GTBank Quick Credit Loan: Have you ever tried to get loans from different banks before? And what was your experience? Was a pleasant one or just another frustrating one? Well, if you haven’t, I have in the past and it was hell.of an experience. Well, I will be sharing a short story of a friend of mine who wanted to get a loan from one these banks some few years ago. I will share his experience and tell you what went wrong and how such negative and frustrating experience can be averted.
He had an issue with his rentage which was the fact that his rentage was due for payment, and he wanted to pay but he wasn’t Financially okay to make that happen. And that was where how he approached two commercial banks that he has accounts with and the truthe is that the whole experience was tiring and frustrating.
Some times when you see these adverts from the banks, you will think it will be an easy ride going over to their counter and get a loan but that’s not true anyways. Even as an SME or a self employed person, getting a loan from commercial banks in Nigeria is a very one because you will be requested to present documents and collaterals beyond your reach. There so many times I have tried accessing loans for my small business in the past and the whole process was a frustrating one and guess what; the requirements can sometimes be very difficult to get.
In as much as we tend to put all the blames on the banks yet there are times we still need to arportion some of these blames on the SMEs. Reasons being that, they don’t really Position themselves well enough before approaching banks for a loan and this could make it difficult to obtain bank loans.
We have seen some situation whereby the relationship between some customers and their banks are very poor and what do you expect? Some customers also have a very bad credit history with their banks. If you are gonna have any good chance of getting loans from these banks then you must have a very good credit history with them because that is very important if you are looking forward to accessing loans from the banks. So in this article, we will be addressing how you can apply for GTBank Quick Credit Loan.
Like I have shared with you, it was a very difficult task to get loans from banks as an SME without having a collateral at reach. But the case has changed in recent times. We have seen different banks and different products they offer to support small medium entrepreneurs and those who earn constant salary (Salary earners) without necessary asking for any collateral in any way. And we are going be discussing one of such products from a commercial bank which is the GTB Quick Credit.
Many commercial banks and non-commercial banks alike have introduced numerous products and apps that you can use to get a small business loan or instant loan and in this article, we will be highlighting the major ones:
There was a story told by one of our clients. He said, in many occasions, h tried to access the GTB adverts on Quick Credit everywhere he went and it was a negative experience he got each time he went for it. At last he decided to not border himself going back to initiate the process again because he believes it was for salary earners alone.
But on the 6th of june, while he logged in to my GTWorld app to initiate a transfer, lo and behold, a message Just popped out that he wws pre-qualified for a loan of N80,000. The instruction said he should press yes to accept or no to decline the offer and out of curiosity, he went for the yes icon.
According to him, the said app took him to another page where he was shown the total loan amount to given him which included interest and the loan tenor which was 6 months. He accepted and pressed accept and immediately, his account was credited with N80,000 loan with a repayment plan of 6 months. It was as simple as that.
This experience was a shocking to him as well as myself because I had thought that getting a loan from the bank was as hard as climbing the mountains of Everest. I had thought it was met for only big men and big business owners but with what I just share with you, meant that this whole thing works as it says it would. Though the intention initially wasn’t to borrow from them but the good thing was that, we have learnt something here. And what could that be? Now if you will get any chance of being able to get loan from commercial banks or other commercial institutions, then there is the need to build a better credit history with your Bank. He got the loan, bought some goods (clothes) and was able to repay and had profits too from the entire business.
Now let’s see how the loan repayment schedule that GTBank sent to him was going to be like. He was requested to pay between N13,697.75 – N14,276.70 every month for the period of 6 months starting June 1st. According to the repayment plan, he was due to make payment every last day of the month.
we have seen cases where people received N150,000 and N500,000 loans as self-employed. Sometimes a salary account holder with GTbank can get up to N5 million loan but this depends on how much they earn every month.
So the next question is what is GTB Quick Credit?
Guaranty Trust Bank (GTBank), Nigeria’s foremost bank has introduced a new loan feature to her customer called GTB Quick Credit.
The GTBank Quick credit as it were enables salary earner or self-employed to access the cash they need instantly, and pay back over a period between 6 – 12 months. The Quick Credit gives customers funds up to N5million at an interest rate of just 1.75% monthly.
So let’s dive striaght into it GTB Quick Credit is a time loan credit that is available to salary and non-salary account holders with GTB bank. The GTB Quick Credit is an instant loan whereby applicants are not mandated to provide collateral and you can get up to N5million as a salary account holder and up to N1million for a non-salary account holder banking with the bank.
So What is the interest rate for the GTB Quick Credit:
According to how it works, you are to pay an interest rate of 1.75% monthly. This means for a loan that will be lasting for 6 months you will be requested to pay 10.5 % and a loan that will last for 12 months you will pay 21%.
What’s the Loan Tenor of the GTB Quick Credit:
The repayment timeframe is between 6 months to 12 months.
How to Apply for GTB Quick Credit:
For those who have an account with GTbank and are you interested in getting a GTB quick credit loan, you can read below and see how you can get it.
There are two ways you can apply for quick credit.
1) The first method to apply is by using a USSD. You need to dial *737*51*51# to request for Quick Credit instantly. That is to say that You can request for Quick Credit instantly by dialing *737*51*51#. The feature is also available on all GTBank online banking and mobile banking platforms everywhere.
2) The second process is making your Quick Credit request using GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App and Habari App)
For those who are interested in applying for the GTB Quick Credit, you will be required to operate a salary account with the bank, and also
All applicants must earn a minimum of N10,000 every month and must also be at least 18 years of age.
Applicants must not be more than 60 years of age at the loan maturity date.
Additionally, all applicants are required to have cleared their outstanding loans from other banks which is to say that clients or Applicants are expected not have any other current or unpaid loan from other banks
It should be noted that the maximum loan amount of N5 million is available for only salary earners and N1 million for non-salary earners, while the minimum loan amount is N10,000
For those who have tried using GTB Quick Credit, you can share your experience with us on the comment box?
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