The Federal Government of Nigeria has rolled out YouthCred, a groundbreaking loan scheme offering up to ₦5 million to young Nigerians, including NYSC corps members and entrepreneurs, with no collateral required.
The program, introduced by the Nigerian Consumer Credit Corporation (CREDICORP) in collaboration with the National Youth Service Corps (NYSC), is part of President Bola Tinubu’s promise to expand access to consumer credit for Nigerians.
Officials say YouthCred is more than just a loan service; it’s a financial empowerment platform designed to help young people build credit history, fund businesses, and achieve financial independence.
5 Things to Know Before You Apply
1. Quick and Paperless Sign-Up
Applications are submitted online via [www.youthcred.com], with verification completed in minutes. The process is digital, requiring no cumbersome paperwork.
2. Who Can Apply?
Eligibility covers Nigerians aged 18 to 39, including NYSC corps members, salaried workers, and young entrepreneurs. Corps members have special loan options tailored to their service year.
3. No Collateral or Guarantors
YouthCred loans are collateral-free. Applicants do not need guarantors. Borrowers can start with smaller loan amounts and gradually increase their limit through consistent repayments.
4. Loan Range: ₦5,000 – ₦5m
Loan amounts depend on the applicant’s credit profile. Borrowers can access as little as ₦5,000 or as much as ₦5 million, depending on repayment history and eligibility.
5. Flexible Repayment Plans
Repayment terms are adaptable, ranging from 1 month to 12 months, making it suitable for both short-term needs and longer-term investments.
The YouthCred initiative targets:
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NYSC relocation and living expenses
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Gadgets, tools, and essentials
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Small business startup support
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Building long-term credit history
By removing the collateral barrier, the scheme opens the door for more young Nigerians to access affordable credit, reduce unemployment, and build sustainable livelihoods.
