If you need quick cash, GTBank offers two great loan options: Quick Credit and Salary Advance. These loans are easy to apply for and come with flexible repayment terms. However, to qualify for any of the Gtb loans, you must meet certain conditions. Let’s see how to qualify and break down the exact steps you need to take.
What is GTBank Quick Credit?
Quick Credit is an instant loan that GTBank offers to both salary earners and self-employed individuals. You can borrow up to ₦5 million with this loan. You don’t need collateral, and the money can be in your account within minutes.
Key Features of Quick Credit:
- Loan amounts between ₦10,000 and ₦5 million.
- 1.5% interest rate per month.
- Repayment period of 6 to 12 months.
- No paperwork required; you can apply on Gtbank or through their mobile app Gtworld.
Who Can Qualify?
To qualify for GTB Quick Credit, you must meet the following conditions:
- Be a GTBank Account Holder
You need to have an account account with GTBank. Your account must be active. - Earn a Steady Income
- Salary earners: You must have a minimum monthly salary of ₦20,000. Your salary must be paid directly into your GTBank account.
- Self-employed people: Your business must show a regular cash flow of at least ₦20,000 per month.
- Have a Good Credit History
GTBank will check your credit record to see if you have defaulted on any loans before. A clean credit history increases your chances of approval. - Repayment Capacity
GTBank will also check whether you can repay the loan. Your monthly income must be enough to cover the loan payments.
How to Apply for Quick Credit
- Dial *737*51*51# on your phone.
- Use the GTBank mobile app, Gtworld, or internet banking platform to apply.
- Follow the instructions to get instant approval.
What is GTBank Salary Advance?
Salary Advance is another loan option GTBank offers only to salary earners. You can borrow up to 50% of your monthly salary. This loan is perfect if you need extra cash before your next payday.
Key Features of Salary Advance:
- Borrow up to 50% of your salary.
- 1.33% monthly interest rate.
- 30-day repayment period.
- Automatic renewal every month, if your salary continues to be paid into your GTBank account.
Who Can Qualify for Salary Advance?
To qualify for GTBank’s Salary Advance loan, you need to meet these requirements:
- Be a Confirmed Employee
You must be a confirmed staff member at your job. This means your employment is permanent, and you’ve passed your probation period. - Work for an Eligible Organization
GTBank offers Salary Advance to employees whose companies are listed with them. If your employer has a relationship with GTBank, you are eligible for this loan. - Have a GTBank Account
Your salary must be paid directly into your GTBank account. This is a must to qualify for Salary Advance. - Repayment Ability
GTBank will check if you can repay the loan from your salary. If you’re borrowing 50% of your salary, make sure you can still manage your other expenses.
How to Apply for Salary Advance
- Use GTBank’s mobile app or internet banking.
- Dial *737*8*2# to apply on your phone.
- The process is quick, and you can get the funds in your account almost immediately.
Important Notes:
- No Collateral: Both Quick Credit and Salary Advance loans are unsecured. You don’t need to provide any collateral.
- Easy Repayment: GTBank will automatically deduct the loan amount from your salary or account balance on the due date.
- No Paperwork: These loans are simple and require no complex documentation.
Conclusion
GTBank’s Quick Credit and Salary Advance loans are great for anyone needing quick access to funds. To qualify, you must have a GTBank account, a steady income, a good credit record and other things as discussed above. The application process is fast and easy, and you can get your loan approved in minutes.
If you meet the requirements, go ahead and apply through GTB app or dial the USSD codes to get started.
