1. Can I borrow money from my NYSC allowance?

Yes, Moniestack allows NYSC members to apply for loans even if their primary income is the NYSC allowance. Simply sign up, provide your NYSC details, and apply for a loan tailored to your financial needs.

What is the minimum and maximum loan amount for NYSC members?

NYSC members can borrow a minimum of N30,000 and up to N300,000 depending on their income from allowances and creditworthiness. Moniestack evaluates your financial standing to assign an appropriate loan limit.

How much loan can I get as NYSC member or Corper?

NYSC members can get loan of a minimum of N40,000 and up to N300,000 depending on their income from allowances and creditworthiness. Moniestack evaluates your financial standing to assign an appropriate loan limit.

3. What is the interest rate on loans for NYSC members?

Moniestack offers competitive interest rates for NYSC members, ranging from 2% to 5% monthly. The exact rate depends on the loan amount and repayment period selected.

Can I get a loan to start a small business during NYSC?

Yes, Moniestack provides small business loans for NYSC members. You can borrow up to N150,000 to start a business or fund existing projects during your service year.

Can I borrow money from my NYSC account?

Yes, NYSC members can borrow a minimum of N5,000 and up to N100,000 depending on their income from allowances and creditworthiness. The Bank has made it possible for serving members of the National Youth Service Corps (NYSC) / Corpers to apply and get instant loans disbursed into their accounts to meet their financial needs.

How long does it take to get a loan approved as an NYSC member?

Loan approvals for NYSC members on Moniestack are typically fast. After completing the application and verification process, your loan can be approved within minutes, with funds disbursed to your account shortly after.

Do I need a guarantor to get a loan as an NYSC member?

No, Moniestack does not require a guarantor for loans given to NYSC members. However, you must provide your NYSC identification and verify your personal information to be eligible.

7. Can I repay my loan early as an NYSC member?

Yes, Moniestack allows early repayment of loans without penalties. You can repay your loan in full or in part at any time, which may also help reduce the interest you pay.

8. Are there late payment penalties for NYSC loans on Moniestack?

Yes, late payment penalties may apply if you fail to meet the repayment deadlines. Moniestack encourages timely repayment to avoid additional fees, which can range from 1% to 2% of the outstanding balance.

9. Can I extend the loan repayment period during NYSC?

Moniestack offers flexible repayment terms for NYSC members. If you find it difficult to meet your repayment schedule, you can apply for an extension, subject to approval and additional interest charges.

10. Can I apply for another loan while repaying an existing one as an NYSC member?

Yes, NYSC members may be eligible for a second loan while repaying an existing loan, provided they have demonstrated a good repayment history with Moniestack. The second loan amount will depend on your current financial standing and repayment capacity.

11. Are there loan options available after I complete my NYSC?

Yes, after completing your NYSC, Moniestack offers additional loan products tailored to recent graduates and young professionals. These loans come with higher limits and competitive rates to support your post-NYSC financial needs.

12. What documents do I need to apply for an NYSC loan on Moniestack?

To apply for an NYSC loan, you need your NYSC ID, and a valid means of identification. Moniestack may also ask for proof of income, such as your NYSC allowance statement.

13. How do I check my loan eligibility on NYSC ALAWEE ?

Once you sign up on Moniestack, the system automatically evaluates your profile based on your income, NYSC status, and credit history to determine your loan eligibility. You can check your status on your dashboard.

14. Can I apply for an emergency loan as an NYSC member?

Yes, Moniestack offers emergency loans for NYSC members. If you have unexpected expenses, you can apply for an emergency loan with quick approval and disbursement to your bank account.

15. What happens if I default on my loan repayment?

If you default on your loan repayment, Moniestack may charge late fees and report the default to credit bureaus, affecting your credit score. It's best to contact Moniestack if you're facing difficulty repaying your loan to discuss restructuring options.

16. Can NYSC members without a steady income apply for loans on Moniestack?

Yes, Moniestack allows NYSC members to apply for loans even if they don't have a regular income beyond the NYSC allowance. The loan amount will depend on your repayment capacity based on your CORPER / NYSC income.

17. How do I calculate my CORPER / NYSC loan repayment schedule?

Moniestack provides a loan calculator tool during the application process. You can input the loan amount and term to see your repayment schedule, including interest and total repayments.

18. Can I get a personal loan for education-related expenses during NYSC?

Yes, Moniestack offers personal loans that can be used for education-related expenses such as tuition fees, exams, or certifications during your NYSC service year.

19. Is there a referral program for NYSC members on Moniestack?

Yes, Moniestack has a referral program where NYSC members can earn rewards by referring friends to apply for loans through the platform. Each successful referral can earn you a bonus.

20. How do I contact Moniestack for support with my NYSC loan?

If you have any questions or need support with your NYSC loan, you can contact Moniestack customer service via phone at 09160001510 or 09160001512, or send an email through the contact form on the Moniestack website.