FirstBank of Nigeria Limited has introduced the Personal Payday Loan (PLAS) to support customers and help them meet their day-to-day obligations. AMAKA IFEAKANDU examines the impact and benefits of the product on account holders
The recent increase in the prices of goods and services in the country has continued to mount the pressure on many Nigerians, with the situation forcing them to think daily about how to raise additional funds to meet their urgent needs and day-to-day obligations. .
Although the current administration under the leadership of President Muhammadu Buhari is doing everything possible to fight insecurity, crime and maintain the stability of the system so that the country overcomes the problem of insurgency, high cost of living and ensure the recovery of the national economy after the impact of COVID-19, but their efforts have not yielded the expected result.
The hardships in the economy have forced many people to look for other ways to earn more money to pay their daily bills such as paying rent, school fees for children, funeral arrangements, paying bills medical expenses, utility bills and other emergency expenses.
Unbeknownst to them however, some of their problems can be solved without much difficulty. With the advent of technology at the end of the 20th century, the banking system changed drastically, making it easy for a payroll account holder to obtain loans to settle their financial problems and offset some of their debt and debt. other difficult bills.
For example, a FirstBank customer operating a salary account for a period of six months to a year will have the ability to easily access a loan. The loan can be structured so that the client repays at the end of the month or it is taken directly from their salary account each month.
First bank loan product
To ensure that customers meet their urgent needs, Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has developed a product that will enable its customers to quickly access a loan to meet their respective problems in times of financial need. The product has helped relieve pressure from clients to achieve their immediate and mid-term goals. With the support of the bank, salary account holders can earn more than just receiving their monthly salary. Some of the bank accounts have inherent wealth that can be unlocked to help the customer realize dreams that will allow them to fulfill themselves at work and master situations at home and at work.
First Bank’s Personal Payday Loan Account (PLAS) has been specifically structured to enable the bank’s customers to meet their pressing financial needs before payday.
First Bank Personal Payday Loan (PLAS)
Bank salary accounts can do more than just receive a monthly salary; they have an inherent wealth that can be unlocked to help you achieve dreams that allow you to be fulfilled in your work and master situations at home and at work. First Bank of Nigeria Limited creates opportunities for salary account holders to unlock wealth in their accounts. And this can be achieved through FirstBank’s Personal Payday Loan (PLAS).
With the personal payday loan product, the account holder has a repayment option of up to 36 months, subject to the retirement age of 60, and the repayment structure is flexible. There will be no guarantor and the account processing time is fast because the account does not require any equity contribution and it has minimal documentation. The salary account must be domiciled with FirstBank for the period the facility is in place and it has a flexible repayment structure
How to register
To request the Personal Loan Against Salary, the interested client must bring
application letter, personal loan application form, payslip, account statement,
letter from the candidate on the total emolument, confirmation from the candidate’s employer on the list approved by FBN,
irrevocable domiciliation letter of salary for the duration of the facility. the applicant also expected to complete all the requirements of the form and submit them to the nearest FirstBank branch
Reasons for accessing loans
Basically, an individual or a group borrows money from financial institutions to meet short-term or long-term financial needs, especially in a situation where funds are insufficient. Borrowing a loan is the only option that can help bank customers invest in capital-intensive projects. With the availability of cash flow, one can make several investments. Cash flow helps you build a solid foundation for your business and maintain operating cash flow. The company is not in danger of collapsing due to lack of funds. For you to be a successful entrepreneur, you need to get extra money to boost your business and meet daily bills.
Obtaining a loan allows you to take an additional step to develop your activity and your standard of living. Apart from accessing a loan for business expansion, with the help of PLAS an individual client can get a loan to pay difficult family bills within days without much stress.
Unlike before, it takes more time to get loans from financial institution to meet emergency expenses due to documentation process, provision of collateral and other strict requirements.
But today, it is easier for salary account holders to get a loan from a bank to pay school fees, housing rents, medical bills and repay at the end of the month, depending on the structure of the loan. Thus, having a payday account builds the confidence of clients in getting loans.
However, having a regular loan repayment gives you a good credit history. So borrowing as a salary account keeper allows you to manage your difficulties when you don’t have cash on hand and you’re in trouble. So, opening a salary account with First Bank of Nigeria Limited gives you the opportunity to get a loan to meet all your day to day needs, pay your debt and other expenses.
First Bank’s point of view
Commenting on the benefits of PLAS, Group Head, Products and Marketing Support, FirstBank Abiodun Famuyiwa said, “Salary account holders can access up to N30 million to help them pursue investment projects, make renovations on their properties, acquiring assets, giving their children the best education and other rewarding achievements.
“The program offers options to supplement and refinance existing loans at competitive rates. These flexible options were created to provide convenience and reward the customer, as we stay true to our brand promise of “YOU FIRST”.
“FirstBank’s Personal Payday Loan (PLAS) will also help clients meet rental obligations, holiday travel to prime destinations and pay for professional exams to take their careers to the next level. With PLAS, Nigerian earners need to be assured of a financing partner in FirstBank to realize their dreams. PLAS is available to employees whose salary accounts are domiciled with FirstBank.