Frequently Asked Questions
What is EduCollect?
How can I get the loan?
Applying for a loan is simple:
- Sign up and complete the application form on our website and await feedback from our financial partner
- Apply from your Institution’s registration portal (for applicants from our Partners)
Who can access the loans?
What are the eligibility requirements?
What documentation is required to apply for the loan?
For the self-financed option:
- Recent Six (6) months'; bank statement of your salary account
- Valid Government – issued identification card.
- Workplace/ company's Identification card.
For the guardian financed option:
- Guardian's Recent Six (6) months'; bank statement of your salary account
- Guardian's Valid Government – issued identification card.
- Guardian's Workplace/ company's Identification card.
Why is my account statement required?
What are the loan financing options?
Why should I take the loan?
How long does the loan application process take?
What's the minimum amount I can take?
What's the maximum amount I can take?
How long do I have to pay back?
How often do I have to make repayments?
What is the interest rate?
What is the penalty for defaulting?
Why was my loan declined?
There are so many reasons why your loan request can be declined, ranging from:
- Inconsistent or inaccurate customer information
- Didn't meet the basic requirements
- High loan exposure
How do I repay my loans (on CredPal)?
Cheque - You can pay for your loans by issuing us post-dated chute on delivery. The cheque should be dated to be collected on dates of your repayment or earlier.
Debit Card - You can set up your debit card for repayment via our mobile app. This can be done with the pay now option or the add card option
Bank Transfer - You can do a direct transfer into our account and inform us about your payment. We will then confirm and acknowledge your payment via mail.
Dashboard - You also have the convenience to make repayments from your CredPal dashboard.
Where do I see my repayment details?
- In your dashboard
- In your email
We always show the total amount of interest you'll pay, and we never charge more beyond that, aside late repayment penalty charges. This way, you always know what you're getting into.
Will you send me repayment reminders?
When are my bills due?
What if I need more time to pay my bill?
Are there any penalties for paying off my loan early?
Still Have A Question?
Can't Find an Answer to Your Question?
If you still have an unanswered question or require further assistance, don’t hesitate and contact us by mail at [email protected]. We will be sure to respond as swiftly as possible.