How to pay back GTB quick credit loan in Nigeria
GTBank provides various loan options, and in this section, we will focus on repaying the GTB Quick Credit Loan in Nigeria. This loan allows you to receive a sum equivalent to three months of your salary, with an interest rate of 1.33%. You are required to repay this amount within a year or, alternatively, within six months. Additionally, you do not need to provide any collateral to qualify for this type of loan.
Typically, you can borrow a minimum of around $500,000 and a maximum of $5 million. This can be highly beneficial if you’re looking to launch a business or invest in a profitable venture. However, it’s essential to ensure that your investment generates enough revenue to cover both the borrowed amount and the interest by the time you projected for a return.
Here’s how you can repay your GTB quick credit loan in Nigeria; just follow the steps outlined below:
Note: You can make the repayment directly using your mobile phone.
- Enter *737*0# on your phone’s keypad.
- Select the fourth option for ‘Replacement.’
- Then choose the second option for ‘Close credit.’
- Finally, enter your PIN to complete the transaction.
To settle your GTB quick credit loan in Nigeria, you can utilize the GT banking app. Here’s how to do it:
- Log into the app using your username and password. If you haven’t registered yet, you can download the app from the Play Store if you have an Android device. For Apple users, you can find the app in the Apple Store. Once downloaded, you’ll need to enter some information to link the app to your existing bank account. Make sure to input the correct details!
- Select the ‘Quick loan’ option.
- Tap on the ‘Salary advance’ feature.
- Choose the ‘Repay loan’ option.
- Enter your PIN to complete the repayment process.
To confirm whether your transaction was successful, please wait approximately two minutes for a notification.
GTB loan repayment code
To repay any of your GTB loans, use the USSD code *737*51*51#.
If you wish to sell your assets or shares in a company to settle your debts, you can follow the steps outlined below:
To use USSD
- Dial *737*51*55#. A message will appear on your screen with the steps you need to take.
- Enter your USSD PIN or your Token code to complete the process.
To make a payment using the banking application
- Start by logging into the app with your username and password.
- Next, select the ‘Investment’ option.
- After that, tap on the ‘Loan Liquidation’ option.
- Then, click on the ‘Loan liquidation request’ to choose the type of loan you want to pay off.
- You will be prompted to answer your security question; please provide the response.
- Next, enter the Token code you generated earlier for this transaction.
- Finally, hit the ‘Submit’ button.
It’s important to note that when you take out a loan from GTbank, you automatically authorize them to deduct a portion of your account balance at the agreed time, so you won’t need to handle the repayment process manually.
For instance, individuals who receive a monthly salary will have a part of their loan fees and interest deducted from each payment made. Even if your account lacks sufficient funds, GTbank will still process these deductions, which can result in a negative balance. Consequently, any new deposits are immediately applied to cover the outstanding loans. Missing a loan payment typically reflects on your credit report.
In summary, this explains the process for repaying quick credit loans from GTB in Nigeria.