Nigerians can now easily receive FastCash loans of up to N200,000 (two hundred thousand Naira) in minutes to fulfill emergency financial needs, pay children’s school fees, and pay rent.
FastCash is an instant loan product sponsored by First City Monument Bank that is quick, easy to use, and free of collateral (FCMB).
According to the bank, getting a FastCash loan requires no collateral or paperwork as it is available and accessible to salaried and non-salaried customers of FCMB through its mobile app and USSD platform. It takes less than five minutes to complete the application process, and the loan is disbursed instantly. Beneficiaries can spread the loan repayment for up to three months.
So far, over 2.7 million loans have been disbursed via the FastCash platform since it was launched in 2018.
Divisional Head of Personal Banking at FCMB, Shamsideen Fashola, said, “we introduced FastCash as a collateral-free loan to give Nigerians with urgent and unexpected needs access to funds within minutes when it matters most. FastCash loans close the access to finance gap for many Nigerians, ensuring the well-being of their household”.
In addition to FastCash, FCMB offers Salary-Plus-Loan to salary account holders. It allows qualified customers to access short or medium-term funding before salary payment if they have to meet urgent needs.