FirstTrader Solution Loan | The FirstTrader Solution is a Firstbank short-term overdraft facility offered to traders in pre-approved market locations and supermarkets that deal in fast-moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
How to Apply for N5 Million for FirstTrader Solution load
If you are trader and you are looking for funds to financial your business, you are currently at the right place. The First Trader Solution Loan 2021 will help finance your business and take it to the next level.
The First Trader Solution is a short term overdraft facility offered to traders in pre-approved market locations that deal in fast-moving goods.
The overdraft allows you to continue withdrawing money even when your account with First Bank has no money in it or has insufficient funds to cover the amount needed for withdrawal. So, it is a kind of loan.
Features of First Trader Solutions Loan 2022
- It is only available to traders that deal in fast-moving goods
- The loan tenor is either 90 days or 180 days.
- The minimum loan amount is five million Naira (N5,000,000).
- It does not require collateral for the 90 days variant.
- Collateral for the 180 days variant shall be an equitable mortgage on shop title
documents to cover 200 percent of the loan amount.
- It requires opening of a charged Savings
An account with an opening amount of 5% of the loan amount. There will also be
subsequent deposits as shown below:
a) 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
b) 1% of the loan amount daily throughout the tenor of the 90 days facility.
Click Here for Other Shortlisted Candidates for Recruitment
- N-Power Shortlisted Candidates
- Nigerian Youth Investment Fund (NYIF) List of Shortlisted
- MSMEs Survival Fund Payroll Support List of Shortlisted
- FMYSD Human Capacity Training and Empowerment for Nigerian Youth
- SEIFAC Loan/Grant (Beneficiaries) List of Shortlisted Candidates – PDF Download
Benefits of the facility
- It helps increase business volume through injection of additional funds.
- Steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of facility
- Easy repayment plan
- No collateral required.
How to apply for FirstTrader Solution Loan 2022
Kindly follow the guideline below to apply for a First Trader Solution loan:
1. Download the Retail Loan Application Form
2. Complete the form and submit to the nearest Firstbank branch
3. Wait for response from the bank