There is confusion and misleading information being spread concerning the immediate loan amount of the new loan program, YouthCred, which is helping youths understand credit and at the same time have access to small loans.
Rumors have claimed that you can borrow up to N200,000 immediately after signing up. This is not true, according to the current policy of the program.
Recall that the Federal Government recently launched the YouthCred loan scheme.
YouthCred program only offers first-time applicants a loan of up to N50,000. However, National Youth Service Corps (NYSC) members can increase their limit to N200,000 after successfully repaying what they borrow.
However, applicants must pass a financial literacy test with at least 80% before receiving funds. The first loan can be upgraded after repayment, with repayment being automated through the Corps Member’s NYSC allowance account.
This means that as long as a Youth Corper is putting into practice what they learn during the test, and are being financially responsible, they will qualify for higher loan amounts.
“YouthCred teaches financial literacy before providing loans, making it a cultural reorientation program, not just a financial product,” according to the program statement.
This initiative is a foundational step toward building a credit-ready generation, unlocking access to housing, business financing, and long-term financial inclusion.
Youth Corps members are encouraged to apply at www.youthcred.com while the program is still ongoing. Applicants are reminded that this is a Federal Government-backed loan and not a grant, which means that you are obligated to pay back.
