Although the big banks came late to the online loan party but GTBank Quick Credit loan is one of the best and most efficient online loans out there.
GTBank launched Quick Credit in response to the emerging online loans market which makes it easier for customers to get quick loans through the bank or loan app without physically applying and submitting documents.
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What is the GTBank Quick Credit Loan?
GTBank Quick credit loan is a loan designed by Guaranty Trust Bank for their customers (whether salary earner or self employed) to access cash easily and pay back in 12 months.
On their website it says that one can access up to N5 million through Quick credit at monthly 1.5% interest
However the reality is that you will start with a small amount provided by the bank, based on their analysis of your bank account transactions.
Some of the Benefits of GTBank Quick Credit Loan
According to the GTBank website the following are some of the benefits of the Quick Credit loan;
- Get up to 3 times your monthly salary in loans
- Convenient repayment plan of up to 12 months
- You can pre-liquidate without paying penalty
- Monthly interest rate of 1.5% (this is among the lowest interest rates available in the loan market)
How to Apply for Quick Credit Loans
To qualify to apply for Quick Credit you must be a GTBank customer and have an active account.
You can request for Quick Credit via USSD code dialling *737*51*51# on your mobile phone or you can access Quick Credit through online and mobile banking channels (including the GTWorld and GTBank mobile apps).
Other things you need to know about GTBank Quick Credit
The lowest loan amount is N5,000
The maximum loan amount is N5 million for salary earners and N500,000 for non salary earners.
There is a one off credit insurance charge of 1% on every loan.
The eligibility age for the loan is 18-59
You can apply for Quick Credit even if you have existing loans with other financial institutions
Quick Credit loan is usually processed and deposited in your GTBank account immediately after a successful application.
How to Pay back GTBank Quick Credit Loan
Paying back your Quick credit loan is easy.
GTBank will at the end of each month deduct the total monthly payment for the loan with the interest from your account balance.
Additionally you can liquidate the entire loan by going to your GTBank or GTWorld app, opening the loans tab, selecting Quick Credit and clicking on liquidate. Once you have enough balance in your account to liquidate the loan it gets liquidated.
As you repay your GTBank Quick credit loan on time the amount you can borrow increases.