BANK LOANS

First Bank vs GTBank

Compare First Bank and GTBank loan products. See interest rates, requirements, and which traditional bank offers better loan terms.

Quick Verdict

Winner: GTBank (for speed and rates)

GTBank offers faster processing and lower interest rates, while First Bank provides higher loan limits and more product variety. GTBank wins for most salary earners.

Key Difference:

GTBank (for speed and rates) offers better overall value.

First Bank

Users needing very large loans (up to ₦10M), SME financing, or prefer extensive branch access

Up to ₦10.0M

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GTBank

Salary earners wanting instant approval, lower rates, and convenient mobile/USSD access

Up to ₦5.0M

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Side-by-Side Comparison

First Bank

First Bank of Nigeria

Loan Amount₦50,000 - ₦10,000,000

Interest Rate2-4% monthly

Tenure30-365 days

Approval Time24-72 hours

✅ Pros

•Oldest bank in Nigeria
•Highest loan limits
•Extensive branch network
•Multiple loan products

❌ Cons

•Slower processing
•More paperwork
•Stricter requirements

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GTBank

Guaranty Trust Bank

Loan Amount₦10,000 - ₦5,000,000

Interest Rate1.75-3.5% monthly

Tenure30-180 days

Approval TimeInstant-24 hours

✅ Pros

•Fastest approval
•Lower interest rates
•Best mobile app
•USSD access

❌ Cons

•Lower maximum limits
•Shorter tenure
•Account required

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Key Differences

Metric	First Bank	GTBank
Loan Amount	₦50,000 - ₦10,000,000	₦10,000 - ₦5,000,000
Interest Rate	2-4%	1.75-3.5%
Tenure	30-365 days	30-180 days
Approval Time	24-72 hours	Instant-24 hours

Common Questions

Is First Bank or GTBank better?

GTBank (for speed and rates) is generally the better choice for most users. However, the best option depends on your specific needs - First Bank may be better for some use cases while GTBank excels in others.

Which has lower interest rates, First Bank or GTBank?

Interest rates vary based on your credit profile and loan amount. Both apps offer competitive rates, typically ranging from 3-30% monthly. Check both apps for personalized rate offers.

Can I use both First Bank and GTBank?

Yes, you can have accounts with both apps. However, taking loans from multiple apps simultaneously may affect your credit score and ability to get approved for future loans.