Apply With The Link: NYSC Members Can Now Get Consumer Loans With YouthCred
- The YouthCred platform, launched by CREDICORP in collaboration with NYSC, aims to provide consumer credit to 400,000 Nigerians, including Corps members
- Corps members can apply for loans ranging from ₦100,000 to ₦150,000, with a maximum of ₦50,000 for first-time loans, and low-interest rates of 1.5% per month
- To access the credit, Corps members must undergo training and meet certain eligibility requirements, including having at least two months left in their service year
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The YouthCred platform was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) to offer loans to Corps members.
Source: Getty Images
The program, which was introduced in collaboration with the National Youth Service Corps (NYSC), is a component of the federal government's effort to give 400,000 Nigerians access to consumer credit.
A formal Memorandum of Understanding (MOU) was signed by CREDICORP and the NYSC to actualize the program. The two organizations will collaborate to provide Corps Members with prudent credit.
Additionally, the agency reported that it had provided training on the YouthCred platform to NYSC officials around the country, guaranteeing that all Corps Members have access to financial education and the credit support program.
The project is in line with President Bola Tinubu's pledge on Democracy Day to launch a consumer credit program with the goal of giving 400,000 Nigerians financial independence.
“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit,” the Presidency noted earlier this year.
According to CREDICORP, active NYSC members can now register and apply for credit on the initiative's website, marking the formal start of the program for corps members.
More details about the loan
For eligibility, a Corps member must have a minimum of two months left in his service year.
Corps members can obtain an upfront consumer credit of ₦100,000 to ₦150,000 through YouthCred, which they can pay back over the course of their service year in small installments. However, ₦50,000 is the maximum amount that can be applied for on a first loan.
With little repayment required (1.5% monthly interest), the credit is provided at interest rates that are close to single digits.
The YouthCred program requires training as a prerequisite for credit access.
How to apply for YouthCred:
Below is a complete guide on how Corps members can apply for a loan under the YouthCred:
- Access the portal through your web browser.
- Click on ‘For Corps Members’ under the ‘Our Products’ section. Then, click on ‘Get Started’.
- On the login page, click on ‘Sign Up’, then select ‘NYSC Corper.’
- At the Sign Up page, you’ll be required to provide details such as a valid email address, Call Up Number, take a selfie, and upload a copy of either your NYSC ID card, Call-up letter, or Deployment letter (PPA).
- Once the above steps are completed, click on ‘Continue to Verify’.
Source: Getty Images
Bank of Industry announces special loan for women
Legit.ng reported that project Guaranteed Loans for Women (GLOW), a special intervention initiative worth N10 billion, has been introduced by the Bank of Industry (BOI) to assist female entrepreneurs throughout Nigeria.
Dr. Olasupo Olusi, the bank's managing director, made the announcement in Lagos, highlighting that the financing is intended to empower women, who are essential to Nigeria's economic development.
According to NAN, the program intends to close the ongoing financial inclusion gap that women in the nation confront by giving them the funding they need to grow their enterprises and support economic growth.
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Source: Legit.ng
