Terms of Use - Nov 11, 2024

Acknowledgment of Loan Application

The Borrower acknowledges that he/she has applied for a loan from the Lender in the aforementioned amount (“Capital”) by the Borrower.

Loan Period and Amortization

The present loan is granted for a period of 12 months starting from the disbursement date and more particularly described in the Amortization Schedule...

Subsequent Loans

The Borrower acknowledges that in the event of the Borrower applying for any subsequent loan, such subsequent loan will:

  • Be governed by the terms of this Agreement
  • Be reflected in an addendum, bearing a unique number, which shall be executed by the Borrower.

Disbursement of Capital

The Borrower acknowledges that he/she is lawfully indebted unto and in favour of the Lender for repayment of the Capital together with interest and fees as accrued thereon and that the Capital shall be disbursed at the discretion of the Lender...

Employment and Repayment Obligations

The Borrower declares and warrants unto and in favour of the Lender that he/she is gainfully employed...

Delayed Payments and Extra Installments

The number of instalments is based on the presumption that payment of the instalments will be made in accordance with the Schedule...

Salary Deduction Authorization

The Borrower shall provide any information that may be requested by the Lender and complete any additional documentation including the registration and creation of a borrower profile...

Employer Facilitation Fee

The Borrower hereby specifically consents and agrees to be liable for any commission owing by the Lender to the Employer for purposes of facilitating such payroll deductions...

Notification of Employment Termination

The Borrower undertakes to notify the Lender in writing immediately should the Borrower's employment with the current employer be terminated for any reason whatsoever...

Deduction from Terminal Benefits

The Borrower irrevocably authorises the employer to pay and discharge on demand all monies and liabilities which are now or at any time hereafter may be due or owing from or incurred by the Borrower to the Lender...

Salary Deductions

Deductions from the Borrower's salary shall be made on the due date, or any other date in respect of other remuneration, each month commencing from the date reflected in the Schedule...

Interest Rate and Monthly Statements

The Borrower acknowledges that the capital lent and advanced by the Lender shall accrue interest at the rate reflected in the Schedule...

Authorization for Bank Account Withdrawals

The Borrower hereby authorises the Lender to make any arrangements and to sign all documents which the Lender may deem necessary to procure payment of the instalments...

Electronic Signature Authorization

The Borrower hereby gives the Lender the express and irrevocable right to use the Borrower's electronic signature for any and all purposes of giving full effect to this Agreement...

Authorization for Information Access

The Borrower authorises the Lender or its duly appointed representative to obtain any information regarding his/her insurance / investments / employee benefits / bank account particulars...

Bank Debit Authorization

In addition to the above, the Borrower hereby irrevocably authorises the Lender to draw against the Borrower's bank account...

Notification of Bank Account Changes

The Borrower undertakes to immediately notify the Lender in writing should the Borrower's bank account details change for any reason whatsoever...

Allocation of Payments

Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower, the Lender may, at its discretion, allocate such payments...

Security of Payments

The Borrower acknowledges having read and understood that under no circumstance in the process of settling any of the loan instalments or repayments, will cash be paid to any member of staff of the Lender...

Legal Right to Demand Immediate Repayment

The Borrower acknowledges that if any amount is not paid by the Borrower to the Lender on its due date, the full amount of capital, interest and all other amounts then outstanding shall become immediately due and payable...

Proof of Indebtedness

The Borrower agrees that a certificate signed by or on behalf of the Lender stating the amount of the Borrower's indebtedness...

Legal Proceedings and Domicilium Citandi et Executandi

The Borrower chooses domicilium citandi et executandi at the address set out on the face of this Agreement and shall provide written notice to the Lender...

Borrower’s Consent to Credit Bureau Disclosure

The Borrower agrees that the Lender may disclose payment behaviour to credit bureaus if there is a failure to meet loan obligations...

Assignment of Rights

The Lender shall have the right to cede, exchange or otherwise deal with any rights in terms of this Agreement...

Language and Understanding of Terms

The Borrower agrees that this Agreement has been drafted in a language that he understands, alternatively that he is fully aware of the meaning thereof...

Marketing and Promotional Material

The Borrower consents that the Lender, its affiliates, associates and subsidiaries may send advertising and promotional material...

Consent for Personal Information Use

The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration...

Insurance Policy

The Borrower hereby agrees that the Lender may on his/her behalf enter into an insurance contract/policy and declares that he/she cedes, transfers or assigns...

DECLARATION

I declare that the information given in this loan application and agreement is true and complete. I understand that any misleading information or any omissions will be sufficient grounds for termination of the loan application and agreement.