Quick credit is a payday loan product for salary and non-salary account holders. It’s a GTB loan that offers you a minimum loan amount of N10,000. Also, it offers a maximum of N500,000 for non-salary holders and 5 million for salary holders.
Quick credit is available for small businesses, providing soft loans. These loans help SMEs run their day-to-day operations smoothly. This loan product finances SMEs in the Education and Healthcare industry.
How To Get A Quick credit From GTBank?
Follow the steps below to get a quick credit from GTBank:
- Use Internet banking platform
- Use the GTBank Mobile app
- USSD code73751*51# (Check out other USSD code for loans in Nigeria)
Features of Quick Credit For Small Businesses and Non-Salary Earners
It is quite similar to the regular Quick credit product and yet, has its unique feature.
- Prequalified customers are eligible for the loan
- Customers get a Loan tenure of 6 months. However, schools get 12 months.
- The company has two different rates for its focus industries. For the Education segment, the rate is 1.33% per month. The healthcare industry has a rate of 1.75%.
- Customers have access to 50% of their average annual turnover
- Customers can also open a corporate account. They should have used this account for up to 12 months before applying for a Quick credit facility
- The minimum loan amount is N250,000.00, and the maximum amount is N5,000,000.00
Like the regular Quick credit product, customers also get their funds instantly. Another great benefit is its flexible payment plans. One can make interest payments monthly and quarterly principal repayments. Note, the quarterly repayment option is strictly for businesses in the Education industry. Note, if you have an existing loan facility with another commercial bank, you cannot apply.
Why Should I Pick Quick Credit Over Other Loan Products?
Quick credit has one of the lowest interest rates compared to other loan products. The loan facility has an interest rate of 1.33% monthly. It has a maximum tenor of 12 months. That’s why many people like it. However, In the event of you defaulting on payment, an interest rate of 1% is added to your debt.
For a more comprehensive and better-informed decision, you can make use of this platform to compare loans from different lenders within minutes to find what best suits your needs.
How Do I Know I am Eligible for Quick credit?
To qualify for this loan, you must be an existing GTBank customer with a monthly net salary of at least N20,000. Also, you must have a satisfactory credit score and no unpaid obligations.
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Conclusion
GTBank’s Quick credit is easy to navigate and somewhat has the fairest interest rates in comparison with other loan products like Migo loan. Immediately you become eligible for Quick credit, you will get a notification, and you can start taking low offers. The offers increase as your credit score builds up over time. You can give it a try. Good Luck!
