Kwikpay termsAndCondition

Terms & Conditions
1. The Borrower shall repay the principal and interest within one month.
2. The Borrower hereby authorises the Lender to debit [his/her] salary account for the monthly loan obligations or
authorize the Payroll Service Provider to deduct the monthly loan obligation comprising principal and interest
prior to crediting his/her account with the Lender.
3. Interest will be charged on all amounts owed by Borrower.
4. In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding amount shall be charged.
5. A late repayment fee of 1.5% flat daily over the approved lending rate shall be applied on the outstanding unpaid
obligation without recourse to the Borrower.
6. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount
and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.
7. In the event of default by the Borrower under this facility, the Lender reserves the right at its discretion, to transfer
the defaulting account to a third-party agency to recover any outstanding debt due to the Lender. In addition, in
the event of a loss of job leading to a default, the Lender shall transfer the defaulting account to the designated
insurance company to recover any outstanding debt paid on behalf of the Borrower.
8. The Lender shall advise the Borrower of any change in prime lending rate, charges, fees or any other terms and
conditions of the loan by a notice at its branches in Nigeria or by notes in customer statements.
9. The Borrower hereby covenants, as a condition precedent to the disbursement of the facility herein, to irrevocably
and unconditionally authorize the Borrower’s Payroll Payment Service Provider, to remit the Borrower’s
emoluments into the Borrower’s account with the Lender. In addition, the Borrower hereby unconditionally
covenant to the Payroll Payment Service Provider that while any sum granted to the Borrower hereunder shall
remain unpaid, the Payroll Payment Service Provider shall pay to the Borrower’s account with the Lender, any
emoluments due to the Borrower in the event of the Borrower’ exits from the employ of the Employer, provided
such sums so payable shall not exceed the total sum outstanding under the facility and other unpaid charges as
advised by the Lender.
10. The Lender may at any time and without notice to the Borrower, combine all or any of the Borrower’s account
and liabilities with the Lender in Nigeria (or elsewhere) whether held solely or jointly with any person(s) and set
off all or any monies standing to the credit of the Borrower in such accounts, including the Borrower’s deposits
with the Lender (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to the Lender,
whether as principal or surety, actual or contingent, solely or jointly, primary or collateral with any other person
and the Lender may effect any necessary currency conversion at the Lender’s own rate of exchange then
prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt
shall be borne by the Borrower.
11. As repayment source for the facility hereby advanced, the Borrower hereby undertake to authorize [his/her]
Payroll Payment Service Provider to pay the Borrower’s repayment amount into the Borrower’s account
maintained with the Lender, while the Borrower’s obligations under this loan facility remains undercharged.
12. All funds to be cleared into the accounts of the Borrower maintained with the Lender shall first be applied
towards the discharge of overdue interest and charges/fees. Any balance thereon shall be applied to liquidate the
outstanding principal sum under the credit facility herein granted, provided always that the Lender reserves the
right to refuse to accept post-dated cheques or other such instruments towards payment or settlement of the credit
facility.
13. The Lender may use any information relating to the Borrower for evaluating the credit application. The Lender
may at its sole discretion as it shall consider appropriate give to and receive from credit bureaus and reference
agencies whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies
and relevant third parties information about the Borrower, including information on the conduct on the
Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting
them and/or the Lender in making lending or rating decisions about the Borrower.
14. The Borrower authorizes the Lender to obtain and retain on the Credit Risk Management System of the Central
Lender of Nigeria, all information relating to the Borrower’s Lender Verification Numbers and the status of
indebtedness.
15. The Borrower hereby irrevocably undertakes to fully indemnify the Lender against all cost and expenses
(including legal fees, collection commission et cetera), arising in any way in connection with the Borrower’s
accounts; in enforcing the terms and conditions herein; or from the recovery of any amounts due to the Lender or
incurred by the Lender in any legal proceedings of whatever nature.
16. The Borrower hereby irrevocably undertakes to fully liquidate the outstanding balance on the facility herein
granted in the event that the Borrower decides to change [his/her] employment or [his/her] employment is
terminated, which liquidation shall be effected on or before the effective date of such change or termination of
employment.
17. The terms and conditions contained binds the Borrower and is not assignable.
18. The Borrower covenants and warrants that, in making any repayment on due date in the event that the loan
repayment period or day falls on a weekend or public holiday, the effective loan repayment day shall be the
preceding business day.

Kwikpay termsAndCondition

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Terms & Conditions

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