
  • A lien is put on an underfunded account, and repayment is taken as soon as the salary is paid.
  • Upon loan disbursement, all fees, including interest rate, are paid in full.
How to Apply

To apply for the FirstAdvance,

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

1. To apply for FirstAdvance on FirstMobile App

  • On your smartphone, download the most recent FirstMobile app from the Apple Store or Google Play Store.
  • Log on to the FirstMobile App
  • Open the menu by clicking in the top left corner.
  • Choose “Loans”
  • Choose “FirstAdvance” next.
  • Your eligible amount, related pricing, and fees are displayed in the following menu option.
  • Accept the terms and conditions after that.
  • Enter the desired loan amount, keeping it within the acceptable range.
  • Then your transaction pin will come next.
  • Your pay account receives a successful loan disbursement in a matter of minutes.
  • Management fees, VAT, interest rates, and insurance are deducted from your account as upfront fees and charges.
  • Your account is debited for principal repayment after 30 days have passed or when your salary is received, whichever comes first.

2. To Apply using USSD Code, how do I apply on it?

  • To access First Bank’s USSD Banking, dial *894# or *894*11# and choose 3. (Get Loans)
  • Your loan amount is displayed in the following menu.
  • Input the required amount, then send
  • Displayed are the interest rate, administrative costs, and insurance.
  • To agree to the terms and conditions, enter the five-digit transaction PIN.
  • Within minutes, the loan is deposited into your salary account.
  • A management fee, interest rate, insurance, and VAT are deducted from your account as upfront fees and charges.
  • Your account is debited for Principal repayment after 30 days have passed or when your salary is received, whichever comes first.
Agent Credit

A digital lending solution called Firstmonie Agent Credit was created to offer bridge financing to assist Agents in resolving liquidity issues brought on by low account balances, even when the Agents have physical cash on hand.

  • The loan amount is 25% of the average daily credit turnover for a period of three months, subject to a maximum loan amount of N1 Million.
  • Tenor is 24 hours during the Weekdays and a maximum of 72hours or the next working day during the Weekends and Public Holidays.
  • The agent must have had an account with First Bank for at least three months.
  • Interest rate @ 0.3% flat on disbursed amount.
  • Keyman Insurance of N1,000 per annum.
  • The minimum loan amount is N20,000.
  • Positive Credit Check.
  • Satisfactory KYC Report.
  • Get up to N1 million to fund more transactions.
  • Access to funds before cash lodgment at the branch.
  • Available for use every day, including peak periods (weekdays, weekends, and public holidays).
  • Business expansion and increase in income.
Target Market

Agents who have been active on the Bank’s Agent Network for a minimum of three months.

How to Apply

By clicking the link and following the instructions, you can apply using the Firstmonie App.


FirstCredit is a solution made to give you an easy loan to finance your transactions.

Loans can be accessed without going to the bank from anywhere.

No supporting evidence or security is needed. A smartphone or tablet is all that the customer needs.


  • Easy and convenient access to loans to meet needs.
  • Quick loan request and disbursal
  • No physical documentation is required
  • No collateral required
  • No hidden fees

FirstCredit Loan Eligibility

  • The customer’s account in First Bank must have been active for at least six months.
  • A valid BVN must be connected to the consumer.
  • Customers must provide accurate, current phone numbers.
  • Customers must be in good standing with the credit reporting agencies.
  • Minimum Loan Amount: N1,000 (One Thousand Naira)
  • Maximum Loan Amount: N300,000 (Three Hundred Thousand Naira)
  • Loan Tenor: Maximum of 30 days
  • Interest Rate: 10% flat
  • Insurance: 1% per transaction
  • A monthly penalty of 1% and daily interest of 0.3% are applied when there is a default.
  • Prior to disbursing the loan, interest on the disbursed amount will be collected.
  • On loan disbursement, an advance insurance cost is also collected.

Application Procedures

  • Dial *894#
  • Select Loans
  • Select FirstCredit
  • Select Get a new loan
  • Select the account number with which you want to apply for the loan
  • Grant data usage consent and accept terms and conditions
  • You are presented with 4 loan amount options
  • Choose your desired loan amount
  • The loan is disbursed into your account

Click here to complete the ONLINE DATA Consent Statement (FirstCredit NanoLending)

First Bank Personal Loans

Purchasing your first home, building one, or just renovating? Thanks to our flexible home loan, you’ll receive the financial boost you need to finance your project.


  • It is accessible to those who have a dependable and consistent source of income
  • Subject to a retirement age of 60 years, the maximum tenor is 20 years.
  • Documentation is made more quickly.
  • A minimum down payment of less than 30% depends on the area.
  • Affordable interest rates.
  • For home equity refinancing, there is no equity commitment necessary.
  • The property that will be financed must be used exclusively for residential reasons.

Required Documents

  • Application letter
  • Personal Home Loan Application form
  • Last three months’ payslip
  • Statement of accounts
  • Applicant’s letter of total emolument
  • Confirmation of applicant’s employer on FBN-approved list
  • Valid title document
  • Letter for irrevocable domiciliation of salary for the duration of the facility.

How to Apply

To submit a personal home loan application:

First Bank Joint Mortgage

You and your spouse or business partner can easily purchase a house with our Joint Mortgage financing that neither of you would have been able to do on your own.

Professionals who are self-employed or employed by a company are eligible to qualify for a First Bank Mortgage loan.


  • Applicants are legitimate couples or registered partners.
  • The applicants’ ability to repay is dependent.
  • Both applicants have financial commitments.
  • The applicants own the property jointly.
  • The amount of the loan is N70 million.
  • 240 months (20 years) is the maximum term, subject to the 60-year retirement age.
  • 20–30% minimum equity contribution, depending on the area.


  • Flexible repayment structure
  • The distribution of loan repayment among the spouses lessens the burden of repayment.
  • Competitive interest rates.

Required Documents

  • Consumer Loan Request Form
  • Status Enquiry of Employer form
  • Last three to six months’ payslips
  • Three to six-month bank account statement
  • Three passport-size photographs
  • A driver’s license, an international passport, and national identification are acceptable forms of identification.
  • Utility bill of residence or company address
  • Letter of recent remuneration
  • Current account with First Bank
  • A Letter of Introduction from the Employer
Requirements for Construction
  • A copy of the property’s title paperwork (ownership must be in the name of the customer).
  • A copy of the authorized construction plan
  • Copy of the bill of quantities
  • A valuation report for the property, photos of the property’s front, rear, and sides, and information about any building that has taken place there.
  • Depending on the region, equity contribution of 20%–30% of the property cost, minus the cost of the land.
  • Estimate cash flows for loan repayment.
Requirements for Outright Purchase
  • Vendor’s letter of offer.
  • A copy of the property’s title paperwork (ownership must be in the name of the vendor).
  • A copy of the approved building plan.
  • If the property is being renovated, a copy of the cost estimates and bill of quantities.
  • A report on the property’s valuation.
  • Pictures of the property were taken from the front, back, and sides.
  • Depending on the area, equity contributes 20–30% of the property cost, excluding the land cost.
  • Estimated cash flow for loan payback.


For all mortgages

  • Security is a Legal Mortgage on the property being constructed/purchased.
  • A mortgage Protection Assurance Policy is required.
  • If the loan is approved, fire and Special Peril Insurance policies are required through FBN Insurance Brokers.
  • Irrevocable domiciliation of salary for the duration of the facility.

Application Procedures

To apply for the Joint Mortgage Loan,

First Bank Automobile Loans

Purchase your ideal car sooner than you think by applying for an auto loan from us today.

Businesses may also apply for this financing to buy vehicles for their ongoing operations or for other reasons.

Anyone who works for a living may apply for a First Bank auto loan.


  • Maximum loan amount of N15 million
  • The maximum tenor is 48 months (four years)
  • 20% equity contribution is required
  • 22% interest rate
  • All financed vehicles must be brand-new and purchased from First Bank-approved dealers.
  • Salary domiciliation.


  • A year of free car servicing or car serviced at 15,000km mileage (whichever comes first)
  • Free fuel card available for one year
  • Free car registration.
  • Three-year manufacturer’s car warranty.

Required Documents

  • Application letter
  • Auto Loan application form
  • Proforma Invoice from First Bank-approved vendors
  • Payslip for the last three months
  • Statement of account
  • Letter of total emolument.

How to Apply

To apply for the auto loan:

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