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Home Business Banking & Finance

GCB Bank Launches 20-second Instant Salary Advance Loan on Mobile App to Support Salaried Workers

1 month ago
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GCB Bank Launches 20-second Instant Salary Advance Loan on Mobile App to Support Salaried Workers

GCB Bank has launched a new digital loan product dubbed the Instant Salary Advance Loan, which enables salaried workers to access up to 80% of their net monthly salary within 20 seconds via the GCB Mobile App.

The newly introduced facility is a short-term credit solution designed to help workers meet urgent financial needs before their next payday. With a monthly interest rate of 2.175% and an annual rate of 26%, the loan also attracts a processing fee of 2.5%.

The loan is pre-approved for eligible customers and disbursed instantly after a few simple steps on the GCB Mobile App. The bank notes that repayment is automated and directly linked to the borrower’s next salary payment, allowing seamless recovery without impacting other inflows into the bank accounts of customers.

Eligible customers include existing GCB salary account holders, customers with migrated savings accounts, and other credit-worthy clients who have consistently received their salaries through the bank for at least three months.

Speaking at the loan product launch, Executive Head of Retail Banking at GCB Bank, Sina Kamagate, underscored the relevance of the loan in providing timely support to workers facing unexpected expenses.

“Every worker knows that salaries come at the end of the month, but life is not linear. Emergencies happen and sometimes within minutes you need to act fast. With the Instant Salary Advance Loan, you don’t need to rely on friends or neighbours. We give you access to 80% of your salary instantly, no matter where you are,” he stated.

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Mr Kamagate also explained the flexible repayment options available to customers, including early repayment with interest calculated only on the actual duration the funds are used.

“If you repay early, you only pay interest for the number of days the loan was used. That kind of flexibility doesn’t exist with most digital or mobile money loans, and it’s all part of our commitment to give our customers financial freedom,” he added.

The initiative forms part of GCB Bank’s broader digital transformation agenda aimed at providing convenient, efficient, and affordable banking services to Ghanaians.

 

Tags: GCB BankGCB Bank Launches 20-second Instant Salary Advance Loan on Mobile App to Support Salaried WorkersInstant Salary Advance Loan

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