Student Credit: Helping Nigerian students take care of bills other than tuition fees

Nigerian students need more than tuition fees and we’re here to help them with Student Credit. Since inflation rate has spiraled to an all time high, hitting 33.95% in May 2024, there are more zeros on pretty much everything with a price tag in the country including education.

Starting with the 2023/2024 session, tertiary institutions hiked tuition fees by more than 1000%, which made parents groan and students struggling to stay in school.

Emmanuel, a law finalist, has already spent 2 extra years in school than expected due to strikes and COVID, which meant he had to spend more than was budgeted for his university program. At least he had his parents’ support and an N100,000 job he could sustain the N16,000 tuition fee per semester, feeding, textbooks, field trips, handouts, faculty and department dues, and other miscellaneous bills.

Now, tuition is teetering over N200,000, feeding costs are triple what they used to be, transportation is not cheap anymore, and data plans are more expensive. He can’t even treat himself to a fancy restaurant, not to mention taking a girlfriend on a date. He scraped and managed to pay his tuition fees because he cannot afford to drop out now, but what about his other bills?

This is just one of the many stories of students struggling today, and it’s where we come in.

Since the Federal Government of Nigeria approved the disbursement of student loans, we have been brainstorming how we could play our part as an innovative company. Lendsqr also has students in its workforce, so the answer came easily: provide financial relief to Nigerian students through student loans.

Introducing Student Credit by Irorun, powered by Lendsqr

Student Credit by Irorun is a pioneering financial product specifically designed to address the urgent financial needs of Nigerian university students. Powered by Lendsqr, Irorun’s Student Credit offers quick and easy access to funds, considering the urgent financial needs of Nigerian university students.

With Student Credit, students can access loans ranging from N2,000 to N50,000 with flexible repayment terms of 7 days to 3 months. Unlike traditional loans that often involve lengthy processes and long-term commitments, this service is tailored to the dynamic lifestyle of students.

We’ve built Student Credit with convenience in mind. Our goal is to empower students to focus on their academic pursuits without the added burden of where to get the next lunch money, or how to cover dues, or any other thing that might cause undue financial stress.

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What are the eligibility requirements?

To qualify for a Student Credit loan, Nigerian students must meet the following criteria:

• University enrollment: The applicant must be an undergraduate student in Nigeria, enrolled in any department or college from 100 to 600 levels. The service is also available for post-graduate students.
• Age range: The applicant should be between the ages of 15 and 28.
• Income range: The monthly income of the applicant should be between N5,000 and N100,000.
• Academic progress: The student must have completed at least one semester of their academic program.
• Identification: Applicants need to provide their matriculation number and other departmental information for verification and eligibility purposes.
• Proof of income: Validation of proof of income to assess the borrower’s ability to repay the loan.
• Additional checks: A credit bureau check, and verification of the National Identification Number (NIN) and phone number to ensure the borrower’s credibility.

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What can you get a loan for?

Student Credit is designed to provide swift financial relief for everyday needs and unexpected challenges students may encounter. Our product is not intended for long-term financial planning or significant purchases.

Common situations where Student Credit can be a helpful solution include:

• For transportation: You may need to go on a course appointed field trip, or simply need financial support to move around campus, to and from home instead of trekking to save money.
• To pay off other debts with high interest rates: You can get a loan to settle debts that are stressing you financially and mentally.
• Essential living expenses: Cover immediate needs like food, utilities such as kerosene, light bills, water, or other basic living costs until your regular income or allowance is available.
• School dues and miscellaneous fees: Use Student Credit to pay for your faculty/department dues, handouts, exam past questions, textbooks, lab materials, etc. Note that Student Credit cannot cover tuition fees.

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How to get started with Student Credit

Getting started with Student Credit is a straightforward process to ensure quick access to funds. Here’s a step-by-step guide:

Onboarding and registration:

• Sign up: Register on the Student Credit platform using your personal and academic details.
• Verification: Provide necessary identification documents, including your matriculation number, departmental information, proof of income, and National Identification Number (NIN).
• Validation: The system will validate your information, including a credit bureau check.

Applying for a loan:

• Loan options: Browse through available loan options and select the one that suits your needs.
• Input details: Fill in the required details such as loan amount, tenure, and purpose of the loan.
• Additional information: Students will provide personal pictures and a video for identification, guarantors, and debit card information for further verification.

Approval and disbursement:

• System validation: The system will validate all the provided information.
• Loan confirmation: Once validated, the loan will be confirmed, and funds will be disbursed to your account promptly.

Referral program:

• Earn rewards: Refer fellow students to the Student Credit platform and earn a 15% bonus on the interest earned from their repaid loans, provided the loans are repaid in full within three months.

Don’t suffer in silence. Take care of your bills with Student Credit.

Going through school and making good grades is already hard enough without having to worry about what to eat or urgent 2k everyday. We believe that education should be accessible to everyone, regardless of financial background. With Student Credit, you can focus on your studies without worrying about how to make ends meet.

Our student loan program is to help you cover accommodation, feeding, and other expenses without breaking the bank. To get started, visit the Student Credit website.