Stimulating the Nigerian Economy with FirstAdvance

With the COVID-19 pandemic still lingering, nothing has quite remained the same. 

It has changed the way we trade, the way we travel, and ultimately led to a change in projections for the future. Due to this, there has been an unpredictability in the prices of goods and services, and to a large extent, the stock exchange market. It has also influenced the ways in which governments around the world adjust their economic plans to ensure that wealth is properly circulated, for example, the rolling out of stimulus cheques. 

While these measures taken by governments sound laudable, not all of them are formed the same way, albeit most of them wearing the ‘democratic’ badge. Many have failed to see to the redistribution of wealth to stimulate their economies, or done so in an unsatisfactory manner. This failure can also be attributed to the strength of the economy pre-COVID

Ultimately, the COVID-19 situation has led to late payment of emoluments, thus leaving most people to plan rather poorly. This unprecedented situation has led to many resorting to ‘loan sharks’ or creditors who charge exorbitant interest rates. For those who can’t afford to take the risk, they are left at the mercy of their perseverance limits. 

With FirstAdvance, the experience of securing loans and paying them is seamless leveraging it’s low interest rates. 

Using two easy steps, you are on your way to securing loans provided your salary account is domiciled with FirstBank for up to six months:

Use of FirstMobile (FirstBank’s mobile banking app)

Use of USSD options: *894*11# or *894#

How FirstAdvance Stimulates the Economy?

Any economy thrives on the buying power of its masses. With money available to sort out immediate needs, a chain of reactions is triggered: money moves from one person to another, in turn increasing its value at each stage of the transaction. That way, needs are met, taxes are paid, and people plan their lives better. 

In the absence of buying power of the consumer, money depreciates as goods left unsold accumulate leading to spoilage that triggers an inflation, or in excess that leads to selling goods below production value.  

Why FirstAdvance is Suitable for All

With expert evaluations, the FirstAdvance platform grants loans below the N500,000 mark. However, this may not apply to all depending on their salary structure. If the average of three months salary doesn’t match the limit, it simply translates to securing loans below that mark. This safety net is put in place to protect the consumer by ensuring ease of payment for all parties at excellent interest rates.

Remember, your salary account must be domiciled with First Bank and a tenor of 30 days or next pay day (whichever comes first) is what is the requirement to securing the loan.

Our Customer reps are ready to guide you. Simply go to the nearest FirstBank branch to find out more or call 07080625000 for more details

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