Advance and Repayment

1. Value Credit agrees to advance the Loan and the Obligor agrees to take the loan subject to the terms and conditions as set out in the loan application flow and herein in this offer letter terms and conditions.
2. The Obligor agrees to repay the loan (principal plus 5% monthly interest) following the terms and conditions document

Interest

1. The repayment installments as calculated in the dedicated repayment schedule are done based on payment at regular agreed intervals. If the due date for a repayment installment falls on a non-business day, then the repayment installment may be paid on the next succeeding business day with no additional interest.
2. Value Credit will calculate interest at 5% monthly on the total principal borrowed
3. Where the Obligor fails to pay Value Credit a repayment installment by the due date, Value Credit will charge a default interest rate at 2.5% per week on the unpaid sum.
4. Value Credit will apply the default interest rate from the date on which the Obligor was due to pay the sum.
5. The default interest rate
   • is charged by Value Credit ibgn addition to the normal interest rate which it charges the Obligor at the same time and in the same manner as that normal interest.
   • accrues before and after any court judgment, Value Credit obtains against the Obligor
   • is liquidated damages to compensate Value Credit for the additional risk and other administrative costs and expenses associated with the Obligor’s failure to pay the outstanding sum.

Representations and Warranties

1. The Obligor has the right to accept this facility and has taken all necessary actions to authorize the same upon the terms and conditions herein
2. The information given to Value Credit electronically via the Value Credit platform or email correspondence in the formal loan application process is true and accurate
3. The Obligor will use the loan for the purpose(s) they told Value Credit of in their application for the loan.

Events of Default

The occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately due and payable:

1. The Obligor fails to make a repayment or payment of principal, interest, or other amounts in respect of the loan on the date it was due to be paid; or
2. The Obligor breaches any of the terms and conditions of the Loan including any representation or confirmation given by the Obligor in this loan agreement
3. Where a bankruptcy petition is filed against the Obligor.
4. Where the Obligor is unable to pay any other party within the meaning of Section 1 of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.
5. Where a situation arises which in the opinion of Value Credit makes it inappropriate for Value Credit to continue to extend the facility to the Obligor.
6. Where the Obligor defaults in the performance or observance of any other term, condition, or covenant herein and such breach or default shall continue unremedied after seven days’ notice shall have been given to the Obligor.

Costs and Expenses

1. The Obligor hereby agrees to pay 2% of the loan amount being requested for as the administrative costs, charges, and expenses (including legal fees) reasonably incurred by Value Credit in connection with the processing of this loan request.
2. The Obligor hereby agrees to pay all costs and expenses (including legal fees) incurred by Value Credit in connection with any proceedings instituted by or against Value Credit because of entering into this loan agreement.

Assignment and Disclosure of Information

1. The Obligor consents irrevocably to any future transfer and assignment, however arising of the loan, whether as part of a loan transfer scheme or otherwise.
2. The Obligor authorizes Value Credit to disclose any information or documentation relating to the loan to third parties including credit reference agencies, collection agencies, guarantors, as well as the Obligor’s employers (where the Obligor is in salaried employment) and customers if the loan has ceased to be serviced by the Obligor.

Variation of Conditions

1. Value Credit always reserves the right to vary the terms and conditions of the loan agreement. Any such variation will become effective upon notice to the Obligor by any means Value Credit considers reasonable in the circumstance.

Set-Off

1. Value Credit may at any time with or without notice (a) combine or consolidate some or all the Obligor’s accounts with it without any liability to Value Credit and (b) set off and transfer any sum standing to the credit of any such account in full or partial payment of any amount the Obligor owes to the Company.
2. This clause is in addition to and does not amend or qualify any other present or future right of Value Credit to combine or set off any of the Obligor’s accounts with it.

Governing Law

1. This loan agreement is governed by Nigerian law and the courts of the Federal Republic of Nigeria have jurisdiction in any matter arising from it.

As required by law, Value Credit is mandated to disclose the status of defaulting loans to relevant local or international Credit Bureaus, Credit Monitoring Agencies, and Regulatory Bodies.