"Your salary has been credited to your account" is a message that every employee looks forward to receiving at the end of every month. Gone are the times when salaries are paid in cash or by cheque.
Back then, after receiving monthly payments in cash, employees will have to go to the bank to deposit their wage. Thankfully, the advent of technology has changed everything as workers get paid directly into their bank account(s).
Banks across the globe have reinvented the role salary account play in helping the average worker become economically empowered to not just meet his or her immediate need but venture into various projects and investments that will empower, guarantee financial independence and prepare them for life after retirement.
Back in Nigeria, the country’s premier financial institution, FirstBank, provides solutions to bridge the much-needed finance gap for Nigerian workers. FirstBank is able to achieve this financial intermediation through its suite of consumer loan products which are specifically designed to solve whatever financial need in the immediate, medium, and long-term goals.
These products include FirstAdvance, FirstCredit and PLAS (Personal Loan Against Salary) which are designed to help people unlock existing wealth.
FirstAdvance is the most convenient and easy access to meet urgent needs, all done without paperwork.
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It provides an opportunity for employed Nigerians with salary accounts domiciled in FirstBank to access 50% of the net average two months salary up to a maximum amount of N500,000 with a mobile phone.
The eligible amount is also arrived at after consideration of other customer’s existing loan obligations to the Bank. This product can be accessed via the Bank’s leading digital channels: FirstMobile and USSD.
The features of FirstAdvance include: Salary account must be domiciled with FirstBank, loan amount of up to 50 per cent of net monthly income, the tenor is 30 days or next payday whichever comes first. Repayment is triggered immediately salary is received.
FirstCredit and how it works.
The bank also launched FirstCredit in the last quarter of 2021. FirstCredit is a product designed to provide individual non-salaried customers with a quick loan to meet their immediate needs.
FirstCredit loans can be accessed digitally without visiting the Bank. There is no documentation involved or collateral and all the customer needs is a mobile phone. The customer’s account must have been operational in FirstBank for at least six months and the maximum loan amount is N300,000.
The loan tenor is 30 days, an interest rate of 10 per cent flat, and insurance fee is also
taken upfront on loan disbursal. To apply for FirstCredit, customers are to dial *894*11#,
select FirstCredit, and follow the instructions.
Personal Loan Against Salary (PLAS)
For FirstBank PLAS, the salary account holder can access personal loans of up to N50 million to achieve long term projects, investments, and other fulfilling accomplishments.
In addition, PLAS offers flexible options for top-up and refinance existing loans at competitive rates.
The product is designed also to help customers meet immediate personal financial obligations such as rent renewals, vacation trips, pay for professional examinations, etc.
With PLAS, Nigerian salary earners need to be assured of a funding partner in FirstBank to fulfil their dreams. PLAS is available to employees whose salary accounts are domiciled with FirstBank.
In addition to the aforementioned benefits, opening a salary account comes with other perks which include zero opening balance, zero minimum daily operating balance, zero annual management charges (AMC) charge, first free Verve or Mastercard issuance and as earlier mentioned easy access to consumer loans.
Undoubtedly, these products by Nigeria’s premier financial inclusion services provider (FirstBank) is in fulfilment of the Bank’s ‘You First’ promise.
To learn more about these products, click here for more information.