YouthCred: 6 Things to Know about FG's Free Loans to Nigerian Youths

• The Federal Government has launched YouthCred to provide accessible loans for Nigerians aged 18 to 39
• Applicants can borrow between N5,000 and N5,000,000 without collateral, with flexible repayment plans of up to 12 months
• The scheme also offers exclusive credit options for NYSC members and aims to boost financial literacy and responsible borrowing

The Federal Government has introduced YouthCred, a platform designed to improve financial inclusion and credit access for young Nigerians.

The initiative is backed by CrediCorp and aims to help individuals build strong credit histories, enhance financial literacy, and achieve greater economic independence.

YouthCred is open to applicants aged 18 to 39, including National Youth Service Corps (NYSC) members, young professionals, and entrepreneurs.

With flexible loan options, no collateral requirements, and amounts reaching up to ₦5 million, the scheme targets both personal and business needs.

Below are six key things to know about YouthCred:

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1. What is YouthCred?

YouthCred is a financial empowerment scheme created to give young Nigerians affordable access to credit while teaching responsible borrowing.

It offers a range of credit products for different needs, including the YouthCred Card, Corper Credit for NYSC members, and Youth Entrepreneurs Credit for business owners.

2. Who can apply?

The scheme is open to Nigerians between 18 and 39 years old who are either employed or running a business.

NYSC members have exclusive access to tailored credit options, making it easier for them to start their financial journey early.

The empowerment platform says of NYSC that:

"Youthcred focuses on developing the skills and competencies of young Nigerians, making them more employable and entrepreneurial. NYSC, with its emphasis on practical experience and skill-building, can benefit from Youthcred’s expertise in areas like financial literacy, leadership development, and digital skills."

3. How much can you borrow?

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Loan amounts start from as little as ₦5,000 and can go up to ₦5,000,000 depending on the applicant’s profile and repayment history.

Borrowers can unlock higher limits by maintaining a good credit record.

4. Repayment period

Repayment terms are flexible, ranging from one to twelve months. This allows beneficiaries to choose a plan that aligns with their income cycle and financial capacity.

The scheme asserts that it is solving the problem of "limited financial literacy, lack of credit history, and restrictive lending practices hinder the ability of young Nigerians to access affordable credit, thereby limiting their economic potential."

5. Requirements and accessibility

YouthCred loans are designed to be easily accessible, requiring no collateral or guarantors.

Applicants only need to demonstrate financial responsibility through timely repayment of smaller loans before accessing larger sums.

6. How to apply

Applications are completed online through the YouthCred website. The process takes only a few minutes and requires basic personal and financial information for verification.

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Once approved, funds can be accessed without lengthy paperwork or bureaucratic delays.

African Union invites applications for roles

Earlier, Legit.ng reported that the African Union announced recruitment for seven key positions for qualified candidates.

These seven roles ranged from logistics and medical warehouse management to market intelligence and ERP systems.

Prospective applicants with HND, BSc, or MSc qualifications were encouraged to apply through the online job portal.

Source: Legit.ng