Loan Agreement
As a user ("User" or "You") of the Platform, you understand that the Platform provides access between multiple Users in the form of consumers, financial institutions, data partners, and other partners (lenders, borrowers, service providers, etc.) with a view to facilitate lending and borrowing activities, including providing other financial products (i.e., insurance products, credit cards, etc.) between the Users.
Please read these Terms & Conditions carefully before accessing or using our platform. By accessing or using any part of the platform, you agree to be bound by these terms & conditions. If you do not agree to all the terms and conditions of this agreement, then You may not access the Platform or use any services provided by Us.
LOAN DETAIL
1.Loan amounts ranging from N10,000 to ₦500,000.
2. Flexible repayment periods from 91 to 365 days.
3. Competitive APRs from 30% to 35%.
Example: For a 12-month loan of ₦100,000, AsukMoney charges a monthly interest rate of 2%. This results in a borrowing cost of 24% and an APR of 24%. Repayments over 180 days amount to ₦24,000, with a total repayment of ₦124,000.
LOAN ELIGIBILITY
The User of this Platform unequivocally declares and agrees that the User is a natural / legal person who has attained the age of at least 18 years and is legally allowed to enter into a contract in Nigeria. The User is allowed to utilize the Services in accordance with the terms and conditions detailed hereinafter. By registering on the Platform, the User hereby undertakes to agree with and abide by the Terms & Conditions detailed herein. If the User violates any of these Terms & Conditions, or otherwise violates an agreement entered into through the medium of the Platform, AsukMoney may terminate the User’s membership, delete his/her profile and any content or information posted online by the User on the Platform and / or prohibit the User from using or accessing the Platform at any time in its sole discretion, with or without notice, including without limitation if AsukMoney believes that User is under the age of 18 years.
This Loan Agreement (including all schedules, and any amendments thereto, all of which shall be referred to as the "Agreement") is made and administered by:
(1) Mr./Mrs. has a registration number (the "borrower").
(2) Lender with a registration number (the "Lender").
Borrower and Lender are collectively referred to as the "Parties".
Section 1. Definition and Interpretation
1. Definitions: For purposes of this Agreement, and in addition to any other definitions set forth in this Agreement, unless the context clearly indicates otherwise, the following terms shall have the meanings ascribed to them:
2. "Loan Bank Account" means the bank account designated by the borrower to receive loan payments.
3. "Borrower Information" means the personal information and information submitted by the borrower on the platform and verified by the company on behalf of the lender.
4. "Borrower Platform ID" means the borrower's user name and/or registration number on the platform, which are associated with, represent, and are related to the borrower's data submitted and registered on the platform. "Company" means our company.
5. "Corporate Services" means the services provided by the company to the borrower under the CSA.
6. "CSA" means the servicing agreement entered into between the company and the borrower for the provision of the company's services.
7. "Total Debt Amount" means the sum of the principal amount of the loan, management fees (maintenance fees, risk fees, management fees, and transfer fees), and other accrued fees. Parts of the loan will first be deducted for some of these fees before the loan is disbursed.
8. "Bank Account" means the bank account designated by the company to disburse the loan to the borrower and to receive loan principal and/or other fees or monies owed by the borrower to the lender or the borrower's company.
9. "Lender Data" means the lender's personally identifiable information provided by the lender to the company and/or the platform.
10. "Lender Platform ID" means the Lender's username and/or registration number on the platform attached hereto, which represents and relates to the Lender Data that has been submitted and registered on the platform.
11. "Loans" means financing services in the form of loans provided by the lender to the borrower, to be used only for personal purposes such as education, health, etc.
12. "Loan Application" means an application submitted electronically by the borrower through the platform to obtain a loan, including supporting documents and information required by the platform.
13. "Loan Disbursement Date" means the date on which the lender or a third party acting on behalf of the lender, including the company, electronically transfers the loan to the borrower's bank account.
14. "Loan Funding Details" means the material terms and conditions of the loan as set out in the attached Loan Funding Details.
15. "Platform" means an internet-based peer-to-peer lending platform owned and operated by the company, including the application.
16. "Letter of Interest" and "Terms and Conditions" mean the terms and conditions set forth in Section 3.2.
17. Interpretation: In this agreement, unless the context otherwise requires:
(1). Each recital and attachment shall form a part of this Agreement, and references to this Agreement shall include recitals and attachments;
(2) References to this Agreement or other documents are to this Agreement or other documents as in effect at this time and as amended from time to time in accordance with this Agreement or the document (as the case may be);
(3). Words using gender include all genders; references to the singular include the plural and vice versa; and words indicating persons include both natural and legal persons. words indicating persons, including corporations, partnerships, unincorporated associations, and other bodies (in each case, wherever located and for whatever purpose) and vice versa;
(4). The headings and contents of the tables in this agreement are for convenience only and do not affect interpretation;
(5). If there is a conflict or inconsistency between the clauses and any schedule to this Agreement, the clause shall apply. For this purpose, negligence (whether intentional or unintentional) shall not, by itself, be deemed to cause a conflict or breach. In this Agreement, the words "other," "including," and "in particular" do not limit the generality of the preceding word, and the words following shall not be construed as limited to the scope of the same class as the preceding words where a broader provision is possible.
Section 2. Loan Application
1. The borrower has submitted a loan application to the company through the platform to apply for a loan.
2. The borrower agrees to:
(1) The Lender shall be entitled to charge the Loan Fee as detailed in the Loan Facility Details, and the Company shall be entitled to charge the Borrower for the Company's services pursuant to the CSA, and the Borrower shall make all such payments when due in accordance with this Agreement and based on the CSA;
(2). The borrower is obliged to repay the debts in accordance with the loan facility rules and must pay the debts in full when due under this agreement without delay to the bank account indicated in the loan facility rules.
3. The borrower accepts and understands that the lender has appointed the company as a party.
(1). Manage and process loan applications from borrowers, including but not limited to verifying and/or verifying borrower data contained in loan applications or submitted to lenders through the company or the platform;
(2). supervise the full recovery of due debts and related costs, including but not limited to issuing warning letters, text messages, and phone calls to borrowers;
(3). On behalf of the lender, disburse the loan to the borrower's bank account and deposit all loan payments and payments related to the company's services into the bank account.
4. Loan applications will be processed in accordance with the criteria specified by the lender in Section 4 and verified by the company, which will serve as the basis for the company to disburse loans to the borrower on behalf of the lender.
5. The approval of the loan application will be based solely on the lender's absolute assessment and depend on whether the borrower fulfils the legal documents and other formalities required by the lender.
6. The borrower hereby grants the lender and the company full power and authority to copy, share, and use the borrower’s data for any action related to the borrower through the platform, each employee, agent, and enterprise authorised by the company, or third parties. Apply for loans and such loans as deemed necessary by one of the executives.
7. The borrower understands that the company is not a party to this agreement, although the company is authorised to act on behalf of the lender under this agreement. The terms and obligations contained in and/or arising from this Agreement will not be binding on the company or the platform in any way, and any legal issues arising therefrom will be a matter between the borrower and the lender. Each lender and borrower hereby releases the company from any liability related to or arising out of the loan application process and will jointly indemnify the company for the execution of the loan, the activities entrusted to the company under this agreement, or the performance of the obligations of each borrower and lender under this agreement. This waiver and indemnification obligation will remain in effect even if the loan application is rejected and the loan is not provided to the borrower, even if the release or rescinding of this agreement is valid and binding on the lender and the borrower.
8. The borrower represents, warrants, and agrees that the lender:
(1) The borrower has met the minimum standards specified in Section 4.1;
(2). Borrower data and all other information provided to the company and/or platform are complete and correct data and information of the borrower and will not be misleading under any circumstances;
(3). If there is any falsification or unauthorised use of the borrower's information provided by the borrower or its representative to the company or the platform, the borrower will bear legal responsibility; the borrower has signed this agreement in good faith and has no intention of violating any applicable rules and regulations, including but not limited to money laundering, tax avoidance, and anti-terrorism regulations;
(4) The borrower signed this contract freely and voluntarily in his own name, without any coercion or intimidation by any party, and he knew and understood the content and consequences of this contract. The borrower's electronic signature on this agreement is valid, and this agreement has legal, binding, and legal obligations on the borrower and may be enforced in accordance with applicable laws.
(5) Borrowers are not required to withhold taxes or other amounts, whether principal, fees, or otherwise, from each loan;
(6) Loan funds will be used for personal use only and not for commercial purposes.
9. The Lender represents and warrants to the Borrower that:
(1). The Lender's electronic signature on this agreement is valid, and this agreement has legal, legal, and binding obligations on the Lender, which may be enforced in accordance with applicable laws;
(2). The lender has signed this agreement in good faith and has no intention of violating any applicable rules and regulations, including but not limited to money laundering, tax avoidance, and anti-terrorism regulations;
(3). The lender signs this agreement freely and voluntarily in its own name, without any coercion or intimidation from any party, and knows and understands the content and consequences of this agreement.
10. The borrower agrees and understands that the borrower’s data submitted to the company and/or the platform will be disclosed to the lender and used by the company and the lender to process the loan application, and by the company to manage the loan and in connection with the loan. Our services to lenders and borrowers are CSA-compliant.
11. The Lender agrees and understands that the borrower data submitted to the company and/or the platform will be used by the company to process loan applications, manage the loan, and provide company services to the lender.
12. Both parties acknowledge and agree that digital or electronic signatures may be used for the implementation of this agreement together with the loan financing rules and other appendices, and such signatures shall be deemed valid signatures of both parties. Each party must provide a handwritten signature to this agreement if requested by the company.
13. Both parties have read and understood its content and fully understand the rights and obligations arising from this agreement and CSA.
14. The borrower agrees and acknowledges that upon receipt of the loan, the borrower shall pay the lender the amount of funds paid by the lender to the borrower's bank account in accordance with the terms and conditions set forth in this agreement. loan financing conditions, stipulations in this agreement, and other fees paid by the borrower to the lender in accordance with this agreement.
15. The Lender hereby authorizes the Company to disburse the Loan to the Borrower's bank account upon fulfillment of the following conditions:
(1). The execution of this agreement by the borrower and the execution of the CSA by the borrower and the company;
(2) The company has verified the information provided by the borrower in the loan application, including the borrower's data;
(3). The borrower has met the minimum standards determined by the lender in accordance with the lender's sole and absolute policy.
16. The borrower fully understands that its loan application may be rejected by the lender, and the lender, the company, and/or the platform are under no obligation to disclose the reason for the rejection. Borrowers have no right to request a review, reevaluation, or otherwise require reevaluation of a rejected loan application.
17. Except as stipulated by the platform, the parties will not communicate, interact, or contact each other directly or indirectly.
18. After the borrower completes the loan application, it will be deemed that they have signed this agreement electronically. This agreement is valid and binding on the borrower when the lender approves the loan application.
19. The Lender hereby authorizes the Company to exercise the Lender's rights under this Agreement, and the Borrower acknowledges that the Company is authorized to exercise the Lender's rights under this Agreement without additional or separate authorization from the Lender.
Section 3. Use of the Platform
1. Borrowers must register on the platform in accordance with the following requirements and procedures:
(1). Provide borrower data by filling in the electronic form provided by the platform;
(2). Fill in the electronic form provided by the platform to complete the loan application.
2. After the borrower completes the registration procedures stipulated in Article 3.1 and this agreement, it is deemed that the borrower has accepted the terms of use of this platform, and the platform will issue a platform ID to the borrower accordingly.
3. The lender authorises the company and/or platform to remind the borrower of the repayment date and breach of contract.
4. The borrower agrees to provide paper copies of documents submitted electronically pursuant to Section 3.1 or copies of documents requested by the company to verify the borrower data.
Section 4. Borrower Data Verification
1. The borrower agrees and understands that the loan will only be extended to loan applicants who meet the following minimum standards, and the borrower represents and warrants to the lender that the borrower meets or will meet these standards:
(1) The loan applicant is between 18 and 55 years old when applying for the loan;
(2). The residential address of the loan applicant must be in Nigeria;
(3). The loan applicant receives a unique confirmation code within 60 seconds after the platform sends it;
(4). Loan applicants must answer the company's phone calls and verify their identity according to the company's regulations;
(5). The loan applicant's reference will verify the information provided by the loan applicant.
2. The borrower agrees and understands that the company holds and/or will verify data on behalf of the lender, including but not limited to:
(1). When the company deems it necessary, verify the borrower and the reference materials provided by the borrower by telephone;
(2). Use a one-time password to verify the mobile phone;
(3). Processing data from social media profiles provided by borrowers during the loan application process.
3. The borrower acknowledges that the company has or may communicate with the borrower or a third party on behalf of the lender in various ways, including but not limited to the following: (1) SMS calls; (2) emails; (3) voice calls; and (4) automatic voice dialing
4. The borrower will be responsible for the authenticity of the information provided by the third party to the company during the verification process.
Section 5. Borrower Data Protection
1. The Borrower hereby authorises the Lender and its authorised representatives and/or third parties (including companies and platforms) designated by the Lender to execute all or in accordance with any of the following laws and regulations at any time without prior notice to the Borrower: and functions:
(1). Collection, storage, use, maintenance, analysis and dissemination of borrower data;
(2). If the company believes that the borrower's information is necessary, it can conduct data verification, reference verification, inquiry and verification based on the information and information provided or obtained by the company or the platform;
(3). Share, obtain and/or disclose borrower data to government authorities or other authorized third parties designated or authorized by the lender to properly verify and evaluate borrower information and data.
2. The Borrower agrees and understands that the Lender may provide Borrower Data to advisors and service providers, including but not limited to legal advisors, financial and tax advisors, and government authorities, regulatory authorities, and judicial authorities, for the following purposes: (1). Enforcement (2). To enforce this agreement; (3). To execute the objectives of the lender's business activities; (4). To comply with obligations under laws applicable to the loan; requirements
3. The borrower agrees, understands, and hereby grants the lender full rights and authorization to instruct the company and/or platform to make and store a copy of the borrower’s data. The borrower also agrees that the company and/or the platform may use the borrower's information for the purpose of protecting the rights and interests of the lender. The borrower acknowledges that the company and the lender may retain the borrower data if the loan application is not approved or upon termination or rescinding of this agreement.
4. The Borrower agrees and hereby grants the Lender, employees, agents and affiliates the sole right and authority to share and use Borrower Data for various financing programs, offers or promotions, financing programs or other promotions which may Will be offered and provided by or on behalf of the Lender.
Section 6. Loan Terms and Conditions
1. The terms and conditions of the loan agreed upon by both parties will become effective after the lender approves the loan application and are set out in the loan financing rules, which include the following terms and conditions:
(1). The loan amount will be expressed in Naira, the Nigerian currency;
(2). The term of the loan will be expressed in calendar days;
2. The following provisions shall apply to the loan disbursement date:
(1) Bank transfer loans must be transferred to the borrower's bank account through bank funds;
(2). The borrower shall be deemed to have confirmed its approval of the loan terms and particulars set forth in this agreement.
(3). Loan financing, if the borrower has not paid the loan principal one day after the loan disbursement date.
3. The loan amortisation date, i.e., the amortisation date amount, must be received in the bank account; the following conditions apply: (1). Early repayment is allowed; (2). Overdue payment will be charged a late fee of 3% per day from the date of the first overdue payment of the loan amount; (3). Partial payment of the late fee is not allowed; 4 If the funds paid have been credited to the bank account specified in the agreed loan financing details, then the refund will be deemed complete. (5). The type of loan is an unsecured personal loan (paragraph 6). The loan fee (borrower fee) that must be paid to the borrower
Section 7. Agreement to Pay
1. The borrower hereby agrees that the borrower actually and legally owes the lender the full amount of the debt upon receipt of the debt and agrees to pay the full amount when due, without refund, in accordance with the provisions of this agreement and the Loan Facility Rules. compensation or reduction of any kind.
2. Notwithstanding anything to the contrary in this Agreement, all monies paid or received by the Lender under this Agreement must be used by the Lender for its own benefit in the following order of priority: (1). Any amount then due and payable to the lender pursuant to an agreement not listed in this section (2) For any charges due and payable thereafter, see (3). For any outstanding default fee or late fee, due and payable thereafter, 4 For fees then due and payable, see (5). for principal amounts due and payable later.
3. The Lender will keep and maintain books and records with the Company showing loans, repayments, advances, calculations and payments of fees and other amounts due and payments made under this Agreement. Records must be final and binding on the borrower with respect to the amount owed by the borrower at any time without actual miscalculation.
4. The borrower must fully reimburse the lender for all costs and expenses immediately after the application, including but not limited to legal counsel fees and cash disbursements, as well as any other expenses incurred or to be incurred by the lender due to the cancellation of all rights and expenses granted by the lender under this agreement power.
Section 8. Default
1. The borrower shall be deemed to be in breach of contract if one of the following circumstances occurs:
(1) The borrower's failure to make payments when due or to comply with one or more of its other obligations under this agreement must take into account the due date of the borrower's rights to renew under this agreement.
(2). The borrower has been declared bankrupt according to the authorised court judgment;
(3) The borrower has been found guilty by a final and binding court judgement in any jurisdiction or is involved in criminal activities, including but not limited to money laundering and/or terrorist activities;
(4) The data submitted by the borrower is falsified, incorrect, or distorted as the borrower's data. Lenders have full rights to determine whether a representation has been made.
2. Upon default, the Lender has the right to expedite and demand immediate and full payment of all amounts due under this Agreement, including but not limited to the principal balance as well as late fees and any other charges. In addition, Lender shall have the right to terminate this Agreement and exercise any and all other legal rights and remedies for default.
Termination of this Agreement shall not affect the rights of either party accruing under this Agreement up to and including the date of termination.
9. Others
1. This Agreement may only be amended by the Lender and Borrower signing the amendment in writing, which signature may be in electronic form.
2. Borrower must notify Lender in writing of any changes to Borrower's Data, including, but not limited to, changes in Borrower's residential address.
3. Borrower agrees that, without prior notice, Lender has the right to transfer or convey all or part of its rights and obligations under this Agreement to a third party. The borrower has no right to transfer or assign any of its rights or obligations under this agreement to any third party.
In witness thereof, the parties have executed this agreement through electronic or physical signatures, as evidenced by the Delivery Platform IDs of each party. This Agreement may be executed in separate copies that are signed electronically or physically, each of which, when executed and delivered, shall be deemed an original, and all of which together shall be one and the same instrument.
MONITORING OF THE PLATFORM AND YOUR ACCOUNT
AsukMoney has the right and liberty to monitor the content of the Platform at all times which shall include information provided in Your account. The monitoring of the platform is important to determine the veracity of the information provided by you and to ensure that every user remains in compliance with the terms and conditions provided herein. Subject to the Terms & Conditions mentioned herein, AsukMoney shall also have the liberty to remove any objectionable content that is in contravention of the Terms & Conditions mentioned herein or share such information with any governmental authority as per procedures laid down by the law for the time being in force in Nigeria.
SERVICE SUSPENSION
AsukMoney may wish to cease providing the services and may terminate use of the services at any time without notice of termination to you. Unless AsukMoney notifies the user otherwise, upon any termination, (a) the rights and licences granted to you in these Terms will terminate, and (b) the user must immediately cease using the platform. AsukMoney reserves the right to suspend or cease the provision of any service and shall not in any way be liable to the user should the user choose to do so.
APPLICABLE LAWS
Your use of this platform and any terms and conditions stated in this agreement are subject to the laws of Nigeria. In case of any disputes arising out of the use of the website, the courts of Bangalore will have exclusive jurisdiction.
GRIEVANCES
Users have complete authority to file a complaint or share feedback if they are disappointed by services rendered by AsukMoney. They can give their complaint or feedback in writing or by way of email to the following:
Email: support@asukmoney.com