What is a Salary Advance loan?
The Salary Advance is a smart and convenient credit facility offered by Guaranty Trust Bank (GTBank). This financial solution is designed to support Nigerian workers who need quick assistance in times of need. With it, you can advance up to 50% of your monthly net salary and gain immediate access to the requested amount.
The loan stands out for its flexible repayment term of 30 days, with the possibility of monthly renewal for eligible customers. Additionally, the application process is straightforward and can be completed via Internet Banking, on your mobile phone using the code 7378*2#, or directly at a GTBank branch. It’s the ideal resource for anyone looking for a fast financial solution without complications.
Who can apply for this loan?
✔ Be an employee of a recognized private company or government organization
✔ Have an active salary account domiciled with GTBank
✔ Earn a minimum salary of ₦25,000 (public sector) or ₦50,000 (private sector)
✔ Meet GTBank’s internal credit policies and eligibility criteria
These criteria ensure that the loan is accessible to those who genuinely need it and have the capacity to repay.
What are the applicable charges?
✔ Annual interest rate: 28%, approximately 2.33% monthly
✔ Management fee: 1% of the loan amount, charged at initial approval and on each annual renewal
✔ Insurance premium: 1% of the loan amount, applied as a one-time charge
A word of advice!
While the Salary Advance is an excellent tool for managing financial emergencies, it’s important to use it responsibly. Taking frequent loans may lead to a cycle of debt that could compromise your long-term financial stability. Therefore, experts recommend evaluating the necessity of the loan before applying.
Ask yourself: “Is this loan absolutely necessary at this moment?”; “How will repaying this loan affect my budget next month?” These reflections can help you make more informed financial decisions.
Remember, financial planning is essential. Whenever possible, invest in building an emergency fund to avoid relying solely on credit facilities. Use the Salary Advance as a one-time, strategic solution rather than a constant source of financing.
Click to apply for the GTBank Salary Advance loan!
Ready to apply for the Salary Advance? GTBank makes the process simple and fast, ensuring you get access to the credit you need when you need it most.
Click the button below to visit the bank’s official website and start your application today!