1. Loan Facility

LendoCredit agrees to provide, and the Borrower agrees to accept, a disbursed loan sum (hereinafter referred to as the "Quick Loan"), subject to a satisfactory risk evaluation and credit score assessment of the Borrower. The loan shall have a maximum tenor of 30 days from the date it is disbursed.

2. Interest Rate

2.1

The applicable interest rate for each loan disbursement shall be 25.5%, calculated on a risk-based model and charged upfront. This interest is non-refundable, regardless of whether the loan is prepaid, repaid early, or terminated before the agreed term of 14 or 30 days, or for any other reason.

2.2

In the event of default or delayed payment by the Borrower, LendoCredit reserves the right to apply a daily penalty interest rate of 1% on the outstanding amount until full repayment is made.

3. Repayment

3.1

The Borrower consents to LendoCredit deducting the full repayment amount directly from any of the Borrower's bank accounts—including savings, current, domiciliary, investment, deposit accounts, or electronic wallets—held individually or jointly with any financial institution in Nigeria.

3.2

The Borrower authorizes LendoCredit to recover owed amounts from any credit inflow into any accounts registered or linked to the LendoCredit platform.

4. Fees and Expenses

Any third-party costs incurred by LendoCredit in the course of processing the loan—such as legal fees, registration charges, stamp duties, enforcement costs, or expenses related to loan recovery—shall be borne by the Borrower.

5. Default and Breach

A breach of this agreement shall occur if:

1. The Borrower fails to repay any sum due under this agreement;
2. The Borrower violates any term or condition outlined herein; or
3. The Borrower fails to fulfill any of their obligations under this agreement.

In such cases, the total outstanding loan balance—including accrued interest, fees, and any associated charges—shall become immediately due and payable. LendoCredit reserves the right to terminate this agreement without prior notice and seek full recovery of all losses or damages resulting from the Borrower's default.

6. Authorization and Instruction Compliance

The Borrower grants LendoCredit full and irrevocable authority to act upon any instructions received via its Digital Channels. Any such instruction shall be conclusively deemed to have been issued by, or on behalf of, the Borrower, and LendoCredit shall not be liable for acting in accordance with such instructions.

7. Notices and Set-Off Rights

7.1 Right of Set-Off and Account Consolidation

In addition to any statutory lien or other rights available under applicable law, LendoCredit reserves the right, at any time and without prior notice to the Borrower, to consolidate or combine all of the Borrower's accounts and offset any credit balance in such accounts against any existing or contingent liability owed by the Borrower to LendoCredit. This applies regardless of whether such obligations are primary, secondary, joint, or several.

By accepting the Offer Letter and accessing the loan facility, the Borrower expressly undertakes to repay the loan in accordance with agreed terms. Should the Borrower default on repayment and the loan becomes delinquent, LendoCredit is authorized to report such default to the Central Bank of Nigeria (CBN) via the Credit Risk Management System (CRMS) or other recognized channels. LendoCredit may also request the CBN to exercise its regulatory authority by instructing all regulated financial institutions to offset the Borrower's debt from any funds or assets held in accounts linked to the Borrower.

7.2 General Right of Consolidation (BVN-linked Accounts)

LendoCredit reserves the right to apply any available balances in accounts associated with the Borrower's Bank Verification Number (BVN) across all licensed financial institutions in Nigeria—including commercial banks, microfinance institutions, mortgage banks, finance houses, payment service banks, and mobile money operators—towards repayment of any outstanding obligations.

7.2.1

This right may be exercised by LendoCredit without giving the Borrower any notice, warning, or prior communication, and without the need for further authorization.

7.3 Direct Debit Authorization

By utilizing this Service, the Borrower grants LendoCredit an irrevocable mandate to initiate open-ended direct debit instructions on all bank accounts held by the Borrower with any financial institution in Nigeria. In the event of loan default, the Borrower authorizes LendoCredit to place a lien and/or debit all such accounts until the outstanding loan balance is fully recovered.

8. Notices

8.1 Means of Communication

The Borrower agrees to receive all notices, legal processes, and related communications regarding this loan via the email address and/or phone number registered with LendoCredit. The Borrower confirms that these contact details are valid and accepts responsibility for keeping them up to date at all times.

8.2 Deemed Receipt of Notices

Any notice sent by registered post shall be considered received seven (7) days from the date of posting. Notices delivered by hand shall be deemed received on the date stated on the letter.

9. Payment Appropriation

9.1

All payments received by LendoCredit shall be applied first to cover any overdue interest or applicable charges. Any remaining funds shall then be applied toward reducing the principal loan amount.

9.2

LendoCredit retains the right to reject post-dated cheques or other non-cash instruments submitted as payment toward the loan facility.

10. Indemnity

The Borrower agrees to fully indemnify and hold LendoCredit harmless against all costs, charges, and expenses—including legal fees, collection agency commissions, and other recovery-related costs—that may arise in connection with the Borrower's accounts, enforcement of these terms, or legal proceedings initiated to recover outstanding debts.

11. Waiver

11.1

Any delay, leniency, or failure by LendoCredit to enforce any provision of this agreement shall not be construed as a waiver of its rights. No waiver shall be deemed valid unless expressly made in writing.

11.2

To the extent permitted by law, the Borrower hereby irrevocably waives any statutory or contractual rights that would otherwise limit or restrict the obligations imposed by this agreement.

12. Credit Bureau Disclosure

In line with the operational and regulatory framework established by the Central Bank of Nigeria (CBN) for Credit Bureaus, LendoCredit hereby notifies the Borrower that it is obligated to share the Borrower's credit information, including credit history and status, with authorized regulatory bodies or licensed credit bureaus as required from time to time.

13. Assignment

LendoCredit reserves the unrestricted right to transfer or assign this agreement, in whole or in part, to any third party without seeking prior consent from the Borrower.

14. Service Availability

14.1

The Borrower acknowledges that access to the Service may occasionally be interrupted, delayed, or limited due to a variety of circumstances, including but not limited to:

• Acts of God or force majeure events
• Labor disputes or industrial actions
• Hardware or software failures
• System overloads
• Suspension or failure of telecommunications or internet networks
• Power outages or utility disruptions
• Government restrictions, judicial orders, regulatory directives, or other unforeseen human actions
• Any other event beyond the reasonable control of LendoCredit

14.2

The Borrower understands and accepts that data transmitted over the internet or telecommunications networks may not be entirely private or secure.

14.3

All services and content provided via the platform are offered "as is." LendoCredit disclaims any warranties—express or implied—regarding the reliability, accuracy, availability, or fitness for a particular purpose of the Service.

14.4

LendoCredit reserves the right to modify, suspend, or discontinue the Service at any time without prior notice and without incurring any liability to the Borrower.

15. Data Protection

a)

The Borrower acknowledges that LendoCredit will collect and process personal data for the purposes of evaluating the loan application, monitoring creditworthiness, and offering tailored financial services and products.

b)

The Borrower agrees to be bound by the LendoCredit Privacy Policy and provides consent in accordance with the applicable Data Protection and Privacy Regulations. This includes acceptance of the Online Data Consent Statement made available by LendoCredit.

16. General Terms

16.1

Loan disbursement is subject to the availability of funds at the time of request.

16.2

Any SMS alerts, notifications, or related charges incurred in connection with the loan facility shall be borne solely by the Borrower.

16.3

In cases of loan default or failure to repay, LendoCredit reserves the right to notify relevant governmental authorities, embassies, high commissions, consular offices, or law enforcement agencies about the Borrower's outstanding obligations.

16.4

The Borrower hereby authorizes LendoCredit to access and utilize any relevant information required to evaluate and process the Borrower's loan application. The Borrower also grants LendoCredit permission to report transactional patterns and credit behavior to licensed credit bureaus and expressly waives any right to raise claims or objections arising from such disclosures.

16.5

LendoCredit reserves the right to unilaterally review the terms of this facility—including, but not limited to, applicable interest rates, prepayment charges, and default fees—based on prevailing market conditions. Furthermore, LendoCredit may terminate this facility at its sole discretion should any negative or adverse information emerge that undermines the basis of the lending relationship or places the facility at significant risk. Such action may also be taken if the Borrower is found to be in breach of any provision of this agreement. The Borrower shall be informed of any such decision.

16.6

The Borrower agrees and consents that any notifications or communications from LendoCredit, including changes to the facility, may be sent via SMS to the mobile number registered on the Borrower's account, via email to the registered email address, or through any other communication channel deemed appropriate by LendoCredit.

16.7

The Borrower expressly and irrevocably waives the right to dispute, challenge, or object to any future amendments made to the terms of this facility or to the receipt of notifications transmitted by SMS or email to the contact details on record.

16.8

These terms and conditions shall be governed by, and construed in accordance with, the laws of the Federal Republic of Nigeria. The parties agree to submit to the exclusive jurisdiction of the Nigerian courts for any dispute arising under or in connection with this facility.

16.9

LendoCredit makes no guarantees or representations regarding the accuracy, reliability, or completeness of any reports, documents, or credit assessments prepared or commissioned in connection with the processing or administration of this facility.