Loan Agreement
Welcome to Our Platform
As a user of our platform ("User" or "You"), you acknowledge that our platform connects consumers with financial institutions, data partners, and other stakeholders (such as lenders, borrowers, service providers, etc.) to facilitate lending activities and provide various financial products (e.g., insurance products, credit cards, etc.).
Please review the following terms and conditions carefully before accessing or using any part of our platform. By accessing or using the platform, you agree to these terms and conditions. If you do not agree, you must not use the platform or its services.
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Loan Product Information
- Loan Amount: ₦20,000 - ₦80,000
- Loan Term: 91 days to 180 days
- Annual Interest Rate: Up to 33% (APR)
- Daily Interest Rate: 33% / 365 = 0.09%
- Service Fee: 0% (No additional fees)
Example: For a loan of ₦20,000 at an annual interest rate of 33% over 120 days, the total repayment amount will be ₦22,170. This includes ₦20,000 principal and ₦2,170 interest. The monthly repayment will be ₦5,542.47.
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Loan Eligibility
Users must be at least 18 years old and legally capable of entering into contracts under Nigerian law. By registering on the platform, users agree to comply with these terms and conditions. If users violate these terms or agreements made through the platform, Leny Loan reserves the right to terminate their membership, delete their profile and any content, and deny access to the platform without notice.
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Loan Agreement (Including Appendices and Amendments)
Party A: Borrower (Name, Registration Number)
Party B: Lender (Name, Registration Number)
Borrower and Lender are collectively referred to as "Parties."
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Section 1: Definitions and Interpretation
1. Definitions: The following terms have the meanings specified:
- "Loan Bank Account": The account designated by the Borrower for receiving loan payments.
- "Borrower Information": Personal and other data provided by the Borrower on the platform and verified by the Company for the Lender.
- "Borrower Platform ID": The username and/or registration number of the Borrower on the platform.
- "Company": Refers to our company.
- "Business Services": Services provided by the Company under the Service Agreement (CSA).
- "CSA": Service Agreement between the Company and the Borrower.
- "Total Debt Amount": Includes the loan principal, management fees, and any other charges. Some fees may be deducted from the loan amount before disbursement.
- "Bank Account": The account used by the Company for loan disbursement and receiving payments.
- "Loan Data": Data provided by the Lender to the Company and/or platform.
- "Lender Platform ID": The username and/or registration number of the Lender on the platform.
- "Loan": Financing service provided by the Lender for personal use only.
- "Loan Application": The application submitted by the Borrower through the platform, including supporting documents.
- "Loan Disbursement Date": The date the loan amount is transferred to the Borrower’s bank account.
- "Loan Fund Details": Terms and conditions attached to the loan.
- "Platform": The internet-based lending platform operated by the Company.
- "Interest Letter" and "Terms and Conditions": Terms specified in Section 3.2.
2. Interpretation: Unless context requires otherwise:
- References to this Agreement include its preamble and appendices.
- Terms in this Agreement are as amended from time to time.
- Gender-specific terms include all genders; singular includes plural and vice versa.
- Headings are for convenience only.
- Conflicts between terms and appendices are resolved in favor of the terms.
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Section 2: Loan Application
1. The Borrower has submitted a loan application through the platform.
2. The Borrower agrees:
- The Lender is entitled to charge fees as described in the loan facility details. The Company is authorized to charge service fees to the Borrower according to the CSA.
- The Borrower must repay the debt as per the loan facility rules by the due date.
3. The Borrower acknowledges that:
- The Company, on behalf of the Lender, manages the loan application process, including data verification.
- The Company oversees debt recovery, including sending notices and making calls.
- The Company will disburse the loan to the Borrower’s account and manage loan payments and service fees.
4. The loan application will be processed based on Lender standards and Company verification.
5. Loan approval is at the Lender’s discretion.
6. The Borrower grants the Lender and Company authority to use Borrower’s data for processing the application.
7. The Company is not liable for issues arising from the loan application process or Agreement execution. Legal issues are between the Borrower and Lender. The Borrower waives claims against the Company for any loss or damage.
8. The Borrower represents and warrants:
- Compliance with minimum standards.
- Accuracy of provided information.
- Responsibility for false information.
- Compliance with applicable laws.
- Voluntary and informed signature.
- Use of funds for personal purposes only.
9. The Lender represents and warrants:
- Valid electronic signature and legal enforceability of this Agreement.
- Authorization to perform obligations under this Agreement.
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Section 3: Loan Disbursement and Repayment
1. Loan Disbursement: The Company will disburse the loan to the Borrower’s designated account. The Borrower must ensure accurate account details; otherwise, the Company and Lender are not responsible for errors.
2. Repayment: The Borrower agrees to repay according to the schedule, including principal and interest.
3. Early Repayment: The Borrower may repay early without incurring additional fees.
4. Late Repayment: The Lender may charge late payment interest at 3% per day. A late fee of 3% of daily interest may also apply.
5. Loan Service Fee: No service fees are charged by the Lender. The Company charges no additional fees.
6. Repayment Order: Payments will first cover overdue fees and interest, then the principal and other fees.
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Section 4: Termination of Agreement
1. Default: If the Borrower defaults, the Lender may demand immediate repayment and terminate the Agreement.
2. Termination: The Lender may terminate the Agreement due to default, with the Borrower responsible for costs and damages.
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Section 5: Data Protection and Privacy
1. Data Protection: The Borrower agrees to the Company’s use of personal data for loan processing and account management. The Company will protect data security.
2. Privacy Policy: The Company will handle data according to its privacy policy and applicable laws.
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Section 6: Applicable Law and Dispute Resolution
1. Applicable Law: This Agreement is governed by Nigerian law.
2. Dispute Resolution: Disputes should first be resolved through negotiation. Unresolved disputes will be submitted to Nigerian courts.
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Section 7: Contact Information
For questions or complaints, contact:
- Support Email: support@lenyloan.com
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Please read all terms carefully before signing this Agreement. Contact our support team if you have any questions.