If you are a Nigerian and you are jumping up because you can access a student loan in Nigeria now, take a deep thought.
‘He that comes to equity must come with clean hands’. This is one thing that is in that Act that you should see.
Sadly, you may have lived a life that disqualifies you from accessing this loan, if at all the money is available.
We know some persons do it.
You see, a moment with some young Nigerians discussing about the loans they take from Fintech companies, could make you wonder if you ‘get liver’ (could take risk).
However, when you sit with them, do not rush into conclusion, thinking they are dogged.
Most of them, will confidently explain away how they take loans without a plan to repay.
Loan Defaulting Consequence
They begin from small amounts and then get to a large amount and they disappear with the money.
This is the reason you get some calls from Fintech companies, asking you to tell someone to come and pay for the loan taken from them.
Well, that is one of such cases that are common.
Unfortunately, the Student Loan in Nigeria requires that you must have a clean slate in terms of credit rating before you can access it.
One of the clauses in that Act says: “Students with parents who have defaulted in respect of previous loans will not be considered”.
Also, if you, as an individual has defaulted on previous loans, you will will not be considered.
Have You Read: If You Fail To Repay Your Loan This Is The Consequence
This means that if you are desiring this loan, you must come with clean hands.
The truth most people do not know is that Fintech companies forward names of defaulters to banks and regulatory bodies.
This will ensure that you have no access to other loans.
As a result, if you want to access the student loans in Nigeria, make sure that you have no record of defaulting in loan repayment before now.
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