Guaranty Trust Bank (GTBank)
Get up to 50% of your salary in advance with fast processing. No collateral. Monthly renewable with a simple application for qualifying salaried workers.
If you are a salaried worker in Nigeria, GTBank’s Salary Advance Loan could be a practical solution whenever you need a quick financial boost before payday. This short-term loan is available only to staff of private organisations and government agencies who maintain active salary accounts with GTBank. You get the chance to access up to 50% of your net monthly salary upfront, which can help you meet urgent needs or tide you over until your next paycheck.
The Salary Advance has a maximum tenor of 30 days and is renewable monthly. There is no information provided publicly about the exact interest rate or additional fees, which means you’ll need to clarify with GTBank before applying. Also, no collateral is required, making the application process streamlined for workers who meet the salary thresholds (N25,000 for public sector employees, N50,000 for private sector employees). Funds can be disbursed to your account in as little as 24 hours if you qualify.
How to Apply for GTBank Salary Advance
- Log in to your Internet Banking account and follow the Salary Advance loan application procedure.
- Alternatively, dial *737*8*2# on your mobile phone to apply directly.
- You can also visit any nearby GTBank branch or ATM to initiate your application.
Pros of GTBank Salary Advance
One standout advantage is the speed—qualifying applicants can get a decision and cash advance within 24 hours, or even sooner in many cases. This makes it helpful for emergencies.
Another strong point is there’s no collateral needed. As long as your salary is paid into a GTBank account and meets the minimum threshold, you are eligible to apply without complex paperwork.
Cons of GTBank Salary Advance
The biggest downside is that specific interest rates and possible extra fees are not made public. Applicants should make sure to confirm all borrowing costs with the bank before committing.
Additionally, the loan is restricted to those already banking with GTBank and may not be available to the self-employed or freelancers.
Our Verdict
GTBank’s Salary Advance is a top pick for Nigerian salary earners needing urgent cash. It offers quick access and minimal requirements for eligible account holders. But, before applying, confirm all rates and your eligibility with the bank.