Quick access to easy loans is a great asset in a tight economy such as Nigeria’s. It is a great temporary fix for emergencies and unforeseen circumstances. GTBank QuickCredit is an easy and efficient loan service that helps customers get loans without the need for collateral and cumbersome paperwork. This article will show you what GTBank Quick Credit is and how it works. You will also learn how you can get one and pay it back.
What GTBank QuickCredit Is and How It Works
GTBank QuickCredit is a personal loan offered by Guaranty Trust Bank (GTBank). The loan facility lets GTBank customers borrow money without having to offer collateral. The loan is ideal for personal needs such as paying bills, emergencies, or unforeseen circumstances.
QuickCredit loans range from ₦1,000 to ₦5 million, depending on your eligibility and account history with the bank. One of the standout features of this loan is its fast processing time—funds are often disbursed in minutes. GTBank offers flexible repayment terms, typically ranging from 6 to 12 months, with competitive interest rates and no hidden fees. The maximum duration, however, is 24 months. The loan can be accessed through mobile banking, USSD, and Internet banking.
How to Borrow GTBank Loan
Getting a loan through GTBank QuickCredit is quick and easy. Here’s how you can apply:
Eligibility Requirements
- To borrow from QuickCredit, you must be a GTBank customer with a savings or current account.
- You must have a payroll account with GTBank
- Your account should have been active for at least 3 months
- You must have received your salary for at least three months in your GTbank account.
- You need to consent to give GTBank access to your account history, transaction activity, and credit score when reviewing your loan request.
Application Process
Applying for a QuickCredit loan is quick and easy. You can use GTBank’s USSD code (73751*51#) to apply on your phone or access the loan through the mobile banking app. Both methods are automated and quick.
Loan Approval
After submitting your application, GTBank will assess your eligibility based on your transaction history. If approved, the requested loan amount will be credited to your GTBank account immediately. If you don’t meet the requirements, you will be informed and advised to reapply when you do.
Loan Terms
Once approved, GTBank will present you with the loan terms, including the interest rate and repayment schedule. Make sure to review these terms carefully before confirming the loan. Understanding the loan’s terms is crucial to managing your repayments. Monthly repayment cannot exceed 33.3% of net monthly salary.
How to Pay Back GTBank Loan
Repaying your GTBank QuickCredit loan is equally easy and non-complicated as taking it. Here’s what you need to know about repaying GTBank QuickCredit:
Repayment Schedule
GTBank will provide a repayment plan based on the loan amount and duration after your loan application is successful. The repayment is usually between 6 and 12 months. Repayments are made monthly, and the loan repayment amount is automatically deducted from your GTBank account. Ensure you sufficiently fund your account to avoid penalties like more interest accrued.
Early Repayments
If you want to pay off your loan early, GTBank allows you to do so without any penalties. Paying early can help you save up on interest charges, so it’s a great option if you can pay off the loan ahead of the repayment schedule. You’ll also receive reminders about your upcoming repayments to help you stay on track.
Consequences of Default
If you miss a repayment or fail to repay the loan, GTBank may charge late fees which can affect your credit score. It’s important to stick to the repayment schedule to avoid any issues.
Conclusion
GTBank QuickCredit offers a simple and fast way to borrow money. However, as with any loan facility, it is important to borrow responsibly and make timely repayments to avoid late fees and maintain a good credit score.
