Many people often see commercial banks like GTB (Guaranty Trust Bank) as lenders who only attend to traditional loan issues, and typically only lend money for buying a new car, a house, etc. But that’s not true. You can also obtain an instant loan from GT Bank, and it’s much better than Nigerian loan sharks. GT Bank has a lending service known as QuickCredit, and as the name implies, it’s for anyone who needs quick cash either for personal use or for business.
This is a time loan only accessible to GT salary account holders. We’ll only talk about how to qualify for QuickCredit personal loan in this post.
How to Qualify for GTB QuickCredit Personal Loan
- Maintain a salary account with Guaranty Trust Bank for 12 months
- Be at least 18 years at the date of applying for the loan but not older than 59 years old at the date of the loan maturity
- Have a good credit report. You can check your credit report with the CRC Credit Bureau by visiting crccreditbureau.com/product/crc-self-enquiry
- Must not have any history of dud cheques
- Have no unpaid obligations, i.e., don’t owe any lender because it’ll reflect in your record
If you currently have an existing loan with other banks on the Remita platform, you still qualify for GTBank QuickCredit personal loan.
In the past, GT Bank had an old requirement of maintaining a minimum monthly lodgement of 20,000 naira or earning a minimum net monthly salary of 10,000 naira. It seems this is no longer part of its requirements as the updated list no longer mentions it.
Remember, this guide is for the personal QuickCredit. Some of the requirements are different from QuickCredit for business.
How to Apply for QuickCredit
You can apply for this instant loan via GT Bank internet banking, GTWorld app, or USSD. Let’s go through each of them.
Internet banking
- If you already have a salary account, go ahead and sign into your account via ibank.gtbank.com/ibank3/Login.aspx or register for internet banking. However, using the GTWorld app will be a lot easier. But if you prefer internet banking method, go ahead with it
- For new customers, you have to open a new salary account
- For existing customers who do not have a salary account, of course, you need one now. Simply visit your nearest branch to create this account
- To proceed with this application online, go to aonew.gtbank.com/v1/landing and follow the automated steps to complete your application
GTWorld app
- First, make sure you have a salary account
- Open GTWorld app
- Tap the Products tab at the bottom of your screen
- Tap Apply for Loan
- Select QuickCredit
- Follow the onscreen instructions to complete your application
If you do not have a salary account, the app will say that you’re not eligible, check back later.
USSD
GT Bank USSD loan code is faster. Simply dial *737*51*51# to apply for a QuickCredit personal loan.
To open a GTB salary account, you’ll need an introduction letter from your employer.
Pros and Cons of GT Bank QuickCredit Personal Loan
Pros
- Loan repayment tenure is up to 12 months
- You can borrow as little 5,000 and up to 5 million naira
- Low monthly interest rate of 2.4%
- Lends up to 3 times your monthly salary. For example, if you earn 50,000 naira a month, you can borrow up to 150,000 naira
- Unlike loan sharks, no hidden charges
- Accessible via USSD, internet banking, and GTWorld app
Cons
- Available to salary earners ONLY
- GT Bank charges a one-time credit insurance fee of 1%
- Must have a salary account
- New customers have to go through the entire process of opening a new account with GTB
- It’s not for everyone
Compared to the average loan shark out there, this is a much better loan option as long as you meet the requirements. So, go for it, but make sure you only borrow an amount you can afford to pay back.
