Borrowing cash as a FirstMonie agent is very easy. Basically, the process just involves 3 steps and you will receive your loan in a few minutes. Here’s a comprehensive guideline on how you can obtain a FirstMonie Loan as one of their agents.
What is FirstMonie?
FirstMonie is one of FirstBank’s official services through which customers who live in unbanked or underbanked areas can access financial services. Basically, the FirstMonie service allows customers to process financial requests via registered FirstMonie agents and existing businesses.
What is a FirstMonie Loan?
The FirstMonie Loan, also known as Firstmonie Agent Credit, is a special type of loan that the platform offers to its agents. Basically, it is a digital lending solution that was designed to help FirstMonie Agents to solve liquidity problems that may arise as a result of depleted account balances, even when there is physical cash at hand. An Agent will be able to access this loan, pending cash lodgment at any nearest First Bank Branch.
Essentially, the platform loans you money as an agent to enable you to respond to customers until you can deposit the cash you have with you into your account. Note that you have to be a FirstMonie agent before you will be able to access this loan.
Interesting Read: How To Get A Loan With First Bank Mobile App
How can I get a FirstMonie Loan?
To get a loan from FirstMonie, do this:
1. Just download the app from the Google play store or the App Store
2. Next, register on it as a FirstMonie agent and click on “Get Loan Now”.
3. Borrow the amount of loan you are eligible to access
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What is the maximum and minimum amount of loan I can obtain on FirstMonie?
Basically, the platform calculates your loan amount based on 25% of average day-to-day credit returns for three months. However, this rule is subject to a maximum loan amount of N1 Million and a minimum of N20,000.
Must Read: Banks Offering Instant Loans Without Collateral In Nigeria
What is the loan tenor and interest rate for FirstMonie loan?
The loan Tenor is just 24 hours if you borrow during the weekdays. However, the platform gives you a maximum of 72 hours or the next working day when it’s weekends or public holidays. As for the interest rate, they charge you 0.3% flat on any disbursed amount.
What are the eligibility requirements to borrow FirstMonie loan?
To be eligible to borrow the FirstMonie credit as an agent, you must meet these criteria:
1. Have been in an account relationship with FirstBank (own an account) for at least 3 months.
2. You should have a positive credit check.
3. Have been an active FirstMonie Agent for at least three months to qualify for a loan.
4. Satisfactory KYC Report.
5. A minimum working capital of just N50,000.
6. Have valid means of identification (Voter’s card/NIN/Driver’s License, National ID card/International Passport).
You can contact FirstMonie via these ways:
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: [email protected]
Website: www.firstbanknigeria.com
Conclusion
Borrowing the FirstMonie loan is quite easy as long as you meet the criteria. However, you must remember that this loan is only available to their agents. To become an agent, just visit the nearest First Bank branch and request the FirstMonie agent application form.
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