How to Be Eligible for First Bank Loan Without Collateral 2024

First Bank of Nigeria offers non-collateral loans to customers who have a small or medium-scale enterprise. The loans by First Bank are a good deal.

The eligibility and application for loans in Nigerian banks are difficult for businessmen and women.

Most bank requirements for loan acquisition are unattainable by small business owners. Even after meeting the loan requirements, there is no guarantee you will eventually get the loan.

It is why you must find a Nigerian bank that gives non-collateral loans to individuals without strenuous procedures.

This post is about eligibility for a First Bank loan without collateral. I have also outlined the different types of First Bank of Nigeria loans.

Let me know in the comment if you have any questions or need further assistance.

I wish you success as you apply for a loan.

Types of First Bank Loan

Woman sitting in front of a MacBook

The following are the types of First Bank of Nigeria loans available to customers;

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


FirstCredit is a product designed to provide a quick and straightforward loan to fund your transactions.

Loans can be accessed from anywhere without visiting the Bank.

No documentation or collateral is required. All the customer need is a mobile phone or tablet.


  • 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 must have been operational in FirstBank for at least six months.
  • The customer must be linked to a valid BVN.
  • Customers must have correctly updated phone numbers
  • Customers must have a favourable credit record with 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
  • Interest Rate: 10% flat
  • Insurance: 1% per transaction
  • A penal charge of 1% monthly and daily interest of 0.3% applies upon default.
  • Interest on the disbursed amount will be taken upfront on loan disbursal
  • Insurance fee is also taken upfront on loan disbursal

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

Buying your first home, constructing or simply renovating? Our flexible home loan will give you the financial boost you need to support your project.


  • Available to individuals with verifiable and steady income flow
  • The maximum tenor is 20 years, subject to a retirement age of 60 years
  • Simplified documentation
  • Minimum down payment of below 30%, subject to the location
  • Competitive interest rates
  • No equity contribution is required for Home Equity Refinancing
  • The property to be financed must be residential and not for commercial purposes.

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 apply for the Personal Home Loan:

First Bank Joint Mortgage

With our Joint Mortgage loan, you and your spouse or business partner can easily buy a property that either party could ordinarily not have been able to purchase as individuals.

Employees in paid employment and Self-employed professionals are qualified to apply for the First Bank Mortgage loan.


  • Applicants are legitimate couples or registered partners
  • Repayment capacity is on both applicants
  • Applicants are both financially committed
  • Applicants are joint and co-owners of the property
  • The loan obtainable is N70 million
  • Maximum tenor of 240 months (20 years), subject to 60 years retirement age
  • Minimum equity contribution of 20-30% depending on the location.


  • Flexible repayment structure
  • Loan repayment is distributed between the spouses easing up repayment pressure
  • Competitive interest rates.

Required Documents

  • Consumer Loan Request Form
  • Status Enquiry of Employer form
  • Last three to six months payslips
  • Three to six months Bank Account Statement
  • Three passport-size photographs
  • Means of identification- driver’s License/international passport/national identification
  • Utility bill of residence/company address
  • Letter of recent remuneration
  • Current account with FirstBank
  • Letter of Introduction from the employer.
Requirements for Construction
  • Copy of the title documents to the property (ownership must be in the name of the customer)
  • Copy of the approved building plan
  • Copy of the bill of quantities
  • Valuation Report on the property and if there has been any construction on-site, photographs of the property showing front, back and side views
  • Equity contribution of 20%-30% of the property cost excluding the cost of the land depending on the location
  • Cash-flow projection on loan repayment.
Requirements for Outright Purchase
  • Vendor’s offer letter.
  • Copy of the title documents to the property (ownership must be in the name of the vendor).
  • Copy of the approved building plan.
  • Copy of the bill of quantities/cost estimates if the property is to be renovated.
  • Valuation report of the property.
  • Photographs of the property showing front, back and side views.
  • Equity contribution of 20%-30% of the property cost excluding the cost of the land, depending on the location.
  • Cash flow projection on loan repayment.


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

Get an Auto Loan from us today and purchase your dream car sooner than you think.

Businesses can also apply for this loan to acquire vehicles for the day-to-day running of their business or other purposes.

Employees in paid employment can apply for the First Bank Automobile loan.


  • Maximum loan amount of N15 million
  • The maximum tenor is 48 months (four years)
  • 20% equity contribution is required
  • 22% interest rate
  • Vehicles to be financed must be new and from FirstBank-approved vendors
  • 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 FirstBank-approved vendors
  • Payslip for the last three months
  • Statement of account
  • Letter of total emolument.

How to Apply

To apply for the Auto loan,

First Bank Salary Loan

Do you have a salary account with FirstBank?

Simply fill out our Loan Application Form to start enjoying our Personal Loan Against Salary designed to help you cover pressing financial obligations before payday arrives.

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

Need a loan to tackle pressing financial needs before payday? Our Personal Loan Against Salary is designed just for you!


With the Personal Loan Against Salary Service:

  • You get up to 36 months repayment option, subject to retirement age of 60 years and the repayment structure is flexible.
  • A guarantor is not required.
  • The processing time is quick.
  • Equity contribution is not required.
  • Minimum documentation is required.
  • Your Salary Account must be domiciled with FirstBank for the period the facility is in place flexible repayment structure.
How to Apply

To apply for the Personal Loan Against Salary, you will need the following documents:

  • 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 FirstBank branch

FirstAdvance is a digital lending solution designed to offer 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.

The maximum amount accessible is N500,000.00 subject to 50% of the net average three months salary, whichever is lower.

The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via our digital channels: FirstMobile and USSD.

  • The salary account must be domiciled with FirstBank
  • Loan amount of up to 50% of net monthly income.
  • 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%
  • FirstAdvance is an enhanced and improved version of Digital SODA.
  • The loan can be accessed up to three times a day subject to the maximum eligible amount
  • The Risk Acceptance Criteria for FirstAdvance is automated.
  • Repayment is taken immediately after salary is received, while a lien is placed on an unfunded account.
  • All fees, including Interest rate, are collected upfront upon disbursement of the loan.
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

  • Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone
  • Log on to the FirstMobile App
  • Open menu options on the top left-hand side
  • Select ‘loans’
  • Next, select ‘FirstAdvance.’
  • The next Menu Option shows your eligible amount and the applicable pricing and fees.
  • Next, accept the terms and conditions
  • Next, input desired loan amount not more than the eligible amount.
  • Followed by your transaction pin.
  • A successful, loan is disbursed to your salary account within minutes.
  • Your account is debited for management fee & VAT, interest rate and insurance as upfront fees and charges.
  • Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

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

  • Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
  • or *894*11#
  • The next menu shows your eligible loan amount
  • Input desired amount and send
  • Interest rate, management fees and Insurance are displayed
  • Input a five-digit transaction PIN to accept terms and conditions
  • The loan is disbursed into your salary account within minutes.
  • Your account is debited for a management fee, interest rate, insurance and VAT as upfront fees and charges.
  • Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment. 
Agent Credit

Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help our Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at 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 N1Million.
  • Tenor is 24hours during the Weekdays and a maximum of 72hours or the next working day during the Weekends and Public Holidays.
  • The agent must have been in an account relationship with FirstBank for a minimum of 3 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 daily, 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

Apply through the Firstmonie App by clicking the link and following the prompts.

Let me know if you have any questions or need further clarification. I would love to assist you.

You can watch my videos on the Studentship YouTube Channel by clicking here.

Join my Facebook Group, Like my Facebook Page or Follow Me on WhatsApp for more interactive discussions.

Share on:

Your go-to education blogger, offering practical strategies, expert advice, and educational resources to help students thrive academically and unlock their full potential.

20 thoughts on “How to Be Eligible for First Bank Loan Without Collateral 2024”


  2. Over 4yrs that i have been banking with firstbank and whenever i request a loan “dear costumer you are not eligible for this time” why?

    • Hello Terkula,

      Sorry about your experience requesting for the first bank loan.

      Your rejection may be due to the amount in question or other factors.

      I advise you speak with your account officer for further assistance.

  3. Since 2008 that I have been banking with first bank and is my salary account till date each time I apply for loan it says am not eligible.pls what is the problem?

    • Hello Mr Kingsley,

      Sorry for the challenges with obtaining a load with your account.

      Have you tried speaking with your account officer?

  4. Am using salary account if I try to optine a loan dey will said am not eligible am using this account for more 3 years now

  5. Please have been using the first advance loan but am now finding it difficult to access it. My salary is paid up to date. Please help. Thanks

    • Tanko,

      It could be the interest for the loan.

      I suggest you visit the nearest bank branch close to you to resolve the problem.

    • You can get the direct contact of your First Bank account officer through the following steps:

      1. Visit the First Bank website: Go to the First Bank website, which is

      2. Click on the “Contact Us” button: On the website’s homepage, you will find a “Contact Us” button. Click on it.

      3. Select “Customer Care”: From the list of options, select “Customer Care.”

      4. Enter your details: Enter your name, email address, phone number, and message. In the message, state that you want the direct contact of your account officer.

      5. Submit your request: After filling in your details and message, click the “Submit” button.

      6. Wait for a response: First Bank’s customer care will respond to your request with the direct contact of your account officer.

      Alternatively, you can also visit the First Bank branch where you opened your account and request the direct contact of your account officer.

    • Hello Clarine,

      Sorry about your experience.

      It could be due to new regulations.

      I recommend you meet your account officer for further assistance.

  6. My question is, if someone apply for first credit loan (300,000 for example) how many months with it takes to pay back and how much will that person be paying every month. Waiting for your response. Thanks


Leave a Comment