By quickly obtaining FastCash loans of up to N200,000 (two hundred thousand Naira), Nigerians can now take care of urgent financial needs, pay for children’s tuition, and pay their rent.
FastCash is a First City Monument Bank-powered fast loan product that is convenient, easy to use, and free of collateral (FCMB).
According to the bank, salaried and non-salaried FCMB customers can get FastCash loans through the bank’s mobile app and USSD platform without providing any collateral or paperwork. The loan is disbursed immediately once the application has been submitted, which takes less than five minutes. The loan repayment period for beneficiaries is up to three months.
Since its debut in 2018, the FastCash platform has so far processed over 2.7 million loans.
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”.
Owners of salary accounts have access to Salary-Plus-Loan in addition to FastCash through FCMB. If they need to take care of urgent needs before receiving their paycheck, it enables qualifying customers to receive short- or medium-term money.