First bank Loans Without Collateral

First Bank, usually known as FirstBank, is one of the leading financial services firms in Nigeria and Africa. It has a total of 758 business sites across ten countries. 

Lagos is the headquarters of First Bank. With roots dating back to 1894, First Bank has a long and illustrious history.

First Bank offers a variety of instant loans without collateral. Scroll down to read more about first bank instant loans without collateral

Overdrafts and Revenue Loans first 

The overdraft option at First Bank allows you to borrow money over what is in your account.

Borrowing restrictions and loan terms are both set in stone—a fantastic source of funds to keep on hand in case of an emergency. 

Finance for Contract 

Contract finance allows companies to carry out major contracts that recognized organizations have awarded.

First Bank can finance up to 70% of the contract’s value. Loans above N50 million will require collateral. A maximum of 9 months’ worth of funds is advanced.

Term Loans with Security 

Your company may acquire the cash it needs with this secured loan facility, whether for capital projects or growth. You can receive up to N40 million in credit. Repayments are spread out over three years. 

Finance for Imports 

Import financing is viable for businesses importing raw materials or finished items. Various finance products, such as bills for collection and letters of credit, are available to provide credit facilities.

Contract Finance for Oil and Gas 

Nigerian oil and gas firms will be able to obtain much-needed capital thanks to this credit arrangement. Money is released to carry out specified commitments. It is possible to borrow up to 70% of the execution cost. 

Finance for Cement Distribution 

This program may be beneficial to cement distributors. 

Finance for Invoice Discounting 

Cash can be advanced to you based on outstanding invoices through invoice discounting (from reputable organizations). It’s ideal for keeping track of your working capital.

Guarantees and Bonds 

This product is intended for large-scale contractors who are frequently required to provide bank guarantees before issuing contracts. A bond or bank guarantee has a maximum duration of 12 months. 

Finance for Telecommunications and Distributorships 

This First Bank offering aids telecom distributors in improving merchandise distribution and sales.

Guarantees and Bonds 

This product is intended for large-scale contractors who are frequently required to provide bank guarantees before issuing contracts. A bond or bank guarantee has a maximum duration of 12 months. 

Finance for Petroleum Dealerships 

This financial product enables relevant enterprises to keep white petroleum products in stock (PMS, AGO, and DPK). Your company must be IPMAN-registered and an approved dealer of a large oil marketing company. 

Key Distributorship Finance for Fast Moving Consumer Goods (FMCG) 

FMCG distributors will benefit from this First Bank product. This credit arrangement enables you to enhance your business volume.

Financing for Local Purchase Orders (LPO) 

Businesses can obtain funding through LPO financing based on a verified purchase order. A purchase order can be advanced up to 70% of its value. There is a 150-day maximum tenor. 

Vehicles for Operation 

You can obtain a new car for day-to-day company use using the operating vehicle loan package. Commercial transportation is prohibited at the facility. The maximum loan amount is N10 million, with a three-year repayment term. 

A loan from FirstEd 

This line of credit is intended for private school owners who may require additional funds to operate their institutions. The terms of the loans vary from three to twelve months. A total of N20 million can be borrowed. 

Conclusion

Do you know any other first bank instant loan without collateral? I’ll like to know your thoughts in the comments section below.