FirstMonie is one legit and reliable arm of First bank where you can instantly borrow a loan from the comfort of your home without collateral or property documents.
Before now, it was impossible to apply for a loan in a day and get credited that same day. This was one of the bottlenecks around borrowing money from traditional physical banks.
However, with the quantum leap in the advent of financial technology companies and banks going digital, one can borrow loans instantly, even without collateral. FirstMonie is one such platform. Read on to learn how to borrow a FirstMonie loan instantly.
Overview Of FirstMonie Loan
FirstMonie, as we earlier noted, is an arm of First bank. The First bank established it as one of its FirstBank’s official services.
It was created o cater to the needs of people who may live in areas where banks are not physically available, especially in rural areas.
This means that FirstMonie was incorporated to cater to the financial and banking needs of customers digitally through registered FirstMonie agents.
The FirstMonie loan, also known as the FirstMonie agent credit, is a digital lending solution to assist FirstMonie Agents in solving liquidity problems. These problems may arise due to depleted account balances, even when cash is available.
An Agent can obtain this loan, pending cash deposit, at any nearest First Bank Branch. This means you must be a Firstmonie agent before accessing the Firstmonie agent credit. Also, you can respond to customers via this loan as an agent until cash judgment.
How does FirstMonie Work?
FirstMonie is a channel created to cater to the customers’ needs in areas that physical banks (First bank) do not cover.
How it works is this, you first have to register as a FirstMonie agent credit. Being an agent will grant you access to loans you can use to settle customers.
In the later part of this article, we will squarely look at how to borrow money from FirstMonie instantly but before then, let us know the requirements for obtaining this loan.
Requirements For Borrowing Instant Loan From FirstMonie
It is important to note that First bank, through FirstMonie, will not request any property paper before issuing the FirstMonie loan; however, this does not mean that you will get it on a platter of gold.
No, you have to be eligible for it. Below are the criteria and requirements for obtaining a FirstMonie loan.
- You must have a bank account with First bank. The bank account should be active and at least three months old.
- You must be a FirstMonie agent before applying for a FirstMonie loan, and you should not be an agent for not less than three months.
- You must have a good credit score and check. This is because it affects the affairs of the bank in the future.
- Your working capital should not be less than N50, 000
- You should have a good KYC (Know Your Customer) report. This means that you should be on the good book if the bank embarks a background check on you.
- It would be best if you also had a valid and active means of identification. This could be your voter’s card, driver’s license, Bank Verification Number, and other means of identification.
- You must be a Nigerian and resides in Nigeria.
How To Borrow A Loan From FirstMonie Instantly
Having known what it will take you to obtain a loan from FirstMonie instantly, the steps below are meant to guide you on how to go about borrowing the loan. Keep reading and take note of each step.
- Go to Google Play Store and search for the FirstMonie mobile app in the search bar.
- Download the app and launch it.
- The next thing to do is to register as a FirstMonie agent.
- After your registration, apply for a loan by clicking on the “Get Loan Now” icon. Remember that you have to be an agent for not less than three months before you can be considered eligible to apply for a FirstMonie loan.
- Once you are eligible for the loan, borrow the amount you need from the mobile app by following the guidelines. Be careful while following the instructions because any mistake can lead to rejection.
- Upon approval, your bank account will be credited within 24 hours.
How Much Loan Can I Borrow From FirstMonie?
Talking about the credit limit, you can have a minimum of N20, 000 and a maximum of N1, 000, 000. However, there is a rule of thumb that determines the exact amount of loan you can access on FirstMonie.
This rule is that your credit limit is calculated by 25% of your daily returns in the three months.
What Is FirstMonie Interest Loan?
FirstMonie interest rate is flat on any disbursed money. You will be charged an interest rate of 0.3% on any cash sent.
What Is ForstMonie Loan Tenor?
FirstMonie has a short loan tenor. The loan duration, regardless of how small or big the amount, is 24 hours if the loan was taken on weekdays.
And if the loan was taken during the weekends or holidays, the loan tenor is 72 hours.
How To Repay Firstmonie Loan
It is easy to repay the FirstMonie loan. All you have to do is to launch your app and follow repayment guidelines, and it will be removed from your First bank account linked to your FirstMonie account.
How To Contact FirstMonie
To contact FirstMonie for any questions, complaints, or guidelines on how to become a FirstMonie agent, follow the means below;
Head Office Address: First Bank of Nigeria Ltd. Samuel Asabia House, 35 Marina P.O. Box 5216, Lagos, Nigeria.
Phone Number: +234 1 905 2326, +234 708 062 5000, +234 1 448 5500
Email Address: firstname.lastname@example.org
To borrow a loan from FirstMonie, you must first be a FirstMonie credit agent. After that, you can borrow from the FirstMonie mobile app.
We believe that this article was helpful to you and that you know how to borrow from FirstMonie. Feel free to ask questions in the comments section.