The Borrower acknowledges that he/she has applied for a loan from the Lender in the aforementioned amount (“Capital”) by the Borrower.
The present loan is granted for a period of 12 months starting from the disbursement date and more particularly described in the Amortization Schedule...
The Borrower acknowledges that in the event of the Borrower applying for any subsequent loan, such subsequent loan will:
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...
The Borrower declares and warrants unto and in favour of the Lender that he/she is gainfully employed...
The number of instalments is based on the presumption that payment of the instalments will be made in accordance with the Schedule...
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...
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...
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...
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...
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...
The Borrower acknowledges that the capital lent and advanced by the Lender shall accrue interest at the rate reflected in the Schedule...
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...
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...
The Borrower authorises the Lender or its duly appointed representative to obtain any information regarding his/her insurance / investments / employee benefits / bank account particulars...
In addition to the above, the Borrower hereby irrevocably authorises the Lender to draw against the Borrower's bank account...
The Borrower undertakes to immediately notify the Lender in writing should the Borrower's bank account details change for any reason whatsoever...
Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower, the Lender may, at its discretion, allocate such 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...
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...
The Lender reserves the sole right to restructure the repayment schedule where it is expedient to do so on such terms and conditions it may deem fit.
1. Lender-Initiated Restructure. Where the Loan is in default for a continuous period of thirty-one (31) days, the Lender may, at its sole discretion, restructure the repayment terms of the Loan. Restructuring may include any one or more of the following: extension of the loan term, adjustment of instalment amounts, revision of the repayment frequency, capitalisation of arrears, or revision of the applicable interest rate.
2. Borrower-Initiated Restructure. The Borrower may request a restructure of the repayment terms at any time by submitting a written request to the Lender, accompanied by reasonable evidence of financial hardship. The Lender shall consider such request in good faith and communicate its decision within fourteen (14) business days of receipt. The Lender is not obligated to approve such a request.
3. Notice and Consent. Upon deciding to restructure the Loan, the Lender shall provide the Borrower with written notice setting out the proposed revised terms, including the new amortisation schedule, and the effective date of the revised terms. Written notice shall include but not limited to email, SMS, whatsapp or any other form available to the Lender and applicable to the Borrower.
The Borrower shall sign the revised amortisation schedule within seven (7) days of receipt of the notice. This clause shall be applicable to clauses 1. and 2. above.
4. Failure to Consent. If the Borrower fails or refuses to sign the revised amortisation schedule within the period specified in Clause 8.3, the Lender may, at its discretion: (a) enforce the original terms of the Loan Agreement and exercise any remedies available under this Agreement, including acceleration of the outstanding balance; or (b) extend the period for acceptance by such further period as the Lender deems appropriate.
5. Accrual of Interest During Restructure. Interest shall continue to accrue on the outstanding principal balance at the rate specified in the original Loan Agreement during the restructure process, unless otherwise agreed in writing.
6. Effect of Restructure. Upon execution of the revised amortisation schedule by both parties, the restructured terms shall supersede the original repayment terms. All other provisions of this Agreement shall remain in full force and effect. A restructure under this clause shall not constitute a novation of the Loan Agreement.
The Borrower agrees that a certificate signed by or on behalf of the Lender stating the amount of the Borrower's indebtedness...
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...
The Borrower agrees that the Lender may disclose payment behaviour to credit bureaus if there is a failure to meet loan obligations...
The Lender shall have the right to cede, exchange or otherwise deal with any rights in terms of this Agreement...
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...
The Borrower consents that the Lender, its affiliates, associates and subsidiaries may send advertising and promotional material...
The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration...
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...
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.
