First Trader Solutions (FTS)

The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).

Features

  1. Available to traders that deal in fast moving goods.
  2. Tenor is either 90 days or 180 days
  3. Maximum Loan amount is N5m
  4. No collateral is required for the 90 days variant.
  5. Collateral for the 180 days variant shall be equitable mortgage on shop title documents to cover 200% of facility amount.
  6. Requires opening of a Charged Savings account with opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:
    0.5% of the loan amount daily throughout the tenor of the 180 days facility.
    1% of the loan amount daily throughout the tenor of the 90 days facility.

Question: What is First Trader Solution (FTS)?
Ans: The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods.

Question: What is the tenor for FTS?
Ans: Tenor is either 90 days or 180 days

Question: What collateral deposits is required to access FTS?
Ans: No collateral is required for the 90 days variant. Collateral for the 180 days variant shall be equitable mortgage on shop title documents.

Question:  What is the maximum amount accessible on FTS?
Ans: Maximum loan amount is N5Million subject to a maximum of 15% of average annual credit turnover or 60% of quarterly credit turnover

Question: Where can FTS request be made by customer?
Ans: Request can be made at any First Bank branch within 5km distance to the business location.

Question: What is required to access FTS loan?
Ans: Applicant must have been in current account relationship with First Bank or any other reputable Bank for at least 12 months and have a good credit history. Also, daily sales proceeds should be domiciled to their First Bank account.

Question: What is the pricing of FTS loan offered to traders by First Bank?
Ans: Pricing is competitive

Question: Will an applicant be required to make an equity contribution when applying for FTS loan?
Ans: No

Question: Can an applicant have more than one FTS loan running simultaneously?
Ans: No

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