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Frequently Asked Questions

EduCollect is a platform that aims to solve the problem of access to finance, which is a major barrier to quality education. We aggregate multiple funders and partner with Education institutions to provide finance & value services to Students, Parents, and Education service providers across various academic institutions in Africa.

Applying for a loan is simple:

Option 1

  • Sign up and complete the application form on our website and await feedback from our financial partner

Option 2

  • Apply from your Institution’s registration portal (for applicants from our Partners)
This is available to Students, Parents, and Education service providers across various academic institutions.
Whether you are a working class or a business owner, you are easily eligible for this loan if you (or your sponsor) have a steady income and can afford to repay 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.
Account statements are required to assess your spending pattern and ascertain your repayment capability.
The loan can either be self-financed or guardian financed. In the case of guardian financing, you will need to provide details of a guarantor who will be responsible for your loan repayments. In essence, your guarantor will be taking the loan on your behalf.
Taking advantage of the loan facility puts you in a great position to secure your education by not having to worry about making bulk tuition payments. By splitting payments, you can rest assured that you can focus on completing your studies in good time & not be held back by finances.
The application process itself can be completed in less than10 minutes, while the assessment process can take up to 48 hours.
The minimum loan amount is N50,000.
The maximum loan amount is N300,000
Since the loan is being taken to cover expenses for a semester, the loan tenor is 4 months, which gives you enough time to finish making your payments before the next semester.
Loan repayments will occur every month based on the date you select after securing the loan.
5%.
We encourage you to make your loan repayments on time because late or missed payments would hurt your credit reputation and affect your ability to get credit in the future. While we hope we never have to do so, we reserve the right to refer delinquent accounts to repossession agencies. This means in case of default; Our Partners will go after defaulters with the full extent of the law. For any questions about this, or if you are unable to pay your balance, please contact us before your repayment date.

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

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.

  • 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.

Yes, our finance partner will send you emails and SMS to remind you of upcoming payments.
Your first monthly payment will be due 30 days from the date your loan is processed. We will send you reminders to confirm all of your due dates.
We advise you pay your loan as soon as possible as delayed payments might attract a late fee penalty
No. On the contrary we advise you pay up your loan early, as this allows you access unique incentives based on our discretion.

If you encounter any problems repaying your loan, please contact our customer support at [email protected] or [email protected]

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.

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Email: [email protected]Phone: +2348143906442