This will give you a quick guide on the GTBank Quick Credit loan, also known as GTB advance loan or GTB salary advance loan; including how it works, how much you can collect, the interest you pay, and more.
How does GTBank Quick Credit loan work?
Who can benefit from the GTB Quick Credit loan?
The Guaranty Trust Bank (GTB) Quick Credit is ideal for everyone, both salary earners and self-employed persons. It gives the cash you need instantly and you pay back over 6 – 12 months. You can collect as much as ₦5million at an interest rate of 1.75% monthly.
The cool part is that you can take up to 12 months (1 year) to pay back the loan. This can give anybody all the time she needs to repay without pressure.
How much is the interest charged on the GTBank Quick Credi loan and what does that mean?
The interest rate is 1.75% monthly. It means you pay an additional 1.75% of the total money you collected.
How to calculate GTBank Quick Credit interest
To know how much you will pay as interest, simply multiply the total amount you collected by 0.0175.
Let’s do an example to make this clearer
Assuming you take a loan of N500,000 from GTB, then, since the interest is 1.75%, it mean you will pay back (0.0175 * 500,000) + 500,000 = 508,000.
Meaning that when you take a loan of N500,000, you pay with an interest of N8,750. Similarly, for a loan of N200,000, the interest you will pay is N3,500; etc.
How to pay back GTB salary advance loan
This is how to pay back the loan: Every month, you pay back at least 1/12 of the total amount you borrowed + the total interest. In other words, add the total interest and the total amount you borrowed; divide it by 12. That gives you the amount you will pay per month if you wish to pay back in 12 months.
However, note that you can decide to pay in less than 12 months, say 6 months. But I think 12 months is the maximum period allowed.
Frequently Asked Questions (FAQs) about GTBank Quick Credit loan
1. What is GTBank Quick Credit?
GTBank Quick Credit is a time loan accessible to Salary and non-salary account holders.
2. What is the minimum loan amount you can collect?
3. What is the maximum loan amount you can collect?
₦5million for salary earners and ₦1million for non-salary earners.
4. What is the maximum tenor for QuickCredit?
6 12 months
5. What interest rate will I be paying if I use/apply for Quick Credit?
1.75% per month
6. What are the other fees to be paid on Quick Credit?
No hidden charges. No Management Fee.
7. How can I access the Quick Credit loan?
- GTB quick loan code: *737*51*51#
- Internet Banking
- Mobile Banking App
8. Is there a minimum and maximum age for eligibility?
Yes, the applicant must not be less than 18 years at the loan application date and should not be older than 59 years at the loan maturity date.
9. What if I have an existing loan with other banks on Remita platform, can I still apply for Quick Credit?
Yes, you can
10. How long does it take to access Quick Credit?
Quick Credit will be availed immediately after a successful application.
11. What is the criterion to access the loan?
- Customer must maintain a minimum monthly lodgement of ₦20,000 or earn a minimum net monthly salary of ₦10,000
- Customer must not have any history of dud cheques
- Customer must have satisfactory credit reports
- Customer must not have any unpaid obligations
How to get GTBank Quick Credit loan
To get started, read the terms and conditions for GTB quick credit from their official website, which is also the source of this information, and proceed from there. You can also dial the GTB quick loan code, which is *737*51*51# to get started.