These Terms and Conditions apply to and regulate the provision of credit facilities advance by EFinance Limited (” the Lender”). These standard Terms and Conditions together with our offer letter set out the terms governing this Loan Agreement. It is important that you read the offer letter and these Terms and Conditions carefully and keep them for future reference.
- Subject to subsection (2) and (3), the Annualized Percentage Rate of Interest (“APR”) for the direct Loan Accounts is in line with the market.
- The Lender may in its sole discretion increase or decrease the prevailing interest rate for any reason and
- Any change in interest rate will take effect on the Borrower's account following a minimum of 7 days written notice.
- All fees will be capitalized into the interest calculation.
All payments by the Borrower will be made by one of the following methods. Direct deposit at the Bank, personal cheques, standing order or through an acceptable electronic channel. All other methods will be accepted with the Lender's consent only. In particular:
- The Borrower will be given a dedicated and customized repayment plan upon approval of the loan application;
- The Borrower will be expected to make monthly repayments in accordance with the repayment plan.
- The Borrower will be sent an electronic message or SMS alert two (2) banking days-before each monthly repayment date and the Borrower hereby agrees that such notice shall be conclusively deemed received by the Borrower without need of any further notice.
- The Borrower hereby agrees that non-payment of the amount owed by the Payment Due Date shall render the Borrower in default and entitles the Lender to take steps to recover the outstanding loan amount in accordance with clause E below.
PROVISION OF FINANCIAL INFORMATION
At our request, you will be required to provide us with latest financial statements, contingent liability details and any other reasonable information relating to you and/or your financial affairs.
USE OF CREDIT BUREAU
- The Lender will approach a dedicated Credit Reference Agency for a credit report on the Applicant in considering any application for credit.
- The Borrower authorizes the Lender to access any information available to it as provided by the Credit Agency.
- The Borrower also agrees that his/her details and the loan application decision will be registered with the Credit Agency.
- In the event the Borrower wishes to access the credit report, the Lender will advise the Borrower of the contact details of the relevant credit agency and the Borrower waives any claims he/she may have against the Lender in respect of such disclosure.
Default in terms of this Agreement will occur if:
- The Borrower fails to make repayment in full, on or before the payment date in accordance with the monthly repayment plan given to the borrower;
- Any representation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any inform ation or documentation supplied by the Borrower, is later discovered to be materially incorrect; or
- The Borrower does or omits to do anything which may prejudice the Lender's rights terms of this Agreement or cause the Lender to suffer any loss or damage.
If the Borrowers default in their obligations under this Agreement, the Lender will be entitled to do the following.
- The Lender will on each Repayment Date collect the total amount payable by that date in accordance with the repayment plan schedule given to the Borrower.
Where the Borrower fails to honor their obligation to repay their total monthly repayment amount by the due date, the Lender will attempt to collect the outstanding amount within the next twenty-four (24) hours.
- Where more than forty-eight (48) hours have elapsed since the repayment date and the repayment amount (total or partial) still remains outstanding, the Lender will start calculating accelerated interest at the rate of 2.5% plus the applicable borrowing interest rate.
- Following the borrower's default, the Lender reserves the right to assign its right, title and interest under the Agreement to an external collections agency who will take all steps, within the bounds of the law, to collect the outstanding loan amount.
- The Lender also reserves the right to start legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
- The Lender will be entitled to terminate this Agreement (after service of any notice required there under) if the Borrower in any way perpetrates or attempt to or is involved in any act of fraud or other criminal activity in Respect of Efinance Limited or the Loan, or if any information provided by Borrower as part of the application is incorrect or misleading in any material manner. On such termination, the Lender reserves the right to demand repayment of the full loan amount with interest calculated as stipulated in these Terms and Conditions.
- Hold the Borrower 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 in accordance with these Terms and Conditions.
The Borrower agrees that the Lender may communicate with them by sending notices, messages, alerts and statement in relation to this Agreement in the following manner:
- To the most recent 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
This Agreement shall be governed by the laws of the Federal Republic of Nigeria and 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 will not be deemed to have waived 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 obligation under this Agreement (including its obligation to lend money to the Borrower or the amount owned under this Agreement) to another person.
- The Lender may inform the Borrower of a transfer/assignment of its rights hereunder if such a transfer results in a change in the administration of this Agreement.
THE APPLICATION ALSO SERVES AS AN ACCOUNT OPENING FORM