Having access to a loan plan that is easy and accessible is a plus for any employee in Nigeria who’s had setbacks financially despite working.
With the recent increase in the country’s inflation rate, not only has the number of loan apps doubled, but the number of borrowers has also surged as many try to grapple with the reality of the economy. And while the economy is taking a toll on workers with children, even the unmarried are not left behind. There are loan apps that offer parents loans to cover their children’s school fees.
As students resumed back to school in Nigeria on Monday, the 6th of January, 2025, parents were concerned with things involving school fees, uniforms, textbooks, and other costs that are specific to different schools. One of the ways in which some parents have managed to keep their children in school is through loan offers either from the bank or a loan app that has attractive offers.
GTBank Quick Credit
One of the banks in Nigeria that has become a reliable name amongst Nigerian businesses and salary earners is Guaranty Trust Bank. As a bank recognised as a multinational financial institution with leading financial products, it boasts of employing over 12,000 professionals and total assets and shareholders’ funds of N4.057 trillion and N661.1 billion, respectively.
Having significant numbers of beneficiaries is a way in which people rank loan apps that are credible and reliable. For GTB Quick Credit, there have been a number of testimonials such as that which is attributed to a Nigerian entrepreneur, Utibe Etim, who was reported to have had a loan repayment plan of six months after getting the amount for his office rent from the bank.
Over time, the bank has been described as a financial institution whose financial products have been instrumental in helping them survive the economic realities of the country, such as covering unplanned expenses and committing to financial goals set for themselves. In addition to this, the bank also offers salary advance loans to civil servants and those in private employment as long as they meet the conditions set.
How to Get a Salary Advance Using GTBank USSD Code
GTBank, through their salary advance USSD code, has made it easy for salary earners to get a loan even before they are paid their salary. To use the salary advance code to loan, dial *737*8*2#. The code allows users to get as much as 50% of their monthly salary take-home, which is the net salary, or a 1.5% interest rate monthly without collateral to be paid back after 30 days.
Requirements for GTBank Salary Advance Loan
So, how do you get this loan? To get the salary advance loan offered by this bank, you are expected to have an existing salary account that is active. Once this exists, and the bank has deemed you eligible, you can use your phone to apply for the loan by first using the phone number that is linked to your BVN and bank account.
This is applicable to all mobile networks in Nigeria, whether it is MTN, Glo, Airtel, or 9 Mobile. Just make sure it is the phone number linked to both your BVN and bank account. The loan does not discriminate between private and public workers.
What’s important is that you have an active salary account. In addition, you must be earning at least N25,000 as a government worker or N50,000 as a private employee. Once this is confirmed, you get up to 50% of your salary.
GTBank Salary Advance Repayment Plan
Once you’ve been deemed eligible to apply for the loan, the bank proceeds to give you as much as 50% of your net salary. However, it is expected that you repay the loan after 30 days. So, the GTBank salary advance repayment plan is strictly for 30 days.
The loan comes at an interest rate of 1.5% monthly of the amount borrowed. For instance, if a salary earner borrows N50,000, he is expected to pay back N50,750 after 30 days.