How to repay FCMB fast cash loan
The amazing thing about the FCMB Fast Cash Scheme is that it isn’t available to just FCMB customers. It’s open to people outside the FCMB group and happens to be one of the best loan schemes out there! It caters to miscellaneous needs like medical care, food, shelter, etc. This outline will cover all you need to know about this loan as well as how to repay the FCMB fast cash loan.
To get started, you’d need a bank account. Note that the bank account can be one with any bank other than FCMB. You just have to ensure that it is functional.
Next, you’d need your National Identity Number (NIN) and Bank Verification Number (BVN). Some of the features of the FCMB fast cash loan include the following;
- If the bank you’re working with is an FCMB account, you have added benefits like an instant access to funds, a loan ceiling of two hundred thousand naira (N200,000), no presentation of collateral, and lastly, no paperwork. All you need to do to get started is dial *329*11# with the mobile number you used to register the account.
- The FCMB fast cash loan can be taken up by anyone—those with monthly salary inputs and those without it. You also get to spread the payment along a period of three months. Even after balancing up, you can apply many more times within a year.
- The Interest rate for the FCMB fast cash loan is 3.5% monthly. There is also a one-off management fee of about 1%. The funds borrowed will be transferred to the salary account of the customer.
- Any civil servant or worker with the Federal Government can take up this loan. The only people it doesn’t apply to are the military and para-military folks.
Note that you need to apply for this loan. You’d start that by dialing the *329# code on your mobile phone. After that, type 1. Type in your National Identity Number and then, create a four-digit PIN.
Click the Accept icon and then, dial the 329*11# code. The details you got from the first code will be required here.
What do you need to know about loan repayments? Check the following points;
- The return of the money takes place through periodic intervals. The money returned is usually more than the money loaned, i.e. a sum of the actual principal and the interest fixed by the bank.
- The terms for repayment are usually included in the agreement sheets and terms of the bank. You’d also find the contracted interest rate attached to the loan.
FCMB loan interest rate
Knowing the interest rate before you sign up for a loan is very important. The reason is that the interest determines the amount of money that you’d pay back to the bank—asides from the principal.
The principal is the actual amount of money lent. The interest is the lender’s gain. For the FCMB fast cash loan, the FCMB loan interest rate is 3.5% monthly.
The consequence of this detail is that in a situation where you sign up for a loan of a hundred thousand (N100,000), you will have to pay an additional 3.5 of N100,000 (one hundred thousand) as interest to the bank.
The longer it takes for you to pay up, the more the interest builds up.