Youth unemployment and loans for unemployed in Nigeria

1. Youth unemployment and loans for unemployed in Nigeria Nigeria’s population is known to to have touched the figure of nearly 167 million individuals in 2012, according to the National Bureau of Statistics. The National Population Commission has mentioned that almost half of the population is comprised of youth, termed as people between 15 and 34 years of age. Unfortunately, as the youth population surges, so does the unemployment figure. In fact, unemployed youth countednearly 11.1 million in 2012. To help those people, various financial institutions have started offering loans for unemployed in Nigeria. These loans are collateral free and don’t need any kind of proof of unemployment or even a visit to the bank for any kind of documentation. The repayment time horizon for these ranges from 14 days to 6 months, depending on the providers. The maximum amount one can access initially is dependent on the furnished information, and requested funds are transferred nearly instantly. In today’s fast-paced world, all you need is a smartphone with Android or iOS operating system, a working internet connection, and valid bank details. One can expect of getting higher credit limit if he or she has a history of repaying on-time. If you don’t have a single proof of employment which is due to a layoff or furlough, one can provide the lender with other income options to prove that he would be able to pay back once borrowed the amount. Unemployment advantages can be used to showcase your income, along with the following: Retirement benefits/pension Disability Social Security benefit payments Alimony/child support Spousal income (for co-signing or a combined personal loan) When it comes to seeking loans for unemployed in Nigeria, one’s credit score is of immense value. A person with higher credit score would have more chances of getting a loan even without having a job in hand. This is because Lenders usually prefer to at the credit records and credit score to check how trustworthy you are when it comes to handling a running debt and paying back what you borrow. The higher the credit score, the easier for lenders to sanction the quick loan in Nigeria. Generally, a good credit score is 670 or above. Eventually, it depends on the utilized scoring model like FICO or VantageScore. One great option is to apply for the loan with a co-applicant.If your credit score is restricting you from getting approved for a personal loan while unemployed, the inclusion of a co-signer may be of immense help. A co-signer could be your friend or family member who possess a good credit score. Address: I.B.T.C. Place, Walter Carrington Crescent, Victoria Island Lagos Telephone: 0700 909 909 909 Email us: CustomerCareNigeria@stanbicibtc.com Web: https://www.stanbicibtcbank.com/