First City Monument Bank (FCMB) is offering Nigerian students an opportunity to get an instant loan of up to N200,000 without any collateral or paperwork required.
The student loan can be used to pay school fees and meet other emergency financial needs. The bank reported that over 2.7 million loans have been disbursed via the FastCash platform since it was launched in 2018.
Note that, FCMB is a regulated financial institution, meaning that they can always deduct their money from any bank account associated with the BVN used to take the loan. This is a short term loan that should only be used for emergencies, it should not be used to fund one’s lifestyle.
How to get the FCMB FastCash loan
FCMB FastCash is a convenient, paperless credit facility with no collateral required for your emergencies and urgent needs. It is an instant loan, and you can apply via the mobile app or USSD code *329*11#. Non FCMB customers who are salary earners can also benefit from this offer but the loan will be disbursed into their salary accounts only.
- Instant access to funds
- Up to N200,000 loan amount
- No paperwork required, just apply through the mobile app or *329*11#
- No collateral needed
- 30 days tenors for new customers
- Up to 90 days clean up cycle for returning customers
- Customer can apply as many times in a year as s/he is qualified.
FCMB FastCash Loan interest rates
FCMB customers with non salary accounts get a risk – based interest rate of 15% per disbursal which will be taken upfront for a period not exceeding 30 days. Salary earners with salary accounts get a risk – based interest rate of 3.5% per month plus a non-refundable Management Fee of 1% (taken upfront), for a maximum 90 day tenor.
There is a 0.5% per day penalty on outstanding amounts that will be charged to defaulters. Salary account defaulters get charged 1% per month on their outstanding loans.
Note that the Bank shall have the right to deduct the due repayment in full either directly from any of the borrower’s accounts or from the salary payment source including salary account, saving account, deposit account, corporate account with the Bank and any bank in Nigeria or outside of Nigeria including all accounts linked to the Borrowers Bank Verification Number (BVN).