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Education Loan (Unsecured)

The unsecured education loan offers up to $800,000 for both part and full time study with 22.5% interest and up to 5 years to repay

Education Loan (Unsecured)

 

About This Loan

The unsecured Education Loan is for students pursuing both part time and full time study. The loan can be used for payment of tuition, purchasing of books and any other academic expenses. It offers a maximum of $800,000 with up to 5 years for repayment, with an interest rate of 22.5%. Unlike the student loan, repayment is done during the course of study. The repayment penalty for missing one month is an additional fee of 5% of the loan amount for the month missed. In order to qualify for this loan, the part time students would have to be: employed for at least a year, have a job letter, have 2 months payslips, an acceptance letter from the school they will be attending, and proof of tuition cost. The application fee is 1.5% of the requested loan amount. The application process is approximately 3-5 working days after submission of required documents. Afterwards, a decision will be made to approve or decline the loan.

What You Need To Know

Up To

$800,000

in Available Funds

5 Years

To Repay

Up To

3 - 5 Working Days

Avg. Approval Time

As Low As

22.5%

Interest Rate

Up To

 
 

Additional Information

Who is This Loan Primarily For?

Cornwall University-level Students who study part time

Cornwall Students that 18 years and older

Cornwall Students that have been employed and paid for at least 1 year

Cornwall Students who wish to pay for school related expenses

Cornwall Students who are thinking about going to University

Do I Need Collateral To Apply For This Loan?

No, the unsecured education loan does not require any collateral.

Minimum Amount Disbursed For This Loan?

$30,000

What Are The Requirements To Apply For This Loan?

  • Deposit 5% of required loan amount in shares

  • Acceptance Letter/School Report

  • Valid ID (Driver’s License, Passport or National ID)

  • Tax Registration Number (TRN)

  • Passport size photograph

  • Verification of Income (Payslips for two months)

  • Job letter

  • Proof of tuition cost

 
Steps To Apply

Become a member of Gateway

1

Fill out and submit a loan application form in branch

2

Submit all required documents

3

Pay the application fee

4

Wait for loan to be processed

5

Receive a call from a Gateway credit clerk

6

Sign relevant documents for disbursement

7

Our Team Stands Ready

If you're interested in any of our loans, we'll pair you with our expert customer service representatives, who will work with you to understand how to bring you to the solution they need.

 

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STILL NOT SURE?

Deciding whether Gateway is the right partner for your loan? We know that this is a long-term decision, and we want to ensure that you are fully informed going into this commitment with us.

 

Learn more about this opportunity by chatting with our agent, or by visiting our Frequently Asked Questions.

 

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