First Trader Solution Loan Descriptions:
The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations and supermarkets who deal in fast moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
First Trader Loan Features:
1. Available to traders that deal in fast-moving goods.
2. Tenor is either 90 days or 180 days.
3. Minimum loan amount is N5 Million.
4. No collateral is required for the 90 days variant
5. Collateral for the 180 days variant shall be equitable mortgage on shop title documents to cover 200% of the facility amount.
6. Requires opening of a charged Savings Account with opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:
i. 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
ii. 1% of the loan amount daily throughout the tenor of the 90 days facility.
First Trader Loan Benefits:
1. Provides opportunity for increased business turnover/volume through injection of additional funds.
2. Steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of facility.
3. Easy repayment plan
4. No tangible collateral required.
How to Apply For First Trader Loan?
To Apply for a First Trader Solution loan Click Here