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.