Up to N5 Million Available: FG Launches New Loan Scheme for 3 Categories of Youths
- CREDICORP launched three dedicated YouthCred loan products for NYSC corps members, salaried workers, and young entrepreneurs
- Eligible applicants aged 18 to 39 can borrow between N5,000 and N5 million with no collateral or guarantors required
- The programme ties loan eligibility to financial literacy courses, with repayment periods stretching up to 12 months
The Nigerian Consumer Credit Corporation (CREDICORP) has opened a loan application portal under its YouthCred initiative, offering three separate credit products for National Youth Service Corps (NYSC) members, salaried young workers, and business owners aged between 18 and 39.
The scheme allows successful applicants to borrow as little as N5,000 or as much as N5 million, depending on their financial profile and repayment history.
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CREDICORP said the programme is designed to give young Nigerians a structured entry point into formal credit while building credit histories that can improve their long-term access to finance.
Three Products, Three Categories
YouthCred loan categories
1. Corper Credit (NYSC members)
- Available only to serving NYSC corps members.
- Repayment period: Up to 6 months.
- Includes mandatory financial literacy training.
- Low-interest loans with the opportunity to access higher loan amounts after timely repayment.
2. Employed Youth Credit
- For salaried young professionals aged 18 to 39.
- Repayment period: Up to 12 months.
- Suitable for personal purchases and other financial needs.
- Good repayment history unlocks larger loan limits.
3. Youth Entrepreneurs Credit
- For entrepreneurs aged 18 to 39 running a business.
- Repayment period: Up to 12 months.
- Can be used for working capital, equipment purchases and business expansion.
No Collateral, But Financial Education Is Mandatory
Unlike many traditional credit facilities, YouthCred does not require collateral or guarantors. The programme instead asks borrowers to start small, repay on time, and complete financial education modules as a condition of eligibility.
YouthCred said approved loans are disbursed within minutes of approval.
Repayments are collected through automatic debit arrangements, though borrowers may settle their loans ahead of schedule. Early repayment is encouraged, as it can improve a borrower's credit score and qualify them for larger facilities in future.
Missed payments, however, carry consequences. YouthCred warned that defaulting on repayments will reduce a borrower's credit score and lower their future borrowing limits.
Source: Getty Images
Financial Literacy at the Core
Beyond the lending component, CREDICORP positioned YouthCred as a financial education tool.
Participants are advised to borrow only what they need, keep their overall debt levels low, and monitor their credit scores through recognised Nigerian credit bureaus.
The initiative forms part of CREDICORP's broader mandate to expand responsible consumer lending across Nigeria, with particular focus on young people who have little or no existing credit history.
FG opens portal, Nigerians can borrow up to N300,000 easily
Earlier, Legit.ng reported that the Nigerian government is set to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000 through its upcoming programmes, MarketMoni and TraderMoni.
MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory, and expand their businesses.
Source: Legit.ng
