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Schoolable – The best platform for student loans in Nigeria

Schoolable – The best platform for student loans in Nigeria
Schoolable – The best platform for student loans in Nigeria

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Schoolable is a fintech company that provides access to affordable finance in the private school system in Africa. The company was founded in 2018 by Temi Otedola and Michael Agbaje, and is headquartered in Lagos, Nigeria.

What Services does Schoolable offer?

  • School fee payment: Parents can pay school fees online using Schoolable, which makes it easy and convenient to pay fees on time.
  • Fee planning and tracking: Schoolable helps parents plan and track their school fees, so they can be sure they are always on top of their payments.
  • Loans and savings: Schoolable offers loans and savings products to help parents pay for school fees.
  • Expense management: Schoolable helps schools manage their expenses, including payroll, vendor payments, and other costs.
  • Banking: Schoolable offers a free bank account to schools, which can help them streamline their finances.

Schoolable is a convenient and affordable way to pay school fees, plan and track fees, and manage school expenses. It is a valuable tool for schools and parents alike.

Here are some additional details about the services that Schoolable offers:

  • School fee payment: Schoolable allows parents to pay school fees using a variety of methods, including credit cards, debit cards, and bank transfers. Parents can also set up recurring payments, so they don’t have to worry about remembering to pay fees each month.
  • Fee planning and tracking: Schoolable helps parents plan and track their school fees by providing them with a clear overview of their upcoming payments. Parents can also set up alerts to remind them when payments are due.
  • Loans and savings: Schoolable offers loans and savings products to help parents pay for school fees. Loans are available for both parents and students, and savings products can help parents save for future school expenses.
  • Expense management: Schoolable helps schools manage their expenses by providing them with a clear overview of their spending. Schools can also set up budgets and track their spending against those budgets.
  • Banking: Schoolable offers a free bank account to schools, which can help them streamline their finances. The bank account comes with a debit card and online banking access.

How can I register on Schoolable?

  1. Go to the Schoolable website or app.
  2. Click on the “Create Account” button.
  3. Enter your name, email address, and password.
  4. Click on the “Register” button.
  5. A verification code will be sent to your email.
  6. Input the verification code and click on “Verify Account”.

Once you have successfully registered, you will be able to log in to your account and start using Schoolable.

Here are some additional things to keep in mind when registering on Schoolable:

  • You must be 18 years of age or older to create an account.
  • Your email address must be unique.
  • Your password must be at least 8 characters long and contain a combination of upper and lowercase letters, numbers, and symbols.
  • You will need to link a bank card to your account in order to make payments.

Can I obtain a loan from Schoolable? 

Yes, you can obtain a loan from Schoolable. Schoolable offers loans to parents who are short of cash to pay up their child’s fees. The amount of the loan you can get will depend on your income and other factors. The interest rate on the loan is also dependent on your credit score.

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To apply for a loan from Schoolable, you will need to create an account and provide some basic information about yourself, your income, and your child’s school. Once you have applied for a loan, Schoolable will review your application and let you know if you have been approved. If you are approved, the loan will be deposited into your Schoolable account and you can use it to pay your child’s school fees.

Here are the steps on how to obtain a loan from Schoolable:

  1. Create a Schoolable account.
  2. Provide some basic information about yourself, your income, and your child’s school.
  3. Apply for a loan.
  4. Wait for Schoolable to review your application.
  5. If you are approved, the loan will be deposited into your Schoolable account.
  6. Use the loan to pay your child’s school fees.

Here are some of the benefits of obtaining a loan from Schoolable:

  • You can get the money you need to pay your child’s school fees without having to go through a traditional bank.
  • The interest rates on Schoolable loans are generally lower than the interest rates on traditional bank loans.
  • The application process for a Schoolable loan is quick and easy.

Here are some of the drawbacks of obtaining a loan from Schoolable:

  • You will have to pay back the loan, plus interest.
  • If you miss a payment, you may be charged late fees.
  • If you default on the loan, your credit score may be affected.

Overall, Schoolable is a good option for parents who need to borrow money to pay their child’s school fees. The interest rates are lower than traditional bank loans and the application process is quick and easy. However, you will have to pay back the loan, plus interest, so make sure you can afford the monthly payments before you apply.

How to apply for a loan at Schoolable? 

  1. Create a Schoolable account. You can do this by visiting the Schoolable website or app and clicking on the “Create an Account” button. You will need to provide your name, email address, phone number, and password.
  2. Link your bank account. Once you have created an account, you will need to link your bank account. This will allow Schoolable to verify your income and expenses so that they can determine how much you can borrow.
  3. Apply for a loan. Once your bank account is linked, you can apply for a loan. You will need to provide the amount of money you need to borrow, the purpose of the loan, and your repayment terms.
  4. Wait for approval. Once you have submitted your application, Schoolable will review it and let you know if you have been approved for a loan. If you are approved, the money will be deposited into your linked bank account.

Here are some additional things to keep in mind when applying for a loan at Schoolable:

  • You must be a resident of Nigeria to apply for a loan.
  • You must have a valid bank account in Nigeria.
  • Your credit score will be considered when your application is reviewed.
  • The interest rate on your loan will depend on your credit score and the amount of money you borrow.

What is the limit on my savings on Schoolable?

There is no limit on the amount you can save on Schoolable. You can start saving with as low as ₦100 (One Hundred Naira) and there is no upper limit on any of the saving plans. You can also create as many saving plans as you want.

Here are some of the saving plans you can create on Schoolable:

  • Short-term savings plan: This plan is ideal for saving up for small expenses, such as a new laptop or a vacation.
  • Medium-term savings plan: This plan is ideal for saving up for larger expenses, such as a car or a down payment on a house.
  • Long-term savings plan: This plan is ideal for saving up for retirement or other long-term goals.

Schoolable is a great way to save money and reach your financial goals. With no limits on how much you can save or how many saving plans you can create, you can easily track your progress and stay on track.

Does Schoolable have a mobile app?

No, Schoolable does not have a mobile app yet. However, you can create your account via their website and take charge of your school’s finances and savings. You can also access Schoolable on your mobile device through the web browser.

In Conclusion:

Schoolable does not currently offer a mobile app, but that doesn’t mean you can’t manage your school’s finances and savings on the go. By accessing Schoolable through your mobile device’s web browser, you can still have full control and visibility of your school’s financial operations. So even without a dedicated app, Schoolable provides a convenient and accessible solution for managing your school’s finances anytime, anywhere.

 

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