Borrower Agreements

NextPayDay.ng is a product by NextPayDay Ltd.
This Borrower Agreement (“Agreement”) is between you (“you” and “your” mean each and every borrower, including any joint applicant/co-borrower) and NextPayDay Ltd (referred to as “NextPayDay”, “Company,” “us,” “our,” or “we”). This Agreement governs the process by which you may make a request or requests for a loan from us through the website https://www.NextPayDay.ng/ (the “Site”). When you make a loan request and that request results in a loan that is approved and issued by us, your loan will be governed by the terms of the Loan Agreement and Promissory Note, which is attached to this Agreement as Appendix A and as it may be revised from time to time. This Agreement will remain in effect for the applicable loan, and will terminate if your loan request is cancelled, withdrawn, or declined.

1. Loans

When you make a request for a loan, you agree to receive and timely pay the loan that may be made in response to that request, subject to your right to cancel the request before confirming your application. Your agreement means you agree to repay the money provided by us to you and to abide by the terms of this Agreement and all other agreements or disclosures provided to you during the loan process and which may be found in your NextPayDay account.

2. Loan Requests

You may post a loan request on the Site. You may not post more than one loan request on the site at a time and you may not have more than two loans outstanding at any given time. When you post a loan request on the Site, NextPayDay lenders (“Lenders”) will be able to review your loan request. Lenders may commit to lend your loan. You acknowledge that a Lender’s commitment to lend in all or a portion of your loan does not confer any rights to you or obligate us to approve your loan. You understand that Lenders have the discretion whether to lend to your loan or not. You also expressly agree and undertake that NextPayDay will not be held liable for any loss that you may suffer as a result of our decision not to approve your loan. Not later than thirty (30) working days after your application is complete, we will tell you if your loan request is approved and will issue for some or all of your requested amount; or whether your loan request is declined, or if we are making you a counter-offer. Your loan request will be listed on our loan marketplace at least fourteen (14) working days from the date of your application, subject to Lender interest. It may take up to forty-five (45) working days to process and issue your loan. If at any point, you no longer want a loan under your pending loan request, you must immediately notify us in writing of your election to terminate your loan request sufficiently far in advance of the loan closing for us to cancel the loan.

3. Account Verification

You understand that if we are unable to verify your phone number and bank account for any reason, we will cancel your application, your loan request will not be posted on the Site, and this Agreement will be terminated.

4. Charges

NextPayDay Ltd will charge interest and fees on the loan at maximum rate of 5% and 2.5% per month respectively. These charges will be fixed for the period of the loan and advised as a single Equal Monthly Instalment [EMI]. If the borrower fails to pay amount which the Borrower owes NextPayDay Ltd in terms of the agreement on the due date of such amount, NextPayDay shall be entitled to charge additional interest on the amount due but not paid at the same rate as sold in this clause. Additional charges shall apply on pre-Liquidated loan: 10% flat for loans liquidated within first three months; flat rate of 7.5% per month shall be charged on loans liquidated between 4th to 6th months irrespective of the loan tenor The Borrower agrees that, if NextPayDay Ltd has to use lawyers, Debt Recovery Agents and or other Consultants because the Borrower has not carried out any part of this agreement, the Borrower will pay to NextPayDay Ltd all the costs incurred in addition to principal and interest arising from this loan.

5. Loan Decisions

Your loan request must include your payslip and three most recent bank statements of your salary account, employment and confirmation letters, Valid means of Identification. and such other information as we may require and obtain through the Site, by telephone, E-mail or any other viable means. You may include other sources of income in your application. We reserve the right to verify any information you submit by requiring you to produce appropriate documentation or other proof, and also reserve the right to conduct such verification through a third party. You hereby authorize us to request and obtain data from a third party to verify any information you provide to us in connection with your loan request. NextPayDay reserves the right to terminate your loan request at its own discretion.

6. Making Your Loan Payments

You authorize us and our agents, successors and assigns to debit your designated bank account for the amount of each payment due on each due date. This authorization does not affect your obligation to pay when due, all amounts payable on your loan, whether or not there are sufficient funds therefore in such bank accounts.

7. Other Borrowing Obligations

You undertake that you shall not, in connection with your loan request: (i) make any false, misleading or deceptive statements or omissions of fact in your loan request; (ii) misrepresent your identity, or describe, present or portray yourself as a person other than yourself; (iii) give to or receive from, or offer or agree to give to or receive from any NextPayDay member or other person any fee, bonus, additional interest, kickback or thing of value of any kind except in accordance with the terms of your loan; or (iv) represent yourself to any person, as a representative, employee, or agent of ours, or purport to speak to any person on our behalf.(v) You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us. You certify that you are a resident of Nigeria and the proceeds of the loan will not be used for funding any illegal activity.

8. Power of Attorney

As a condition to receiving a loan from us, you hereby grant us a limited power of attorney and appoint us and/or our designees as your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to complete and execute the Loan Agreement and Promissory Note(s) in the form attached as Appendix A that reflect- the accepted terms set forth in each of your final truth in Lending Disclosure(s) as such may be posted from time to time in response to your loan request(s) in the on-line account you have established with NextPayDay where documents are stored and with full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such power as fully to all intents and purposes as you might or could do in person (“Power of Attorney” ). This Power of Attorney is limited solely to the purpose described above and will expire automatically upon the termination of this Borrower Agreement. You may revoke this Power of Attorney by contacting us at support@NextPayDay.ng and closing your account with us. However, if a loan request has been approved you must provide such notice before the loan proceeds are transferred to your designated account and before the Loan Agreement and Promissory Note is execsuted on your behalf. Once the Loan Agreement and Promissory Note is signed by NextPayDay or its designee acting as your attorney-in-fact, it is deemed executed on your behalf and shall be your valid and binding obligation thereafter.

9. Loan

Consummation YOU AGREE AND ACKNOWLEDGE THAT YOU ARE NOT OBLIGATED UNDER THE TERMS OF THE LOAN AGREEMENT AND PROMISSORY NOTE AND THE LOAN TRANSACTION WITH US IS NOT COMPLETED (I.E. CONSUMMATED) UNTIL YOUR ABILITY TO CANCEL YOUR LOAN APPLICATION HAS PASSED. YOU ACKNOWLEDGE THAT WE ARE MATERIALLY RELYING UPON THIS UNDERSTANDING IN UNDERTAKING THE POTENTIAL ISSUANCE OF YOUR LOAN.

10. Notices

All notices and other communications to you hereunder may be given by email to your registered email address or posted on the Site, and shall be deemed to have been duly given and effective upon transmission. You acknowledge that you have control of such email account and your area on the Site and that communications from us may contain sensitive and confidential information. If your email address changes, you must notify us of the change by sending an email to support@NextPayDay.ng. You also agree to update your registered residence address and telephone number on the Site if they change.

11. Limitation on Liability

To the extent permitted by applicable law, our liability to you for any cause whatsoever, regardless of the form of the action will not exceed ₦500,000. If the dispute is pertaining to a lending transaction, our liability to you shall not exceed the amount of the lending transaction or ₦500,000 whichever is lower.

12. No Warranties

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. WE DO NOT WARRANT OR GUARANTEE THAT YOUR LOAN REQUEST WILL BE FUNDED OR THAT YOU WILL RECEIVE A LOAN AS A RESULT OF POSTING A REQUEST.

13. Electronic Transactions

This agreement is fully subject to your consent to electronic transactions and disclosures, which consent is set forth in the terms of use for the site.

14. Dispute Resolution

This Agreement shall be governed by the Laws of the Federal Republic of Nigeria. Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration by a single arbitrator at the Port Harcourt Court of Arbitration (“PCA”) and governed by the Arbitration and Conciliation Act, Cap A10, Laws of the Federal Republic of Nigeria. The arbitrator shall be appointed by the Parties, where Parties are unable to agree on the choice of an arbitrator, the choice of arbitration shall be referred to the LCA. The findings of the arbitrator and subsequent award shall be binding on the Parties and may be enforced through a Nigerian court of law. Each Party shall bear its cost in connection with the Arbitration.

15. Applicable Law

This Agreement shall be interpreted and governed by the laws in force in the Federal Republic of Nigeria. The Parties submit to Arbitration and waive any objections based upon venue.

16. Default and Termination

You will be deemed in default on your loan (each, an “Event of Default”) if you: fail to pay timely any amount due on your loan; file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors; die or are declared dead; changes nominated bank account without prior notification of NextPayDay commit fraud or make any material misrepresentation in this Agreement, or any other documents, applications or related materials delivered to us in connection with your loan; or fail to abide by the terms of this Agreement. Upon the occurrence of an Event of Default, we may exercise all remedies available to us under applicable law, this Agreement, the Loan Agreement and the Promissory Note, including without limitation, a demand that you immediately pay all amounts owed on your loan or terminate this Agreement. Any loan you obtain prior to the effective date of termination resulting from listings you placed on the Site shall remain in full force and effect in accordance with their terms.

17. By clicking Sign Up

I consent to NextPayDay Limited obtaining information from relevant third parties as may be necessary, on my employment details, salary payment, loans and other related data, to make a decision on my loan application. I also consent to the loan amounts being deducted from my salary at source before credit to my account and any outstanding loans being recovered automatically from any other accounts linked to me in the case of default’

18. Other Obligation

I hereby declare that I do not have pending loan obligation to any other financial institution and undertake that, under no condition shall I obtain any payroll deductible loan without the written consent of NextPayDay LTD. for the duration of this loan.