First City Monument Bank (FCMB) customers and prospects can now access a higher loan of up to N200,000 through the bank’s quick loan product known as FastCash.
This is an attempt to help Nigerians deal with financial challenges and meet urgent needs easily.
The loan product also has the added benefit of spreading loan repayments up to three months, meaning customers can now repay lower amounts each month while accessing larger amounts of credit than before.
FastCash, according to the bank, is an instant personal loan product that is convenient, paperless and available to existing customers and non-customers alike because it requires no collateral and is open to both employed and employed customers. FastCash is like the bank’s other innovative lending products, such as Salary Plus.
Commenting on the products, FCMB’s Head of Personal Banking, Mr. Shamsideen Fashola, stated that the bank recognized the financial challenges faced by its clients, as well as Nigerians, at this critical time and pledged to give them all the support which is necessary to cope.
“We have digitized the application process for many of our loans to make it more convenient for customers to get loans immediately. We expect to make a significant impact on the lives of our clients and Nigerians in general by providing them with the financial support they need when it matters most,” he said.
FCMB explained that the decision to restructure its consumer credit products to be more flexible is in response to the economic challenges caused by the COVID-19 (coronavirus) pandemic, which has impacted the incomes of individuals and households, and businesses in general .