Advance and Repayment

1. The Lender 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 form and also in this offer letter.
2. The Obligor agrees to repay the Loan (principal plus accrued interest) in accordance with the dedicated repayment schedule as provided in the terms and conditions of this offer letter. Such repayment schedule shall be subject to change in line with changes to the Obligor’s salary payment date.
3. The Obligor may terminate the offer letter and repay back all or any part of the borrowed amount on any day before the scheduled maturity date, by paying to the Lender, all interest, fees and other monies then accrued or due under this offer letter to the date of early repayment (whether or not yet payable).
4. The following fees are payable by the Obligor in the event of pre-liquidation as is applicable
5. Where the Obligor makes a payment under the Loan prior to the scheduled repayment date (the “Payment Due Date”), such payment shall be made at least 3 clear business days prior to the Payment Due Date either through Quickteller, PayDirect, bank transfer or cash payment into any designated repayment account provided by the Lender. Evidence of such payment shall be communicated to the Lender, within 24 hours following payment, via email at loan@fynazelimited.com.
6. Where the Obligor fails to make a scheduled repayment at least 3 clear business days prior to the Payment Due Date or makes the scheduled repayment 3 clear business days prior to the Payment Due Date but fails to communicate the early repayment to the Lender within 24 hours thereafter, the Lender shall be entitled to present the Obligor’s repayment instrument to 3rd party Banks for processing in line with the relevant applicable clearing guidelines. In such cases, the Obligor will have no recourse against the Lender for presentation of its repayment instrument.
7. Where the Obligor makes a part repayment of the Loan amount in advance, the outstanding repayments will continue from the next Payment Due Date as provided in the Obligor’s dedicated repayment schedule. In addition, the scheduled maturity date of the Loan shall change to the last Payment Due Date of the outstanding repayments following the part repayment.
8. Where the Obligor makes a part repayment of the Loan amount in advance, the Lender may agree to part liquidation of the Obligor’s Loan. This part liquidation shall take effect upon the issuance and execution of a new offer letter by both parties, stating the terms of the part liquidation.
9. Where the Obligor’s primary repayment method for scheduled repayment, part repayment or pre-liquidation is post-dated cheque, the clearance period for said payment is 3 clear business days.

Communication

1. Any communications by the Obligor regarding the loan facility shall be made directly to the Lender via telephone on +2347032948457, via e-mail at loan@fynazelimited.com

Interest

1. The repayments as calculated in the dedicated repayment schedule, are done on the basis of payment at regular agreed intervals. If the due date for a repayment instalment falls on a non-business day, then the repayment may be paid on the next succeeding business day. Additional interest may accrue in such cases.
2. The Lender will calculate interest at a reducing balance rate on the daily balance outstanding (after adjustment is made for cheques in the course of collection), meaning that interest is charged on the principal outstanding at each month end and the amount of interest paid each month reduces over the term of the Loan. The reducing balance interest rate for this loan is 5%
3. The Lender shall compound interest on the Loan at such interval as it shall determine at its sole discretion.
4. Where the Obligor fails to pay the Lender a repayment instalment by the due date, the Lender will charge default interest at a rate of 1.0% per month/0.033% per day of the overdue amount (outstanding principal + outstanding interest).
5. The Lender will apply default interest rate seven (7) days from the date on which the Obligor was due to pay the sum.
6. The default interest rate: (a) is charged by the Lender in addition to the normal interest rate which it charges the Obligor at the same time and in the same manner as that normal interest. (b) accrues before and after any court judgment, which the Lender obtains against the Obligor. (c) is liquidated damages to compensate the Lender for the additional risk and other administrative costs and expenses associated with the Obligor’s failure to pay the outstanding sum. This offer is subject to a satisfactory credit report and further verification checks. In the event that your application is unsuccessful, your documents shall be returned to you. For the avoidance of doubt, this offer is conditional upon the provision of the satisfactory credit report and further verification checks. The Lender reserves the right to withdraw this offer in the event that the results of the credit and verification checks are unsatisfactory. The Obligor is permitted to rescind this offer within 7 days from the date of execution of this offer letter, provided the Lender has not disbursed the Facility Amount to the Obligor.

Representations and Warranties

The Obligor represents and warrants that:
1. He/she has the right to accept this facility and has taken all necessary actions to authorize the same upon the terms and conditions herein.
2. He/she is not in default under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in breach of or default under any provision of any other agreement to which the Obligor is a party.
3. The information given to the Lender verbally, via email or other electronic medium or in other form of writing as well as documents submitted in support of the loan application form is true, accurate and complete. The Obligor is solely responsible for the correctness of such information and the Lender shall have no obligation to verify the authenticity of any documentation provided by the Obligor. The Lender accepts no liability for consequences arising out of any erroneous, incorrect or incomplete information supplied by the Obligor. If the Obligor suspects that there is an error in the information he or she has provided to the Lender, he or she shall advise the Lender accordingly without delay. The Lender will endeavour to correct the error whenever and wherever possible on a 'best effort' basis but shall have no liability arising there from.
4. He/she shall complete his/her repayment instrument(s) (that is cheque, direct debit mandate or debit card) with true, accurate, up to date and complete personal information and append his/her signature prior to submission to an authorised representative of the Lender. In the event the Obligor’s personal information, including phone number and address, changes the Obligor is required to inform the Lender of such change.
5. Under no circumstance will the Lender be liable for any loss, expense or damage of any kind incurred by the Obligor due to non-compliance with this requirement.
6. The Obligor hereby represents that he/she is in paid employment. Should there at any relevant time (before or after the approval and disbursement of the Loan) be a change in the Obligor's employment status, the Obligor shall notify the Lender immediately and without delay of such change, which may be in the form of termination or resignation of employment

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 amount in respect of the Loan on the date it was due to be paid.
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 fraud is detected at any time during the lifespan of the facility.
5. 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.
6. Where a situation arises, which in the Lender’s opinion makes it inappropriate to continue to extend the facility to the Obligor.
7. Where the Obligor defaults in the performance or observance of any other term, condition or covenant herein and such breach or default shall continue un-remedied after ten (10) days’ notice having been given to the Obligor.

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 the Lender to disclose any information or documentation relating to the Loan to third parties including credit reference agencies, collection agencies, law enforcement agencies including but not limited to the Economic and Financial Crimes Commission and the Special Fraud Unit of the Nigerian Police Force as well as the Obligor’s employers (where the Obligor is in salaried employment) in the event that the Loan has ceased to be serviced by the Obligor.

Variation of Conditions

1. The Lender reserves the right at all times to vary the terms and conditions of the Loan agreement. Any such variation will become effective upon notice to the Obligor by any means the Lender considers reasonable in the circumstance.
2. In the event that the Lender varies the rate of interest payable on the Facility Amount, the Obligor shall be duly notified ten (10) days prior to the implementation of said variation .
Set- Off
1. The Lender may at any time with or without notice (a) combine or consolidate some or all of the Obligor’s accounts with it without any liability to the Lender 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 Lender.
2. This clause is in addition to and does not amend or qualify any other present or future right of the Lender to combine or set off any of the Obligor’s accounts with it.
Governing Law
1. This offer letter is governed by Nigerian law and the courts of the Federal Republic of Nigeria have jurisdiction in any matter arising from it.