Frequently Asked Questions

Loan Questions

For Employed Applicants
  1. You should be between 22 and 59 years old.
  2. You must run an account (Current or Savings) with a commercial Bank in Nigeria.
  3. Applicant must live and or work in Lagos State.
  4. You must have a verifiable monthly income.
  5. You must have a clean Credit Bureau Report.
  6. You must not have a history of returned cheques in your account.
  7. One recent passport photograph (within the last 6 months)
  8. Salary bank statement for the last 6 months (must be stamped by the bank).
  9. NUBAN Cheque leaves for the duration of Loan (agreed at branch) OR Filled Direct Debit Form
  10. Staff Identification card
  11. Letter of Employment, Confirmation, Promotion, Redeployment, Salary Increase OR Introduction Letter from Employer’s HR to Firmus
  12. Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement) not older than 3 months
  13. Valid Proof of Identification (current ECOWAS Passport, National Identification, Driver’s License or Voters ID)
For Self-Employed Applicants
  1. One recent passport photograph
  2. Valid proof of government identification (International passport, National Identification card, Driver’s license, Voter’s card and National Identity Management Commission card).
  3. Valid work identification card/Business card.
  4. Most recent 6 months bank statement (Corporate and personal)
  5. Proof of tax registration or receipt of payment.
  6. Mean of repayment (NUBAN cheques only)
  7. Memorandum and articles of association.
  8. Certificate of incorporation.
  9. Recent utility bill (within the last three (3) months). (Lawma bill, Recent Rent Agreement, Water bill, Electricity bill) (business and home)
  10. A guarantor

Guarantor requirements:

  1. Guarantor must be a staff of the Firmus approved guarantor list
  2. One recent passport photograph
  1. Nuban cheque leaves
  2. Letter of employment, confirmation, promotion, redeployment or salary increase.
  3. Valid work identification card.
  • Valid proof of government identification (International passport, National Identification card, Driver’s license, Voter’s card and National Identity Management Commission card).
  • Recent utility bill (within the last three (3) months) (Lawma bill, Recent Rent Agreement, Water bill, Electricity bill).
  1. Official email address.
  2. Filled guarantor’s form

You can borrow a maximum of N500,000 (five hundred thousand naira only).

Yes, you can but a 2.5% liquidation fee will apply. You would also pay your outstanding principal and interest up until the time when you are liquidating.

  • Apply Online on
  • Or At our office: QBA’s Place, Km 47, Ajah Epe Expressway, Fam Bus stop, Ajah, Lekki, Lagos.

In a bid to collect on our loans disbursed, we reserve the right to contact your employers or next of kin or guarantor about details relating to your loans with us. However, if your loan is performing we are not under obligation to disclose your details except to regulatory bodies.

After You Apply

You will get an SMS once your loan has been approved based on your document verification.

An email will also be sent to you with details of your Loan and account number. Please make sure you provide all your correct contact information to make this possible for us.

If you have received an SMS, the funds would have been credited into your account.

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You cannot apply for more than one loan at the point of your application, but you can apply for a top up loan after making some payment installments (at least 2) on your current loan.

A top up loan is an additional loan request that is added to your existing loan. It can either run as a TOP UP or Parallel Loan.

No, this cannot be done after the loan contract has been executed.

A top up can be considered, but this will be at the sole discretion of Firmus MFB.

After You Are Approved

Yes, but this will be subject to additional interest charges and satisfactory review of documents showing ability to repay over an extended period. A written instruction from you is mandatory

While there are no hidden charges, we have the following fees:

  • Management fee,
  • Insurance fee

A Penal charge is applied to your account and accrues on a daily basis until it is settled.

It is also important to note that continuous default on a loan also adversely affects your credit rating with the Credit Bureau agencies and your ability to apply for a loan in the future from Firmus or any other Financial institution.