First Trader Solutions (FTS) Loan | How to Apply

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)

Features

• Available to traders that deal in fast-moving goods
• Tenor is either 90 days or 180 days.
• The minimum loan amount is N5 Million
• No collateral is required for the 90 days variant
• Collateral for the 180 days variant shall be an equitable mortgage on shop title documents to cover 200% of the facility amount.
• Requires opening of a charged Savings Account with an opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:

1. 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
2. 1% of the loan amount daily throughout the tenor of the 90 days facility.

Benefits:

• Provides an opportunity for increased business turnover/volume through the injection of additional funds
• The steady build-up of funds that can be used to either pay back the loan or plowed back into the business upon liquidation of the facility.
• Easy repayment plan
• No tangible collateral required.

How to Apply:

Interested traders should click on the link to apply: https://www.firstbanknigeria.com/personal/loans/more-financing-options/first-trader-solutions/