GTBank quick credit is right for both salary earners and self-employed entrepreneurs – Yes, for real! I know that a lot of people find it difficult to believe this simple truth but you need not worry. I will break every piece of the puzzle here for you, and you will see how to qualify for GTB quick credit in minutes. So, grab a drink and let’s see what this quick loan in Nigeria holds.
Table of Contents
The Quick Credit is a flexible loan service open to both salary earners and self-employed entrepreneurs who run an account with GTBank. It has been open since the third quarter of 2019. This loan service allows customers with a salary account to get up to N5 million credit. For those without a salary account, you can get up to N1 Million. This flexible loan service is accessible without any collateral and can be secured in minutes. Interestingly, you don’t have to go to the bank. In fact, no physical documentation is needed.
If you qualify for this loan, it comes with an interest rate of 1.75% on a monthly basis. And the repayment is usually between 6 months and 12 months (1 Year). So, let’s do a bit of calculation here. If you choose to pay back in 6 months, you interest would be 1.75 X 6 = 10.5% interest. Which means, if you are given N1 million to pay back in 6 months, you will be required to pay a total of N105,000 as interest. In contrast, a 12 months repayment plan attracts 21% interest. But before you start to worry about the GTBank Quick Credit interest rate, it’s still 1.75% a month. So, if you get N1 million and are paying back in 6 months, its only N10,500 interest in a month.
I hear a lot of people lamenting about how they have not been able to secure a loan using this service. Every quick loan in Nigeria has it’s own unique requirements. Many of people get a direction to open a salary account which makes them thing that it is only good for salary earners. NO! The truth is that many of us in Nigeria don’t know what is called credit history.
We also lack the understanding of how to keep a good credit history with banks. When it comes to getting loans from banks, your credit history is the language your bank understands. Not your project or you good intentions to repay in time. Chances are that even if you have bad manner and your character ain’t nothing to write home about, the bank will still give you a loan if you have a good credit history. So, let’s quickly talk about the criteria to qualify for this quick credit from GTBank one after the other.
Of course, GTBank has nothing to do with you if you don’t bank with them. Don’t mind the way I put that but it’s pretty simple. Another important thing is that if you are just going to open a fresh account, it may not work for instant loan. At least for now. You will have to run the account for some time – long enough to earn the bank’s trust.
While your credit history is supposed to be drawn for your record of loan repayment, things get a little twisted here. Since you probably have not gotten any loan from the bank before, what they focus on is your cash inflow and outflow. That is, is the rate at which you receive money into your account frequent enough? If frequent, for how long have you maintained it? Good inflow rate gives your bank a green light when they think of lending your some money.
While the bank did not state that a current account is needed before non-salary accounts can get awarded, we have found that current accounts hold more credibility than an ordinary savings account. Also, applicants with current account stand a better chance of getting approved. We have asked applicants of the GTBank Quick Credit, and that is what the index shows.
If you are applying for this quick loan in Nigeria with a salary account, this is important. You must have worked for the same employer for at least 3 months. So, if you have been paid for up to six months, you can be double sure.
Now we know that what different individuals earn is not the same. GTBank has also put this into consideration and landed a safety mark. To qualify for this quick loan in Nigeria, you must be earning at least N10,000 a month.
For self-employed citizens, you must have a consistent record of monthly lodgement of at least N20,000. That is, your savings or current account must be receiving an inflow of N20,000 minimum every month. This is one way to prove to the bank that you can meet their repayment conditions.
That’s pretty much all that you need to qualify. Now let’s talk about how to apply and win the loan offer.
You can either use a USSD code, mobile banking application on your Android or iOS smartphone, or Online banking. If you are using the USSD code, you must use the phone number linked with the account you are using to apply. If you use any other phone number, you will be asked to open an account. This is because the system will not find any GTB account on the number used.
The USSD Code to press is *737*51*51#
For the mobile banking app, once you sign in, you will see the Quick Loans option on the left panel. There you can find your eligibility status and the maximum amount you can request.
Once you meet all the conditions above, you can be sure that your application will be successful. You can also check these terms and conditions of the bank for the flexible loan service.
Banking with FCMB? Chat with TEMI
Let us know in the comment section if you got approved
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View Comments
Please I have trying applying for the loan severally even visited your office twice on my phone number that is registered with my account and my account is a salary account with gab,but to no avail.it keeps on telling me to open an account with my bfn number which I already have.
Good evening. I run a savings account with your bank. That account has been running for almost 10yrs and cash flows in regularly. I have used the code to apply severally using this phone no. 07032622093 and has even gone to the bank but it’s keeps telling me to open a salary account. So may I know what the problem is? Thank you
First, guidefreak is not a staff of GTBank. I also stated that for some reasons best known to the bank, current accounts and salary accounts have more wins in this game.
I have the same problem what is the way out,Good evening. I run a savings account with your bank. That account has been running for almost 10yrs and cash flows in regularly. I have used the code to apply severally using this phone no. 07032622093 and has even gone to the bank but it’s keeps telling me to open a salary account. So may I know what the problem is? Thank you
Have you tried using a current account?
Have you tried using a current account?
What about if am running a savings account already please help a sister, this is my phone number 08081471275
I obtained a quick loan last year and I have completely repaid the loan. Now I am about to make a second request to obtain another quick loan but it keep requesting me to open a salary account, meanwhile my account is a salary account. I need urgent response.
Hello Amedu.
I am glad to hear that you have once enjoyed the quick loan benefit. If you didn't have any issues during the repayment of the last one, then I suggest you walk into any GTBank branch on Monday.
Hello, I need the loan repayment code. Thanks
Hello, Ola. Have you been approved already?
The amount been given to me is reduce base of the pandemic issue, when will they go back to offer the full amount given previously
Hello, Egworaha
I am glad to hear that you got approved again. However, the reduction in loan is understandable. The whole world is hit and our economy has to recover. Hopefully things will return to normal after the Pandemic. In a way, they have also helped you to cut your expenses
i needed a quick loan cash of 200,000 but the amount am qualified to take is damn small 19,000. what is the way forward for me
Hello, Habila
Two things may be factored in here.
1. You history may qualify you for that amount
2. The Lockdown effect. Even people who have been given higher amounts before have been shocked with a lower loan boundary.
Hopefully things will work better when business activities resume.
Now that the lockdown has been ease and hopefully banking sector activities will commerce on Monday being 4th may, 2020. I hope the quick credit loan should go back to its normal full amount immediately to enable one meet his/her plans,not this small amount being given.
Well, it may not be that fast if we want to be realistic. Except by some miraculous interventions. Did you know that some banks are cutting down their staff salaries? The whole world is hit, Martins. We need help from above
I lost the phone number I used to register my account. And I have not been able to retrieve it. Can I visit the bank and apply.. as I can’t make use of the USB code .
Sure!