When an urgent expense comes up and your available savings are not enough, getting access to a bank loan may help you cover the cost without waiting until your next payday. For eligible customers in Nigeria, FirstBank provides digital loan services that can be accessed through its mobile banking channels and USSD banking.
If you need ₦260,000, two FirstBank products worth understanding are First Credit, a digital loan for eligible customers, and First Advance, a short-term loan designed mainly for salary earners awaiting their salaries. The right option depends on your income, account activity, eligibility, and how soon you can repay the money.
This article explains how to apply, the requirements you may need to meet, the available application channels, interest and fees, and what to do if you are not offered the full ₦260,000.
What Is the FirstBank Loan App?
FirstBank offers digital lending services that allow eligible customers to request funds without necessarily visiting a branch.
Its digital loan products include:
First Credit: A digital loan for eligible customers who need funds for personal cash-flow needs. FirstBank says it can be accessed through its USSD channel and digital banking platforms.
First Advance: A short-term digital loan designed primarily for salary earners who need funds before their salary arrives.
Personal Loan Against Salary: A loan facility for eligible salary-account holders who need financing for personal expenses over a longer period.
These products have different eligibility conditions and repayment arrangements. Before applying, confirm which loan is available to you and whether its repayment terms fit your financial situation.
Can I Get a ₦260,000 Loan from FirstBank?
You may be eligible, but approval is not automatic.
FirstBank’s published First Credit information lists a maximum loan amount of up to ₦500,000 on its main product page, while its FAQ section gives a lower limit of ₦300,000 depending on account activity. Because the bank’s published information is inconsistent, you should rely on the amount currently displayed through the official application channel or confirmed directly by FirstBank.
A ₦260,000 offer may be possible if you meet the bank’s requirements and the amount is within your approved limit. Your account history, credit record, existing debts, and the bank’s risk assessment may influence the decision.
If you are a salary earner, First Advance may also be worth checking. FirstBank describes it as a short-term salary-backed facility, with eligibility and the amount determined by its assessment. Do not assume that every customer will qualify for ₦260,000.
Requirements for Applying for a FirstBank Loan
Before applying for First Credit, check that you meet the bank’s stated requirements.
1. Have an active FirstBank account
FirstBank says your account must have been operational for at least six months to qualify for FirstCredit.
2. Have a valid BVN
Your Bank Verification Number must be linked to your account so the bank can verify your identity and assess your eligibility.
3. Use your registered phone number
You must use the mobile number registered and activated for FirstBank USSD banking when applying through *894#.
4. Maintain a satisfactory credit record
FirstBank requires a positive credit record. Previous unpaid loans or a poor repayment history may affect your chances of approval.
5. Use your account regularly
Your transaction history can influence the amount the bank offers. FirstBank advises customers to improve their account activity and repay existing loans promptly to improve their chances of accessing future credit.
6. Meet the requirements of the selected loan
First Advance is intended mainly for salary earners, while First Credit has different eligibility conditions. Check the current terms for your chosen product before submitting an application.
How to Apply for a ₦260,000 FirstBank Loan Using USSD
One way to apply for First Credit is through FirstBank’s USSD banking service. You do not need an internet connection to use USSD, but you must use the phone number linked to your account.
Follow these steps:
Step 1: Dial *894#.
Use the mobile number registered with your FirstBank account.
Step 2: Select the Loans option.
Follow the menu prompts and choose First Credit where it is available.
Step 3: Select your account.
Choose the FirstBank account you want to use for the loan application.
Step 4: Give the required consent.
Review the data-use consent and the loan terms presented on the screen. Proceed only if you understand and accept them.
Step 5: Choose an available loan amount.
The bank may present a selection of loan amounts based on your eligibility. If ₦260,000 is available, select it. If it is not shown, do not assume you can force the application through for that amount.
Step 6: Enter your USSD PIN.
Complete the request using your secure five-digit USSD PIN when prompted. Never disclose your PIN to another person.
Step 7: Check for confirmation.
If your application is approved, the bank says the funds are disbursed into your FirstBank account. Check your balance and transaction history for confirmation.
How to Apply Through the FirstBank Mobile App
FirstBank also identifies digital banking platforms, including First Mobile, as channels for its lending services. The exact menu and products available may vary.
Open the official First Mobile app on your phone.
Sign in using your registered banking credentials.
Look for the loan or lending section.
Select First Credit or another loan product if it is available to you.
Review your eligibility and the amount offered.
Check the interest rate, fees, due date, and total repayment amount.
Accept the offer only if you can repay it on time.
Check your account for confirmation of disbursement.
For First Advance, FirstBank lists the USSD code *894*11# as an access route. Eligible salary earners can check the available offer using the official channel.
Always obtain the app through an official app store and verify that the publisher is FirstBank. Avoid unofficial loan apps or agents claiming they can guarantee approval.
FirstBank Loan Interest Rate, Fees and Repayment Period
Understanding the cost of borrowing is important, especially when you need money urgently.
FirstBank’s published First Credit page lists an 8% flat interest rate and a 5% insurance charge, with both charges deducted upfront from the disbursed loan. It also states that the maximum repayment period is 30 days. The bank’s other published materials contain different figures, so confirm the current pricing and charges before accepting an offer.
For example, using those stated charges purely as an illustration, a ₦260,000 loan with 8% interest and a 5% insurance fee would have:
Interest at 8%: ₦20,800
Insurance fee at 5%: ₦13,000
Total of these two charges: ₦33,800
Estimated amount left after upfront deductions: ₦226,200
This is only an illustration based on the stated percentages, not a confirmed offer or quote from FirstBank. Your actual disbursement and repayment obligation may differ, so check the terms shown in your application.
First Advance has separate terms. FirstBank’s product information describes it as a short-term salary-backed facility, with repayment tied to salary receipt and applicable fees deducted upfront. Do not assume that First Credit and First Advance have the same pricing.
What to Do If FirstBank Does Not Approve ₦260,000
You may be offered a smaller amount or may not qualify at the time of application. If that happens:
Check that your account details and BVN are correct.
Review your transaction history and make sure your account is active.
Repay any outstanding loans before applying again, where possible.
Check whether First Advance or another suitable FirstBank loan product is available to you.
Contact FirstBank through its official customer-support channels to clarify your eligibility.
Avoid submitting repeated applications without understanding why the first request was declined. Also, never pay an unofficial person an advance fee in exchange for a promise of loan approval.
Tips for Borrowing Safely from FirstBank
Before taking a loan, consider these practical steps:
Borrow only what you need. Do not take the maximum available amount if a smaller loan will cover your expenses.
Calculate the actual cash you will receive. Upfront charges can reduce the amount credited to your account.
Check the repayment deadline. A 30-day loan may be unsuitable if you cannot repay it within that period.
Consider your other bills. Make sure repayment will not leave you unable to meet essential expenses.
Protect your banking details. Never share your PIN, password, or one-time password with anyone.
Use official FirstBank channels. Confirm all fees and terms before accepting an offer.
Frequently Asked Questions
How can I apply for a ₦260,000 loan on FirstBank?
Dial *894# using the phone number linked to your FirstBank account, select the Loans option, and follow the First Credit prompts. You can select ₦260,000 only if that amount is available to you and the bank approves your request.
What is the USSD code for FirstBank First Credit?
FirstBank lists *894# as the USSD channel for First Credit. Follow the on-screen menu to find the loan option and complete your application.
What are the requirements for a FirstBank First Credit loan?
The bank states that your account must have been operational for at least six months, be linked to a valid BVN, use an updated registered phone number, and have a satisfactory credit record.
How long does it take for FirstBank to disburse the loan?
FirstBank says approved First Credit loans are credited immediately after successful processing. Actual approval depends on the bank’s assessment and the current offer available to you.
Can I apply for a FirstBank loan if I already have another loan?
FirstBank’s First Credit FAQ says customers must repay an existing First Credit loan before qualifying for a new one. Other loan products may have different rules, so confirm the conditions that apply to your account.
Conclusion
FirstBank provides digital loan options for customers who need access to funds for urgent expenses. If you want to apply for a ₦260,000 loan, you can begin by checking First Credit through *894# or the bank’s supported mobile banking channels. Eligible salary earners may also check First Advance.
However, the amount you receive depends on your eligibility and the offer available to you. Review the interest rate, insurance fee, repayment period, and final amount payable before accepting the loan. Borrow only when you have a realistic plan to repay it on time.