Before the likes of GT Bank’s QuickCredit and other platforms where you can get an instant online loan in Nigeria today came into play, getting a loan was never a stroll in the park.
The thought of approaching commercial banks for a loan used to be a tedious affair in the past. From submitting numerous documents to convincing someone to stand as a guarantor and risking your request rejected. Thank goodness for technology that has taken all these complicated processes and made them more enjoyable by simplifying them.
What is QuickCredit?
QuickCredit is a payday loan product by GTBank accessible to salary and non-salary account holders. It has a minimum loan amount of N10,000, a maximum of N500,000 for non-salary holders and 5million for salary holders.
How Can I Access QuickCredit?
You can get access via;
- Internet banking
- Mobile banking app
- USSD code *737*51*51# (Check out other USSD code for loans in Nigeria)
How Do I Know I am Eligible for QuickCredit?
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.
Why Should I Pick QuickCredit Over Other Loan Products?
QuickCredit has one of the lowest interest rates compared to other loan products. With an interest rate of 1.33% monthly and a maximum tenor of 12 months, it is easy to see why it is a favorite of many loan facility users. However, In the event of you defaulting on payment, an interest rate of 1% is added to your debt.
QuickCredit For Small Business
Just like the loan product for salary and non-salary earners, GTBank has tailored one for small businesses. QuickCredit For Small Business makes soft loans available for SMEs to run their day to day operations smoothly. This loan product finances SMEs in the Education and Healthcare industry.
Features of QuickCredit For Small Business
It is quite similar to the regular QuickCredit 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.
- It has different rates for the two industries it places focus—1.33 % per month for the Education segment and 1.75% for healthcare.
- 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 QuickCredit facility
- The minimum loan amount is N250,000.00, and the maximum amount is N5,000,000.00
Like the regular QuickCredit 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 business in the Education industry. Note, if you have an existing loan facility with another commercial bank, you cannot apply.
GTBank’s QuickCredit is easy to navigate and somewhat has the fairest interest rates in comparison with other loan products. Immediately you become eligible for QuickCredit, 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!