Lendocredit Investment Limited (Lendocredit) shall grant a salary advance called Lendocredit Salary Loan to interested and eligible customers of any Bank whose salaries accounts have been domiciled with any bank in Nigeria for a minimum of Three (3) months, or salary earners willing to move their salary account to the Bank under the following Terms & Conditions:

Interest

The interest rate for the facility is 12% flat, per month, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by Lendocredit to the Borrower shall be binding on the Borrower. However, any excess over the approved limit or any unliquidated expired facility shall attract an interest on authorized excess overdraft at a rate to be determined by the Lendocredit.

Fees

• Management Fee: 1% flat
• Credit Life Insurance: 1% flat on facility amount are to be collected upfront
• Value Added Tax (VAT): 7.5% flat of Management fee
• Late Payment Penalty: A monthly penal charge of 1% flat on overdue amount, in addition to current rate of interest on the unpaid sum until full repayment will be applicable where facility remains outstanding after expiration

1. Repayment Source

Repayment shall be made from the Borrower's monthly salary proceeds, domiciled with any bank in Nigeria, or from any BVN-linked account held by the Borrower with any Nigerian financial institution.

2. Repayment Structure

The facility shall be fully liquidated upon receipt of the Borrower's salary, or in accordance with the tenor agreed under the terms of the Lendocredit Salary Loan.

3. Commencement Date

The facility shall become effective on the date of loan disbursement or drawdown, regardless of the execution date of the offer or acceptance.

4. Security & Support

The facility shall be secured by the following:

• An Irrevocable Domiciliation of Salary, directing the Borrower's salary to a bank account acceptable to Lendocredit.
• A Credit Life Insurance Policy covering risks associated with:
  • Death
  • Permanent Disability
  • Retrenchment
  of the Borrower, within the agreed loan tenor.
• An Undertaking by the Borrower's Employer to:
  • Domicile the Borrower's salary, allowances, emoluments, entitlements, and terminal benefits with Lendocredit.
  • Refrain from redirecting said funds to any other institution without the prior written consent of Lendocredit.

5. Availability of the Facility

The loan shall be available for utilization only upon full satisfaction of all conditions precedent to drawdown, as stipulated by Lendocredit.

6. Conditions Precedent to Drawdown

The following conditions must be met before the facility can be accessed:

1. Salary History: Receipt of monthly salary for at least three (3) consecutive months, verified through a pre-approved customer database, into the Borrower's account with any bank.
2. Loan Application: Completion and submission of the loan application via any of Lendocredit's digital platforms, including the Website, USSD, or Lendocredit Mobile App.
3. Automated Eligibility Confirmation:System-generated confirmation of the Borrower's eligibility for the facility.
4. Irrevocable Salary Domiciliation:Execution of an Irrevocable Undertaking by the Borrower's Employer, confirming the ongoing domiciliation of the Borrower's salary, allowances, and other benefits to Lendocredit, and restricting redirection of such payments without Lendocredit's prior written approval.
5. Acceptance of Terms: Acknowledgment and acceptance of these Terms and Conditions by the Borrower.

7. Other Conditions

The Borrower hereby irrevocably and unconditionally undertakes to comply with the following additional conditions throughout the tenure of the loan facility:

7.1. Obligations of the Borrower

1. The Borrower shall maintain an active salary account with the bank account(s) provided during the onboarding process on the Lendocredit platform for the entire duration of the facility.
2. The Borrower shall ensure that the salary account is sufficiently funded in advance to cover interest, commissions, and any other applicable charges.
3. The Borrower shall promptly provide all necessary information as may be required by Lendocredit during the subsistence of the facility.
4. The Borrower shall immediately notify Lendocredit of any material adverse change in his/her financial situation within 24 hours of such occurrence.
5. The facility shall be used strictly and solely for the purpose stated in the offer.
6. Lendocredit reserves the right to convert the facility at its discretion into an overdraft, advance, commercial paper, or any other money market instrument permitted by law.
7. Lendocredit reserves the right to withhold further disbursements, or to recall or cancel the facility in the event of default or non-compliance with the terms and covenants herein, including the occurrence of any of the following events:

7.2. Events of Default

Lendocredit may deem the facility to be in default and may take appropriate action if any of the following occurs:

• Diversion of Funds: If the Borrower redirects any inflows meant for the domiciled salary account to another financial institution.
• Breach of Terms: If the Borrower fails to observe or perform any obligation, covenant, or condition under these Terms & Conditions, including failure to comply with agreed repayment terms.
• Misrepresentation: If any material misrepresentation or false information is discovered in the Borrower's application, particularly relating to the purpose or use of the facility.
• Variation of Terms: Lendocredit reserves the right to vary any or all terms of this agreement to reflect changes in market conditions or regulatory directives issued by the appropriate monetary authorities.
• Capitalization of Unpaid Interest: Any interest unpaid as of its due date shall automatically be capitalized, added to the outstanding principal, and shall accrue further interest at the stated facility rate.
• Availability of Funds: Access to the facility is subject to Lendocredit's ability to accommodate the request within its legal lending limits and in compliance with applicable regulatory requirements.
• Facility Renewal: Renewal of this facility, where applicable, shall be subject to a new contractual agreement and satisfactory performance by the Borrower. Lendocredit must be satisfied that the previous facility was fully and properly utilized and liquidated.
• Penalty on Default: Any amount outstanding due to default shall attract a penalty charge of 1% flat per day until fully repaid.
• Improper Utilization: If the Borrower fails to utilize the loan strictly for the approved purpose, Lendocredit reserves the right to recall the facility and apply appropriate sanctions.

8. Events of Default

Notwithstanding any provisions contained elsewhere in this Agreement, the entire outstanding balance of the facility, including all interest, charges, and any other sums due under this Agreement, shall become immediately due and payable upon written demand by Lendocredit in the event of any of the following occurrences:

1. Non-Payment: Failure by the Borrower to repay any portion of the facility, including interest and fees, as and when due.
2. Breach of Obligations: Failure by the Borrower to perform or comply with any of the covenants, terms, or obligations under this Agreement.
3. Misrepresentation: If any representation, warranty, certificate, or statement made or delivered by the Borrower is found to be materially inaccurate or misleading, whether at the time made or subsequently.
4. Insolvency or Suspension of Payments: If the Borrower suspends or ceases payment on any of its debts, or is unable or unwilling to discharge its financial obligations when due, or formally admits such inability in writing.
5. Moratorium: If the Borrower proposes or declares a moratorium on its obligations, in whole or in part, in respect of the facility.
6. Extraordinary Events: If an extraordinary event occurs, in the opinion of Lendocredit, which materially and adversely affects the Borrower's ability to perform obligations under this Agreement.
7. Regulatory Directives: If Lendocredit is compelled by any rule, regulation, or directive of the Central Bank of Nigeria (CBN) or any other regulatory authority to call in the facility.
8. Material Adverse Change: If in Lendocredit's sole opinion, there is a material adverse change in the financial condition, capacity, or creditworthiness of the Borrower.
9. Invalidity of Government Consent: If any statutory or governmental consent, required for the validity or enforceability of this facility or the Borrower's obligations, ceases to be effective or is withdrawn for any reason.
10. Levy or Legal Execution: If any execution, attachment, or distress is levied upon the Borrower's assets or property and is not discharged within seven (7) days.

Right of Set-Off

The Borrower agrees that, in addition to any general lien or similar rights to which the Lender is entitled by law as a banker, the Lender may, at any time and without prior notice to the Borrower, combine or consolidate any or all of the Borrower's accounts and apply any funds standing to the credit of such accounts towards the repayment of any outstanding obligations owed to the Lender. This right applies whether such liabilities are actual or contingent, primary or collateral, and whether owed individually or jointly.

Furthermore, by signing these Terms and Conditions, the Borrower undertakes to repay the loan as and when due. In the event of a default, where the Borrower fails to make repayment as agreed and the loan becomes delinquent, Lendocredit reserves the right to:

• Report the delinquent loan to the Central Bank of Nigeria (CBN) through the Credit Risk Management System (CRMS) or by any other approved means; and
• Request the CBN to exercise its regulatory authority to instruct all banks and financial institutions under its supervision to set off the Borrower's indebtedness from:
  • Any funds in accounts linked to the Borrower's Bank Verification Number (BVN), and
  • Any financial assets held for the benefit of the Borrower.

The Borrower further confirms and warrants that Lendocredit shall be fully empowered to recover the outstanding debt through such set-offs, including from any accounts or financial assets held on the Borrower's behalf by any bank or financial institution.

Legal and Other Expenses

The Borrower agrees to reimburse Lendocredit for all reasonable out-of-pocket expenses, costs, and charges incurred in connection with the preparation, execution, administration, and enforcement of this offer. These may include, but are not limited to, solicitors' fees, stamp duties, and registration charges.

In the event of non-payment upon demand, such expenses shall be added to the facility and any other outstanding sums due under this offer and shall accrue interest accordingly.

Insurance

The Borrower shall maintain a credit life insurance policy, covering loss of life and any other risks Lendocredit may deem necessary from time to time, with an insurance provider approved by Lendocredit. The Borrower shall ensure that all premiums are paid promptly to keep the policy active. The policy must include Lendocredit as the first loss payee, and this interest must be clearly endorsed on the insurance certificate.

Taxes

All payments made by the Borrower under this facility—whether in respect of principal, interest, or any other charges—shall be made in full and without any deduction for taxes, duties, levies, fees, withholdings, set-offs, counterclaims, or any other restrictions of any nature.

In the event that any applicable law or directive from a taxing authority requires the Borrower to deduct or withhold any amount from such payments, the Borrower shall increase the payment accordingly so that, after such deduction or withholding, Lendocredit receives the full amount it would have received had no such deduction been required.

Representations and Warranties

The Borrower hereby irrevocably and unconditionally represents and warrants that:

1. The Borrower has the legal right and capacity to accept this facility and has taken all necessary steps to authorize its acceptance under the stated terms and conditions.
2. The Borrower is not currently in default under any financial obligation and acceptance of this facility will not result in a breach of any other agreement to which the Borrower is a party.
3. The facility may be cancelled and the outstanding sums called in immediately if, in the opinion of Lendocredit, any event or series of events (including, but not limited to, any material adverse change in the Borrower's financial condition) occurs which may affect the Borrower's ability or willingness to repay.
4. The same applies in the event of any material adverse change in the financial capacity of the Borrower that may, in the opinion of Lendocredit, impair repayment ability.
5. All information provided by the Borrower to Lendocredit is true, accurate, complete, and not misleading in any respect.
6. There are no pending or threatened legal proceedings against the Borrower before any court or tribunal that may negatively impact the Borrower's ability to meet obligations under this facility.
7. The Borrower is not in default under any other financial or credit agreement.
8. No part of this facility shall be used to settle amounts owed to Lendocredit or any related party under another credit arrangement without prior written consent from Lendocredit.
9. The Borrower shall not commence or sustain any legal action against Lendocredit (jointly or severally) without first issuing a written pre-action notice of at least ninety (90) days, served at the registered office of Lendocredit.

Change in Circumstance

If, in the opinion of Lendocredit, the introduction of or any change in applicable law, regulation, directive, or interpretation by a relevant government body, regulatory authority, or court of competent jurisdiction renders it unlawful or illegal for either the Borrower or Lendocredit to fund, maintain, or perform their obligations under this Offer Letter, Lendocredit shall promptly notify the Borrower.

Upon such notice, the facility commitment shall be immediately cancelled, and the Borrower shall, on the next scheduled repayment date (or an earlier date if required), repay the outstanding principal, along with any accrued interest and other applicable charges.

Remedies and Waivers

No failure or delay by Lendocredit in exercising any right, remedy, or power under this Agreement shall operate as a waiver or impairment of such rights.

Any single or partial exercise of such rights shall not preclude the further exercise of that or any other right, remedy, or power provided herein.

Undertakings

The Borrower hereby undertakes to:

1. Promptly notify Lendocredit of any change in circumstances or any previously supplied information.
2. Provide additional information as may be reasonably requested by Lendocredit from time to time in relation to the Borrower's profile or obligations.
3. Domicile salary, allowances, emoluments, entitlements, and terminal benefits with Lendocredit through the Banks' payroll administration system.
4. Notify Lendocredit within two (2) days in the event of resignation, transfer, dismissal, or termination of employment.
5. Inform Lendocredit within twenty-four (24) hours of any cash advances, internal loans, or financial obligations granted to the Borrower which are deductible from salary.
6. Disclose details of all terminal benefits or entitlements—including but not limited to death-in-service benefits, staff investment schemes, cooperative contributions, or any other payment due to the Borrower—prior to disengagement from employment.

Electronic Communications

The Borrower expressly consents to receive all notices, documents, and communications relating to this facility and the associated terms and conditions via email, SMS, or other electronic means as may be utilized by Lendocredit.

The Borrower also agrees to receive transactional and promotional messages, including but not limited to account updates, reminders, and service notifications, through such electronic channels.

Information and Data Consent

The Borrower acknowledges and agrees that Lendocredit may collect, store, and process his/her personal information in accordance with its Data Protection Policy, as published on the Lendocredit portal, for the following purposes:

1. To conduct and manage its business operations.
2. To offer, deliver, and manage its products and services.
3. To manage the relationship between Lendocredit and the Borrower.
4. To comply with applicable laws and regulatory obligations.
5. To provide relevant information to credit bureaus and credit agencies.
6. To update and maintain the Borrower's account and records.
7. To generate internal reports and develop statistics.
8. To comply with internal risk, audit, and operational policies.
9. To contact the Borrower when necessary for service-related reasons.

The Borrower further confirms that consent is deemed to have been given to Lendocredit for the processing of personal data when any of the following occurs:

1. The Borrower fills or submits any form, brochure, or document issued by Lendocredit at any service point (mobile, online, or in-branch) requesting such information.
2. The Borrower checks or ticks an acceptance box on Lendocredit's electronic platforms (web or mobile) relating to the terms and conditions of any product or service.
3. The Borrower initiates a request, inquiry, complaint, or other communication to Lendocredit.
4. The Borrower uses any service or product offered by Lendocredit.

Amendment to Terms and Conditions

Lendocredit reserves the right to amend or vary these Terms and Conditions, including applicable fees or charges, at any time and without prior notice to the Borrower.

Any such variation shall become immediately binding on the Borrower from the effective date specified in the notice or as published on the Lendocredit platform.

Assignment

The Borrower shall not assign or transfer any part of his/her rights, obligations, or interests under this facility to any third party without prior written consent from Lendocredit.

However, Lendocredit reserves the right to assign or transfer, in whole or in part, its rights, interests, or obligations under this facility without the Borrower's prior consent.

Notices

No communication or notice shall be deemed effective unless received by Lendocredit. However, any notice issued by Lendocredit to the Borrower shall be considered received:

1. In the case of a letter, on the second Business Day following the date of posting;
2. In the case of electronic communications (including email or SMS), upon successful transmission to the Borrower's designated electronic address—provided that if the communication is sent outside of standard business hours, it shall be deemed received on the next Business Day.

For the purpose of this Agreement, "Business Day" means any day other than a Saturday, Sunday, or public holiday on which banks and credit institutions in Nigeria are ordinarily open for business.

Termination

These Terms and Conditions shall remain in full force and effect for as long as Lendocredit remains a creditor of the Borrower or any portion of the facility remains outstanding and unpaid.

General Terms

• No delay, omission, or failure by Lendocredit to enforce any provision of these Terms shall be deemed a waiver of its rights, nor shall it prevent Lendocredit from enforcing such rights at any time thereafter.
• Lendocredit reserves the right, at its sole discretion, to record telephone conversations and other communications between the Borrower and Lendocredit for monitoring, quality assurance, and/or regulatory compliance purposes.
• The Borrower expressly authorizes Lendocredit to exercise a right of set-off, at any time and without prior notice, against any funds held in the Borrower's name—whether with Lendocredit or any other bank in any currency, in satisfaction of any outstanding obligations due to Lendocredit.
• The Borrower confirms that all information provided in connection with the loan application is true, complete, and accurate, and agrees to provide any further documentation or clarification required by Lendocredit in support of the application.
• The Borrower acknowledges that the loan application is subject to Lendocredit's internal review and approval processes, and Lendocredit reserves the right to accept or decline the application at its sole discretion.
• If any provision of these Terms and Conditions is found to be illegal, invalid, or unenforceable under applicable law, such determination shall not affect the validity and enforceability of the remaining provisions.
• These Terms and Conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.