Pruvia

Borrower Agreement

1. Definitions

  • Lender: The person or entity that provides funds to the Borrower through the Platform.
  • Borrower: The individual or entity that applies for and borrows funds through the Platform from Lenders.
  • Loan: The amount of funds the Borrower borrows from one or more Lenders through the Platform.
  • Loan Agreement: The agreement between the Borrower and the Lender(s) for the borrowing of funds.

2. Borrower's Obligations

  • 2.1 Loan Application: Accurate and complete info must be provided.
  • 2.2 Use of Funds: Funds must be used lawfully as stated in the loan application.
  • 2.3 Repayment Terms: Follow the repayment schedule and avoid defaulting.
  • 2.4 Interest and Fees: Repay principal + interest + any fees as stated.
  • 2.5 No Secondary Use of Funds: Do not use funds for unstated purposes.
  • 2.6 Transparency: Notify the platform of any repayment issues.
  • 2.7 Loan Application and Approval: Platform may approve or reject based on criteria.

3. Platform's Responsibilities

  • 3.1 Loan Facilitation: Match borrowers with lenders and manage documentation.
  • 3.2 Loan Servicing: Handle payment collection and statements.
  • 3.3 Default Handling: Take action to recover defaulted loans.
  • 3.4 Credit Reporting: Report repayment history to credit bureaus.

4. Loan Terms

  • 4.1 Loan Amount: As agreed and approved on the platform.
  • 4.2 Interest Rate: Stated in the Loan Agreement.
  • 4.3 Repayment Schedule: According to agreed intervals.
  • 4.4 Late Payments: Subject to penalties or increased interest.
  • 4.5 Prepayment: Allowed anytime unless otherwise specified.

5. Borrower's Representations and Warranties

  • 5.1 Eligibility: Borrower is legally eligible to borrow.
  • 5.2 No Existing Default: Not currently in financial trouble.
  • 5.3 Authority: Authorized to borrow if acting for a business.

6. Fees and Charges

  • 6.1 Platform Fees: Includes origination, servicing, and late fees.
  • 6.2 Other Charges: Includes legal, collection, or penalty fees.

7. Default and Collection

  • 7.1 Default: Missing a payment triggers default procedures.
  • 7.2 Collection Costs: Borrower bears all associated costs.

8. Confidentiality and Data Protection

  • 8.1 Confidentiality: Info shared is kept confidential.
  • 8.2 Data Protection: Platform will process info per its Privacy Policy.

9. Governing Law and Dispute Resolution

  • 9.1 Governing Law: Nigerian law governs the agreement.
  • 9.2 Dispute Resolution: Disputes resolved through arbitration in Nigeria.

10. Miscellaneous

  • 10.1 Entire Agreement: This is the complete agreement.
  • 10.2 Amendments: Platform may update this and notify the Borrower.