Terms and Conditions

PLEASE READ THESE TERMS AND CONDITIONS (“THE TERMS”) CAREFULLY BEFORE YOU PROCEED. BY USING THIS SERVICE, YOU INDICATE THAT YOU UNCONDITIONALLY ACCEPT THE TERMS AND YOU AGREE TO ABIDE BY THEM. IF YOU DO NOT AGREE WITH THE TERMS, PLEASE DO NOT ACCEPT OR SUBSCRIBE TO THIS SERVICE.

1. Loan: The loan shall be made available to you, after due risk assessment and scoring, for a period not exceeding 30 days from the date of disbursement of the loan to you.

2. Fee: You agree that you will be charged a flat fee depending on your loan amount and risk assessment. This fee which shall apply irrespective of the date of application for the loan shall be deductible from the salary payable to you immediately following the date of the application for the loan.

3. Pre-payment: You agree that the fee is non-refundable irrespective of any prepayment or pre-termination of the loan before the 30-day period.

4. Penalty: If you fail to pay any amount which you owe on the due date for a reason other than a delay by your employer in payment of your salary, we shall be entitled to charge a penalty on the outstanding amount at the rate of 1% per day of default.

5. Payment: You authorise us to deduct at source any outstanding sum (i.e. the loan amount and fees (the “Loan Amount”) from the salary payable to you immediately following the date of the application for the loan. Consequently, you agree that we shall have the right to deduct the Loan Amount directly from any of your bank accounts including your salary account, any saving account, deposit account and corporate account with any bank in Nigeria or outside Nigeria, and whether held individually or jointly with another person(s) (“Your Accounts”).

6. Breach: In the event of (a) a failure by you to pay the Loan Amount as and when due; (b) a breach by you of the Terms; or (c) failure to carry out your obligations under the Terms; then the full sum outstanding under this agreement, together with any penal charge (if any) and all other charges and expenses owing to and due to us by you (the “Outstanding Amount”) shall become immediately due and payable, and without giving notice to you, we shall be entitled to claim and/or recover from you any damage/loss we may have suffered as a consequence.

7. Consent: You consent to our obtaining information from relevant third parties, as may be necessary, on your employment details, salary payment history, loans and other related data, in order to enable us reach a decision on your loan application. You also agree that the Loan Amount will be deducted from your salary at source before your salary account is credited. You further agree that in the case of default, and without recourse to you, the Outstanding Amount may be automatically deducted from one or more of Your Accounts.

8. Instructions: You agree that we are irrevocably authorized to comply with any request/instruction received on your behalf through this digital platform and it is agreed that such instruction shall be irrevocably deemed to be your instruction.

8. Notifications: You agree to accept service of all notices, processes and any other communication relating to this loan through SMS to the phone number provided by you for the purpose of accessing this service.

9. Order of Satisfaction: All amounts received by us will first be applied towards overdue fees. Any balance outstanding thereafter shall then be applied towards the principal sum. We reserve the right to refuse to accept other instruments towards payment or settlement of the loan.

10. Indemnity: You agree to indemnify us against all costs and expenses (including legal fees, and collection commission) arising in any way in connection with your loan, in enforcing the Terms or in recovering any amounts due to us or incurred by us in any legal proceedings by reason of our providing the loan to you.

11. Waiver: No forbearance, neglect or waiver by us in the enforcement of any of the Terms shall prejudice our right to strictly enforce the same. No waiver by us shall be effective unless it is in writing or via SMS. In so far as any right is conferred on you with regard to any obligation imposed on you by the Terms, you hereby waive and forgo all such rights and benefits, whether conferred by a statute or arising under common law.

12. General

1. Drawdown under the loan is subject to availability of funds.
2. You authorise us to access any information available to process your application and permit us to register details of the trend of your account with any credit bureau, and you waive any claims you may have against us in respect of such disclosure.
3. We reserve the right to (i) unilaterally review the terms of the loan including pricing, tenor and past due obligation charge from time to time in the light of changing market conditions and also to (ii) terminate the loan based on any adverse information threatening the basis of the relationship or putting the loan at the risk of loss and where you are in breach of any of the Terms. You shall be notified of any decision taken in this respect.
4. You specifically and unequivocally waive any right to contest, challenge, protest or claim upon any subsequent amendments made by us to the Terms or any notification sent by way of SMS to the mobile phone numbers or any other address (whether electronic or physical) provided by you to us.
5. In the event of default by you of the Terms, we reserve the right at our discretion to transfer your account to any third party to recover the Outstanding Amount.
6. You may not assign your rights/obligations under these Terms under any circumstances.
7. In the event that any provision of the Terms is found to be unenforceable by a court of competent jurisdiction, such provision will be struck out and will not affect the validity of the remainder of the Terms.
8. The Terms shall be governed by the laws of the Federal Republic of Nigeria and all disputes arising hereunder shall be subject to the non-exclusive jurisdiction of Nigerian Courts.

YOU CONFIRM THAT YOU HAVE READ, UNDERSTOOD AND AGREED TO THE ABOVE TERMS AND CONDITIONS. BY USING THIS SERVICE, YOU INDICATE THAT YOU UNCONDITIONALLY ACCEPT THE TERMS OF THIS AGREEMENT AND AGREE TO ABIDE BY THESE TERMS. YOU ALSO AGREE THAT THESE TERMS ARE IN EFFECT UNTIL YOU DISCONTINUE THE USE OF THE SERVICE AND ALL FINANCIAL OBLIGATIONS WITH REGARD TO YOUR USE OF THE SERVICE HAVE BEEN FULLY AND FINALLY FULFILLED.