Business & Loans

First Trader Solutions (FTS) Loan 2021 – Apply Here

Published

3 years ago

May 31, 2021

How To Get Interest-Free Loans in Nigeria

First Trader Solutions (FTS) Loan 2021 – Apply Here

Many business ideas have failed to see the light of the day due to capital to start up the business. In this article, we will be walking you through how to get a loan from First Trader Solution in order to bring that your idea to reality. So if you need a loan to start up your business, read this article to the end.

It may also interest you to read 4 Key Steps of Getting a Small Business Loan Without Collateral

The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations that deal in fast-moving goods.

The overdraft allows you to continue withdrawing money even when your account with First Bank has no money in it or has insufficient funds to cover the amount needed for withdrawal. So, it is a kind of loan.

Features of First Trader Solutions Loan 2021

It is only available to traders that deal in fast-moving goods.
The loan tenor is either 90 days or 180 days.
The minimum loan amount is five million Naira (N5,000,000).
It does not require collateral for the 90 days variant.
Collateral for the 180 days variant shall be an equitable mortgage on shop title documents to cover 200 percent of the loan amount.

It requires the opening of a charged Savings account with an opening amount of 5% of the loan amount. There will also be subsequent deposits as shown below:
a) 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
b) 1% of the loan amount daily throughout the tenor of the 90 days facility.

Benefits of First Trader Solutions Loan 2021

It helps increase business volume through the injection of additional funds.
The steady build-up of funds can be used to either pay back the loan or ploughed back into the business upon liquidation of the facility.
Easy repayment plan.
No collateral required.