Paydayloanskentucky.org – Should you get a loan for students in Nigeria? Education has become part of our lives. It’s no longer a middle-class luxury. For the poor, education is a solution to get out of poverty.
However, as the competition grows, the demand for workers with higher titles also grows. High school graduates will soon find themselves competing with college graduates. Sadly, many Nigerians simply couldn’t afford a higher level of education. That’s the reason behind the popularity of student loans in this African powerhouse.
Loan for Students in Nigeria
A loan is a loan. It’s a business with an interest rate as the main profit. Student loans are not an exception. Though it can be cheaper, especially when it comes from government institutions.
As of 2022, the National Assembly has passed a Student Loan Bill with the main purpose of giving a better financial assistance for young Nigerians. However, the bill is still waiting to be approved by the Senate and the President.
10 Instant Loan for Students in Nigeria
While the bill is still being processed, some companies have already launched a service for it. Below are several lender companies that offer a specific program for students.
- FairMoney: It’s one of the most famous student loans in Nigeria. You can get as much as ₦150,000 within a day or even an hour.
- Branch: Branch allows you to take a loan ranging from ₦1000 to ₦200,000 with APR 15%-34%. It’s a multinational company operating world-wide.
- Aella Credit: A fast app offering a loan of up to 1 million. The interest rate is 6% to 20% and the duration is 1 to 3 months.
- PalmCredit: A loan app allows its debtors to borrow money up to 6 months, ranging from ₦2,000 and as much as ₦100,000. The interest rate is from 14% to 24%.
- Lidya: A loan for students in Nigeria which provides a ₦500 to ₦50,000 loan. The loan can be taken within a day.
- Blocka Cash: Blocka Cash will grant you as little as ₦5,000 and as much as ₦50,000. The interest rate is 3% – 10% monthly.
- Page Financials: A CBN-verified app with interest rate from 3.76% to 120%. You can borrow ₦100,000 to ₦5,000,000.
- CreditVille: A loan app allows you to borrow as little as ₦100,000 and as much as ₦4,000,000. The maximum loan duration is 18 months.
- Okash: Okash is an Opay subsidiary that will lend you a cash up to ₦50,000 loan. The repayment period is 3 months to 1 year.
- Alat: Alat offers a fast loan with very loose documentation. You can borrow as much as ₦2,000,000 with certain conditions.
| Student Loan in Nigeria | ||||
|---|---|---|---|---|
| FairMoney Max: ₦150,000 | Aella Credit Max: 1 million | KwikMoney ₦500 to ₦500, 000 | Page Financials ₦100,000-₦5,000,000 | CreditVille ₦100,000- ₦4,000,000 |
| Branch ₦1000 to ₦200,000 | Palm Credit ₦2,000- ₦100,000 | Blocka Cash ₦5,000- ₦50,000 | CreditVille ₦100,000- ₦4,000,000 | Alat Max: ₦2 million |
Online Loan for Students in Nigeria
Most of the student loan companies operating in Nigeria provide an online service. In fact, some of them can only be accessed online. Meaning, to borrow from them, you have to visit their websites or install their apps.
The downside of this practice is the numerous scam apps waiting to cheat the students. As such, it’s better to be cautious before you send important documents like your ID and bank account data.
Tips on Getting Education Loan Givers in Nigeria
You don’t want to be clueless when taking a loan for students in Nigeria. We have some advice you might want to follow.
- Consider other financial aid offers like scholarships if it’s possible.
- Consider getting a part-time job instead of borrowing money as long as it doesn’t disturb your studies.
- Don’t take more than you need or else, you’ll suffer because of the interest rate.
- Don’t feel hesitant to ask questions. Taking a loan can be really expensive. It’s better to choose a cheaper loan product by asking the Customer Service.
- Read all the instructions, terms, and conditions.
- Count the total money you must pay, including the fee and interest rate.
- Find out the loan duration. Make sure you have enough time to repay it.
- Ask for advice from your parents as you may need their help to back the loan.
Government and Private Loan for Students in Nigeria
There are at least 2 types of student loans when it comes to its source. The first one is the government loan. It usually has a cheaper interest rate, longer duration, and an inexpensive penalty charge. But in spite of that, it usually has a lower max amount of loan and can only be used by selected students.
The private loan, on the other hand, has better service, such as a faster and more user-friendly app. Moreover, it also has flexible regulations allowing almost all students to borrow money. The downsides lie in the fact that it has a higher interest rate and a penalty charge.
Both private and government loans have their own pros and cons. It would be wise to select the loan that match your needs and conditions.
UK Study Loan in Nigeria
Aside from local student loans, some banks and lending companies allow students to borrow money to study abroad. It’s definitely way more expensive and more difficult to be approved. However, it can really a life-changer.
Getting a degree from abroad especially from the UK is beneficial in many ways. You can work in developed countries, or you can come back to Nigeria with a better chance to get a job with a high salary.
After all, getting a loan for students in Nigeria can be beneficial. Although, it’s always important to be careful and calculative. You also need to study really hard, so you can pay back the money faster.
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