Definitions

In this agreement, the terms: “You”, “your”, “Customer”, and “Borrower” mean the person who applied for this Account and agrees to this Agreement while “We”, “us”, “our” and “Lender” shall mean The Lender, and following a novation, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned. – “Account” means the Borrower’s account with the Lender. – “Disbursement Date” means the date the Lender advanced the loan to the Borrower. – “Payment Due Date” means a maximum of 30 days after the loan is issued. – “Credit Limit” means the maximum amount available to the Borrower on opening the account with the lender. – “Loan” means the sum of money or total lump sum advanced to the Borrower by the Lender, not less than One Thousand Naira.

Consent

– All electronic correspondence sent to you is as valid as written documents sent to your valid legal address. – By agreeing to these terms and conditions, you consent to the sharing of your data/information collected from this transaction with our affiliate entities and service providers for the purpose of this transaction. – Due to the nature of our Services, we are required to work with a number of third parties and we may receive information about you from them. By agreeing to these terms and conditions, you consent to us receiving personal information and data from third parties for our loan process.

Advancement and Repayment

Your consent to these T&Cs replicates your execution of this contract via electronic signature, and that you assent to the following: – The Applicable Interest for the Public Sector loan shall be up to 3.75% Monthly (flat rate) of the facility granted or a lump sum of all facilities granted for the duration of the facility (ies). – The Borrower agrees to repay the Loan (principal plus accrued interest and administrative charges) in accordance with the terms and conditions of this letter. – The Lender shall deduct Default Fees, Penalty Fees where accruable, and in the event of any dispute arising from these Terms and Conditions – the cost of Litigation/Solicitors’ fees. – In case of pre-liquidation, the obligor agrees to pay a penalty of 4% of the loan outstanding balance with the outstanding principal balance, outstanding administrative charges, and the current month’s full interest. For cases of part pre-liquidation, in addition to the amount the loan is to be reduced by, the obligor agrees to pay a penalty of 2% of this part-liquidation amount. – The administrative charge shall be 2% of the loan amount. The customer can choose for the administrative charge to either be deducted upfront or capitalized. In cases where the administrative charge has been capitalized, it forms part of the principal and interest would apply to the capitalized amount. – There is a structured agreement between your employer and the lender to deduct your monthly repayment directly from your salary. However, should this deduction not occur, it is expected that you make the due payment via bank transfer or deposit to fulfill the month’s obligation.

Your Obligations

– To pay the loan sum, including the Applicable Fees, and other amounts due to the Lender charged to you on the basis of this transaction on or before the Due Date. – To provide your authentic and up-to-date personal, social media, phone, and financial records that we may reasonably request and analyse, from time to time. – To pay all costs of collection if we take any action to collect this Account or take any action in a bankruptcy proceeding filed by or against you. This shall include, unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred while collection lasts. – To pay a Late Fee or penalty fee as may be provided in these terms and conditions. – To promptly notify us if you change your name, your mailing address, or your telephone number. – To make self-payment of your monthly obligation if your employer fails to remit the repayment as agreed. – To honor any other promises that you make in this Agreement. – That you will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract. – Not to use the platform for any act of illegality or criminality as the lender will not be criminally culpable for any illegality committed by you. – To fill out the application form (as provided) with accurate information and details as required.

Lender’s Obligation

– To make available the loan/credit facility to the Borrower of a figure not less than N20,000.00 (Twenty Thousand Naira only). – To perform the above upon confirmation of the Borrower’s identity and personal information. – To demand repayment from the Borrower as and when due. – To conduct investigations on the Borrower prior to opening an account for the Borrower. – To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the Applicable Fees, and any other penalty fee imposed on the Borrower as a result of the loan.

Credit Reference

– The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit. – The Borrower authorizes The Lender to access any information available to The Lender as provided by the Credit Agency. – The Borrower also agrees that the Borrower’s details and the loan application decision may be registered with the Credit Agency.

Third Party Reference

We will only share/collect personal information/data with other companies or individuals in the following circumstances: – We have your consent. – We provide or acquire personal data/information to other trusted businesses or persons for the purpose of processing or verifying personal information on our behalf. – We require that these parties agree to process/provide such information based on our instructions and in compliance with our Privacy Policy and any other appropriate confidentiality and security measures.

Notices

The Borrower agrees that The Lender may communicate with them by sending notices, messages, alerts, and statements in relation to this Agreement in the following manner: – To the most recent physical address The Lender holds for the Borrower on file. – By delivery to any email address provided during the application process. – By delivery of an SMS to any mobile telephone number the Borrower has provided to The Lender. – By posting such notice on the Lender’s website.

Events of Default

Default in terms of this Agreement will occur if: – The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower. – Any representation/information, warranty, or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect. – The Borrower does anything which may prejudice the Lender’s rights in terms of this Agreement or cause the Lender to suffer any loss or damage. In the event of any default by the Borrower subject to the above: – The Lender reserves the right to assign its right, title, and interest under the Agreement to an external Collections Agency that will take all reasonable steps to collect the outstanding loan amount. – The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence. – The Borrower shall be responsible for all legal costs and expenses incurred by The Lender in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged.

Termination

– In addition to Termination by default, we may terminate this Agreement at any time and for any reason subject to the requirements of applicable law. – We can terminate your Account by sending written notice to the address on your application. – If there is no debit or credit on this Account for twelve (12) consecutive months, we may terminate this Account without notice to you. – When Termination arises as a result of default, you will not be able to apply for credit in the future.

General

– This Agreement represents the entire understanding between The Lender and the Borrower. – Any amendment to this Agreement shall be made by the Lender from time to time and communicated to the Borrower in writing. – This Agreement shall be governed and construed under the laws of the Federal Republic of Nigeria and, in the event of a dispute, shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria. – If The Lender does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, the Lender shall not be deemed to have waived or lost those rights and will not be prevented from insisting upon its strict rights at a later date. – The Lender reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Lender will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change. – The Borrower authorizes and consents to all lawful access, use, or disclosure of the Borrow