First Bank Payday Loan Code: All You Need to Know

Often, many persons find themselves trapped in a period of little or no funds to their names. While this can often be a frustrating period, there are some ways to cheer up in times like this. Whenever you feel down or short on cash before your salary comes in, know that FirstBank payday loan is there for you.

First Bank Payday Loan Code

What is FirstBank Payday Loan

The FirstBank payday loan or FirstAdvance is a digital and modern lending solution designed to aid or offer an easy and convenient cash supply to payroll customers. These payroll customers are persons awaiting the payment of their monthly salaries. FirstBank payday loan acts to bridge the gap of low finance between the last and awaiting monthly wage.

This feature from FirstBank started to help salary earners strictly with accounts domiciled and have consistently received salaries for six months or more. The payday loan from FirstBank is subject to maximum accessibility of N500,000.00. It is also subjected to a 50% net average of 3 months salary, (whichever one is lower).

FirstBank calculates the eligible loanable amount after successful deduction of any other outstanding loan obligations to the bank. The FirstBank payday loan feature is accessible to customers via its digital channels; USSD code and FirstMobile app.

Features of FirstBank Payday Loan

Like any other banking beneficiaries, the FirstBank payday loan has some unique features attached to each loan. These features work with the eligibility of the recipient’s account. Here are some of the features and term and conditions.

  • The account requesting for the payday loan must be domiciled with FirstBank.
  • The maximum loan amount is capped at 50% of the recipient’s net monthly income.
  • Maximum loan amount of N500,000.00
  • Duration of 30days or incoming payday (whichever is first).
  • FirstBank collects a 2.5% interest rate upfront.
  • 5% on Credit Loan Insurance.
  • Management fee is at 1.0%
  • The loan is accessible three times per day (subject to account eligibility).
  • Repayment to FirstBank is immediate once the recipient has received their salary.
  • FirstBank collects all fees and interest rate upfront once funds have reached the recipient’s account.

How to Apply

Now you know what the FirstBank payday loan means and some of the significant terms and conditions attached to a loan. Applying for a payday loan is an easy process, accessible through two means; USSD code and FirstMobile app.

How to apply with USSD code

This is fast and straightforward means, follow the step-by-step guide.

  1. On your mobile phone, dial “*894#” to get connected with FirstBank.
  2. A prompt will display, select “3” (Get Loans).
  3. Another prompt showing your maximum eligible loan will display.
  4. Input the amount you need and send.
  5. All fees (interest rate, insurance, management) will display.
  6. Input your five digits FirstBank transaction PIN to continue (accepting the terms and conditions).
  7. In a few minutes, the loan is disbursed to your salary account.

Dial *894*11# to skip step 2.


  • All fees (interest, insurance, management) automatically deducts from your account).
  • Upon salary payment or 30 days (whichever is first), FirstBank automatically deducts the loaned amount.

How to apply through the FirstMobile app

This applying method requires you to have the FirstMobile app on your device (download via Google Play or Apple Store) and a stable internet connection. Follow the step-by-step guide to apply.

  1. Log in to the app (having imputed your details).
  2. On the top left corner, open the “Menu” options.
  3. Click on “Loans.”
  4. Proceed to select “FirstAdvance.”
  5. A prompt will display your eligible loanable amount and applicable charging fees.
  6. Accept the terms and conditions, then input your desired loan amount.
  7. Input your transaction PIN.
  8. Disbursed funds will appear in your salary account within minutes.


  • All fees (interest, insurance, management) automatically deducts from your account).
  • Upon salary payment or 30 days (whichever is first), FirstBank automatically deducts the loaned amount.

If you are ever stuck in those periods in the month (without funds), know that FirstBank is there for you. Ensure to read the terms and conditions properly and request for the needed funds. Refer to this article for the methods of applying for a FirstBank payday loan.