In the past, getting loans from banks could be classified as a feat that one would have to strive hard to achieve, but with the advent of technology and the advancements that came along with it, that is no longer so. In recent years, some financial institutions like FCMB have been able to key into these advancements in other to make their loan services available to a larger number of people, and the ways to access these loan facilities have been simplified.
At the forefront of this advancement, FCMB now has not just one but several means of getting quick loans and you can carry out all the necessary documentation via your mobile phone if you wish. We would be exploring some of these ways, basically the FCMB FastCash and Sharp Sharp Loan in this article.
The FCMB FastCash Loan
As aforementioned, financial institutions are now coming up with very flexible means of providing loan facilities to the public. The FCMB FastCash is hereby one of the services offered by First City Monument Bank and it is centered on loans. As the name indicates, the FCMB FastCash service provides instant access to loans conveniently and without papers, collateral, or even a guarantor.
This service is aimed at providing emergency loan service without the conventional one-to-one communication between the person and maybe a bank attendant or the manager. It is designed to be a go-to plan when one gets caught up in unexpected financial demands.
Benefits of FCMB FastCash
There’s no budget or future plan that can totally capture all the emergencies that may arise. These things can happen as an unexpected car breakdown, unexpected travel expenses, unplanned visits to the hospital, and a host of many other things. This is where FastCash comes in – with this loan service, you can continue with your already made monthly budget and still meet the monetary demands of the emergencies as they arise because you can access this loan instantly (as long as you qualify for it).
Access to this instant loan has no restrictions which also makes it another reason both clients and non-clients of FCMB go in for it. So, whether you are an elite worker in the banking sector, a salary earner somewhere else, a non-salary earner, a corp member, and so on, this FastCash service makes short-term loans available for you once your application is approved.
More so, this loan comes with several other benefits which include:
- No collateral
- A repayment period that can be up to 3 months
- Multiple applications are accepted as long as the person qualifies for the loan
Who Qualifies For The FCMB FastCash and The Requirements To Meet?
The bank has this service offered to all and sundry (at or above the consent age) whether you own an account with FCMB or not. However, non-FCMB customers who are Military or Para-Military employees are exempted from this plan.
If you fall in any of the above categories, the requirements you need to qualify for the FCMB FastCash loan include the following:
- A mobile phone
- A bank account
- A BVN-linked SIM card
- For non-customers, a functioning salary account where the funds can be transferred
How To Apply For A FastCash Loan?
Once you meet the requirements for the FCMB FastCash, you can easily send in your application via your mobile phone. All you have to do is to dial the USSD code *329*11# and follow through with the instructions that would be provided. However, make sure the SIM card you are using is linked to your BVN.
How Much Can One Get When They Apply For The FCMB FastCash?
The bank allows up to a total of N200,000 as loan via the FastCash platform and this is based on how much you have used in the previous times. This means that in most cases the amount you receive is proportional to your previous bank activity. So the more you use the account, the more you are viable to request a FastCash loan through it.
Once the loan is applied for, the bank transfers the money to the bank account of a customer (FCMB user) whether it is a salary account or not. For a non-customer, the bank transfers the money to the person’s salary account which they would have provided during the application process.
What Is The Interest Rate Charged For The FCMB FastCash Loan?
As of now, FCMB customers are charged an upfront risk-based interest rate stipulated at 15% paid in the first month, and in the subsequent payments, customers will be paying the interest ad principal. However, if the customer fails to make the required monthly payments for the loan and the due date is up, an interest charge of 0.5% will be charged per day on the outstanding balance.
For non-FCMB customers, the interest rate is 3.5% and it is paid on a monthly basis. There is also a 1% Management Fee which is non-refundable and is paid upfront. If the non-FCMB customer borrows and does not pay the stipulated monthly repayment and the loan gets to its due date, the bank will charge 1% as a late payment fee on the outstanding monthly payments.
Is FCMB FastCash The Same As Sharp Sharp Loan?
The Sharp Sharp Loan is also a service that offers loans as quickly as FCMB FastCash, as it provides instant loans and does so without the requirement of collateral or guarantor. However, this service is not provided by FCMB, rather several other credit platforms in the country offer it and one of such is Credit Limited, Nigeria. This organization is actually one of the top micro-financial institutions in the country that specializes in making unsecured loans available to all and sundry – regardless of your occupation or level of strata in the society.
Sharp Sharp Loan has been operational for close to a decade and to access their services, you can go to their website and follow through with the instructions laid down to successfully apply for the loan. More so, the maximum amount one can get as a loan and repayment span differs from that which FastCash offers as well as the requirements one should meet.