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FirstCredit – A Comprehensive Lender Review

FirstCredit Loan

FirstCredit, offered by FirstBank Nigeria, is a digital lending solution that provides quick and simple loans for payroll customers. This service allows loans to be accessed from anywhere without visiting the bank, emphasizing convenience and ease of access.

FirstCredit Review - Summary

FirstCredit Review - Summary

  • Loan amount: ₦1000 - ₦300,000
  • Loan term: Up to 30 days
  • Monthly Interest rate: 8%
  • Origination Fee: 5% Insurance Fee
  • Monthly Fee: n/a

Requirements to get a loan:

  • FirstBank Account for 6 Months
  • Good Credit Report
  • Bank Verification Number (BVN)
  • Phone Number
Pros
  • Low Minimum Loan Amount
  • No Documents Needed
  • Accessible from Anywhere in Nigeria
Cons
  • High Fees
  • Low Maximum Loan Amount
  • Requires 6 Month Old FirstBank Account
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Loan Accessibility and Requirements

FirstCredit offers loans ranging from ₦1,000 to ₦300,000 with a maximum tenure of 30 days. To be eligible, customers must have a FirstBank account for at least 6 months, a Bank Verification Number, a phone number, and a good credit report. The process is streamlined, requiring no collateral or documentation, and can be initiated by dialling *894#.

Pros of FirstCredit’s Lending Services

  • Low Minimum Loan Amount: With loans starting as low as ₦1,000, FirstCredit is accessible for minor financial needs.
  • No Collateral or Documentation Needed: This feature makes the loan application process quick and hassle-free.
  • Accessibility: Loans can be accessed from anywhere in Nigeria, making it highly convenient for users.

Cons of FirstCredit’s Lending Services

  • High Fees: In addition to an 8% interest rate, there is a 5% insurance fee per transaction and additional charges in case of default.
  • Low Maximum Loan Amount: The maximum loan amount of ₦300,000 might be insufficient for customers with larger financial needs.
  • Account Restriction: Loans are only available to customers with a FirstBank account for at least 6 months.

Customer Sentiments

Due to the absence of reviews on platforms like Trustpilot or Pissed Consumer, it’s challenging to gauge widespread customer sentiments about FirstCredit. This lack of visible feedback could be due to various reasons, including a preference for direct communication with the lender or a limited online review culture among users.

FirstCredit’s Response to Feedback

The lack of engagement with customer feedback on popular review platforms could be an area for improvement for FirstCredit. Active interaction with customer reviews can enhance trust and service quality.

Interest Rates and Fees

FirstCredit charges a flat interest rate of 8%, with an additional 5% insurance fee, which is taken upfront on loan disbursal. In case of default, a penal charge of 1% monthly and a daily interest of 0.3% apply.

Security and Privacy

As a digital banking solution, FirstCredit is expected to prioritize the security and privacy of its users’ data. However, specific details regarding their data protection measures are not explicitly stated on their website.

Our Opinion

FirstCredit offers a convenient and accessible loan service, especially for minor financial needs. However, the high fees, low maximum loan amount, and the account restriction might limit its appeal to a broader audience. Prospective customers should consider these factors before proceeding.

Wrap Up

FirstCredit provides a valuable service in the Nigerian financial sector, especially for those in need of quick, small loans. While it excels in offering convenience and accessibility, greater transparency in its fee structure and active customer engagement would further solidify its position in the market.

How Credit Nigeria Works

It’s that fast and simple.

Woman comparing loans