Salary Advance loans are short-term financial solutions—inform of credits or cash—provided to employees that allows them to borrow money against their upcoming paycheck. In the case of GTbank salary advance, it’s a loan that allows GTB’s customers that are salary earners to obtain 50% of their salary as loan.
The GTB Salary Advance Loan can only be accessed by individuals with a regular salary. More so, you must have a salary account with GTB. The duration of the loan is typically 30 days, but you can reapply if you meet the requirements. Lastly, the loan is opened to both private and public sector employees.
However, many salary advance borrowers are looking for ways to pay off their outstanding debts before the due date. In this case, you may need to liquidate the GTB salary advance. How to do that will be explained in detail below.
Meanwhile, it’s important to know that the GTB salary advance loan is automated. That is to say, the salary advance loan will be automatically deducted from your salary account once your next paycheck is credited.
How to Liquidate GTBank Salary Advance
It’s good to liquidate a loan (salary advance) on GTBank. Because, liquidating a loan helps avoid full interest rate and helps borrowers to regain access to their finances. In essence, Liquidating a loan—repaying it in full before the scheduled end date—offers several advantages, including the opportunity to save money on interest payments, as the total interest accrued decreases with early repayment. It also improves your financial health by reducing debt obligations, which can positively impact your credit score over time.
Here’s a simple step by step guides to liquidate your GTB salary advance loan on GTWorld, GT-Ebanking and GTB branches.
Liquidate via GTWorld
GTWorld is a GTBank Mobile App that allows GTB customers to manage their savings (salary) accounts. With this mobile payment app, you can liquidate your salary advance loan easily. Here’s how;
- Login to your GTWorld using your account number and password.
- Navigate to “Product” page and click on “Loan”.
- You will see the list of your outstanding loans. Choose the one you want to liquidate and click on “Repay Now”.
- You can choose to repay the full amount or choose the amount you want to repay.
- To confirm your transaction, input your GTWorld PIN and the loan repayment amount will be deducted from your GTBank Account Balance.
Liquidate via Internet Banking
For people that have access to GTBank’s Internet Banking service, liquidation of loans can also be done online. All you need to do is;
- Login to your Internet Banking via https://www.gtbank.com/personal-banking/ways-to-bank/internet-banking and enter your internet banking access credentials.
- Navigate to Loan and choose the loan to repay.
- Confirm the transaction with your GTBank PIN and the funds will be deducted from your account.
Liquidate in GTBank Branch
This is the most easiest but stressful method of liquidating GTB Loans. You can visit any GTBank near you and tell a customer representative that you want to pay off your debts. Your account number will be required, the amount to repay will be collected on the counter and your debts will be sorted out.
For more information about liquidating a GTBank loan—repaying it in full before the scheduled end date—you can send an email to gtconnect@gmail.com or call GTBank hotline on 08039003900.
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