Borrowing money can be a smart financial move when done responsibly. If you bank with First Bank, you have several borrowing options designed to meet different needs, from airtime advances to salary-linked loans. This article explains, in clear steps, how to borrow money from First Bank and what codes and processes you should know, including the First Bank loan code for quick access.
Using the right information helps you avoid mistakes, qualify faster, and make better borrowing decisions. The explanation below focuses on First Bank’s official loan processes and requirements.
How to Borrow Money from First Bank: What You Need to Know Before You Borrow
Before you explore how to borrow money from First Bank, it’s important to understand:
- First Bank offers multiple loans — short-term, payroll-linked, and business-focused.
- Most digital loans require that you be an active customer with an existing First Bank account.
- Some loans are accessed directly using the bank’s USSD service through the First Bank loan code.
Below, we break down the key loan products and how to access them.
Also read: How to Borrow Money from Sterling Bank
First Bank Loan Code: *894# USSD
The First Bank loan code that customers use to borrow money easily is USSD *894#. This code works on all major mobile networks without needing internet access.
What the USSD Code Does
By dialing *894#, you can:
- Check account balance
- Transfer money
- Buy airtime
- Access loans and financing
- Perform other banking services without visiting a branch
To use the USSD service, your phone number must be registered with First Bank and linked to your account.
This loan code is essential for digital loan access, especially for quick advances and salary-linked loans.
How to Borrow Money from First Bank: Types of Loans You Can Access
First Bank offers several loan products. The most commonly used when learning how to borrow money from First Bank are:
1. FirstCredit Loan
FirstCredit is a quick, unsecured personal loan available via USSD using the First Bank loan code.
Also read: GTB Loan Code | All You Need to Know on How to Borrow Money from GTBank
Eligibility and Requirements:
- You must have been banking with First Bank for at least 6 months.
- A valid Bank Verification Number (BVN).
- No bad loans or negative records.
- Account must be active and show frequent transactions.
How to Apply with the Loan Code:
- Dial *894# on the phone number registered with First Bank.
- Select option for “Loans.”
- Choose “FirstCredit.”
- Pick your account number.
- Enter the loan amount you want.
- Supply your 5-digit USSD PIN.
Once approved, the funds are credited immediately to your account.
Loan Limits and Fees:
- Loan amounts can go up to ₦300,000 depending on account activity.
- Interest rate: 8% flat.
- Insurance fee: 5% per transaction.
2. Airtime Loan
If you need telephone airtime immediately, you don’t need cash. First Bank’s Airtime Loan lets you borrow airtime credit.
Eligibility:
- Must have been a First Bank customer for at least 6 months.
How to Borrow Using the Loan Code:
- Dial the First Bank loan code
*894*11#. - Follow prompts to choose a loan amount.
Also read: How to Borrow Money from UBA
Important Points:
- Minimum airtime loan: ₦200.
- Maximum airtime loan: ₦5,000.
- Interest rate: 12.5% flat with a 2.5% insurance fee.
- Loans must be repaid within 7 days, or a penalty may apply.
This option is ideal for urgent airtime needs without visiting a branch.
3. FirstAdvance Salary Loan
FirstAdvance is a larger salary-based loan that helps cover personal expenses before payday.
Eligibility and Criteria:
- Your salary account must be domiciled with First Bank.
- You must have received regular salaries — usually at least 2 months on record.
How to Apply:
- Use the First Bank loan code by dialing
*894*11#. - Follow the prompts to view eligible amount and complete loan application.
Features:
- You may choose a 30-day or 3-month repayment period.
- Interest and fees are calculated upfront.
Also read: How to Borrow Money from Access Bank in Nigeria with USSD Code & App
This loan is best for larger cash needs tied to salary income.
4. Other Loan Types
First Bank also provides:
- Personal Loan Against Salary (PLAS) — for larger personal financing needs up to several months repayment.
- Business and corporate loans — for registered business entities (apply at branches).
- Agent Credit — designed for First Bank agents.
These loans often require separate application processes and documentation.
General Steps to Borrow Using the First Bank Loan Code
If you want to borrow money using the First Bank loan code with USSD, here is a simple summary:
- Ensure your mobile number is registered with First Bank.
- Know your BVN and account details.
- Dial
*894#on your phone. - Select the Loans option.
- Choose the loan type you want.
- Confirm and enter your USSD PIN.
- Receive funds (instantly) if eligible.
How to Borrow Money from First Bank: Things to Remember When Borrowing Money
Borrowing responsibly includes knowing:
- Interest rates and fees before accepting loans.
- Repayment deadlines to avoid penalties and blacklisting.
- Your account activity and eligibility criteria — this increases approval chances.
- Avoid fake loan offers online — only trust official First Bank channels.
Also read: How to Borrow Money from PalmPay
How to Borrow Money from First Bank: Conclusion
Knowing how to borrow money from First Bank gives you access to numerous digital and salary-linked loans. The First Bank loan code, especially USSD *894# and USSD *894*11#, makes borrowing fast and convenient. Each loan type has specific criteria and repayment terms, so choose the option that fits your financial need.
Responsible borrowing means understanding fees, eligibility, repayment timelines, and how to complete applications using the bank’s USSD menu or mobile platforms.
Stay connected to this blog for more useful day-to-day updates. Follow us on X (formerly Twitter) @Logic_sss for more.
Recommendations
- How to Borrow Money from Kuda Bank
- How to Borrow Money from Moniepoint App
- Wema Bank USSD Code for Transfer, Airtime and Mobile Banking | Full Guide
- How to Borrow Money from Opay in Nigeria | Full Guide
- Fidelity Bank Code for Transfers & Checking Account Balance | Full Guide
- Ecobank USSD Code for Transfer, Airtime and Mobile Banking
