GTBank Salary Advance Loans
GTBank – Your Trusted Financial Partner
Guaranty Trust Bank (GTBank) has been serving millions of retail and corporate customers since first opening its doors in 1991. Today, GTBank is one of the top financial institutions in Nigeria.
When you bank with GTBank, a world of helpful products and services open up – from investment accounts and savings plans to quick cash solutions like the GTBank Salary Advance.
Let’s explore if you might qualify for one of these convenient short-term loans…
First, are you currently a GTBank customer?
Yes, I have an account with GTBank
If yes, Wonderful! As an existing customer, GTBank already has a relationship with you, making loan approval faster.
Now, is your salary directly deposited into your GTBank account each pay period?
Yes, my salary goes into my GTBank account.
If yes. Even better! Those regular salary deposits allow GTBank to quickly verify your income and set up automated loan repayments.
In this post, we’ll explain everything you need to know about GTBank salary advance loans including eligibility, application process, loan amounts, fees, repayment terms, and more.
What is the GTBank Salary Advance Loan?
The salary advance is a payday loan from GTBank that lets borrowers access up to 50% of their monthly salary before payday. It’s an unsecured, short-term loan up to 30 days. By getting a portion of your salary early, you can cover pressing financial needs before month’s end.
GTBank Salary Advance Loan Amounts
- Minimum loan amount is N25,000 for civil servants and N50,000 for private sector employees
- Maximum is 50% of your gross monthly salary
So for example, if your monthly earnings are N200,000, you could qualify for up to N100,000 salary advance from GTBank.
Eligibility for the Salary Advance
To qualify, you must:
- Be an existing GTBank account holder
- Provide proof of full-time employment
- Supply salary pay slips and income statements
- Meet minimum income requirements:
- ₦25K/month for civil servants
- ₦50K/month for private sector
Meeting those criteria makes you eligible to access this short-term financing before paydays.
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How to Apply Salary Advance Loan
Here is a step-by-step guide on how to apply for a salary advance loan:
A salary advance allows you to access a portion of your next paycheck early if you need cash right away. Many lenders like banks, credit unions, and online lenders offer this short-term financing option to qualified borrowers.
To borrow a salary advance from GTBank, you need to be an existing customer with a salary account. As a salaried individual, you can get up to 50% of your monthly salary in advance before your next pay date.
The process is simple:
- Login to GTBank Internet Banking and navigate to Loan Services
- Click on Salary Advance and select Apply
- Enter your requested loan amount and submit details
- Accept loan terms and submit application
Follow this simple application process to request a salary advance loan:
1. Determine If You Are Eligible
The main eligibility requirements are:
- Steady employment and income
- Minimum monthly or annual income levels (e.g. $2,000/month)
- Active checking account in your name
- At least 18 years old or meet age of majority
Make sure you meet the lender’s standards before applying.
2. Have Required Documentation Ready
Gather necessary documents like:
- Government ID
- Most recent pay stubs
- Bank account statements
- Employment verification letter/details
Speed up the processing by having these materials prepared beforehand.
3. Complete Online Application
Go to the lender’s website and fill out the secure online form. Enter details like:
- Personal and contact information
- Employment status
- Income amount
- Bank account information
Submit application and required documents through the portal.
4. Get Loan Decision
The lender will verify your employment, income sources, and other application details promptly. You will then get notified by email, phone call, or text whether approved.
This decision happens very quickly, sometimes in just minutes or hours if applications are complete.
5. Review Loan Agreement
If approved, the lender will provide the loan agreement outlining exact APR, repayment schedule, disbursement date, and terms for you to accept.
Read through carefully before agreeing electronically or with your signature. Get clarification about anything unclear beforehand.
That completes the basic process! Once signed, wait for the salary advance loan proceeds to be direct deposited per the timeline outlined. Manage ongoing payments until the balance is repaid on schedule through your authorized deductions.
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Application Process and Timeline
Applying takes less than 24 hours. You can submit your application online via GTBank’s internet banking, through USSD code *737*82#, or by visiting a branch.
Required info includes personal details, income statements, and employment documentation. Once approved, the loan is quickly disbursed directly into your bank account.
You can also apply via USSD by dialing *737*82# on your phone. Follow the prompts to input your desired loan amount and information.
Approval is generally very fast, sometimes received in just 24 hours. Once okayed, the salary advance loan amount is directly deposited into your GTBank account.
GTBank PayDay Loan Code
The shortcode to access GTBank’s PayDay loan service specifically for salaried workers is *737*82#. Dial this from your phone and follow the menu to apply for a cash advance.
Approved Salary Advances
When your salary advance application is reviewed and confirmed eligible based on your account status and income, the loan will show as “approved” in your GTBank account. This means it has been authorized and you will receive the net loan amount as agreed to.
The approval signifies you can access those loan funds in advance of your next salary payment since GTBank has verified and will extend you that credit line.
Loan Code for Non-Salary Earners
There’s also the GTBank QuickCredit for self-employed, entrepreneurs and others earning at least ₦10K monthly. QuickCredit loans are accessed via *737*515# USSD code.
Conclusion
GTBank salary advances offer existing customers a fast, convenient way to get small loans on short notice. Just keep in mind they carry high rates given the short repayment term. But used wisely, they provide cash flow relief when financial needs unexpectedly arise mid-month.
