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1. The Borrower has applied for Next Payday Personal Installment Loan to meet urgent personal cash flow needs
2. Next Payday has agreed to grant the Personal Installment Loan to the Borrower by way of principal outstanding
3. The Loan amount shall be made available by direct payment into borrower's current or saving account held with any Nigerian Bank.

It is agreed as follows:

1. The Loan
Next Payday hereby agrees to make available to the Borrower and the Borrower accepts the sum to be disbursed (hereinafter referred to as “the Personal Installment Loan”), by Next Payday after borrower’s risk assessment and scoring, for a period not exceeding 90 Days from the date of disbursement

2. Interest Rate
2.1 There will be a risk - based interest rate of 5%-10% per disbursal which will be taken upfront or capitalised which translates to annual percentage rate of 60%-120%. There shall not be any refund on interest rate collected upfront for any prepayment, pre termination of the loan before 30day period or for any other reason. If the Borrower fails to pay any amount which the Borrower owes Next Payday in terms of this agreement on the due date, Next Payday shall be entitled to continue to charge interest on the outstanding amount at the same rate until full repayment.
2.2 There shall be a non-refundable loan Fee of 2.5% (taken upfront or capitalised) of the disbursed loan amount. Loan fee is made up of credit life insurance, management fee and other API charges associated with the loan.

3. Payment
3.1 The Borrower agrees that Next Payday shall have the right to deduct the due repayment in full either directly from any of the borrower’s accounts or from the salary payment source including salary account, saving account, deposit account, corporate account with any bank in Nigeria or outside of Nigeria including all accounts linked to the Borrowers Bank Verification Number (BVN).
3.2 The Borrower hereby gives Next Payday the right to deduct monies owing to it from any credit inflow and salary inflow into the accounts in any Bank or payment platform in Nigeria and outside Nigeria

4. Costs and Charges
All out-of-pocket expenses including registration, legal fees, stamp duties and other fees incurred by Next Payday in processing of this facility including enforcement of security and recovery of facility in the event of default shall be for the account of the Borrower

5. Breach
In the event of:
i. any failure by the Borrower to pay any amount which is due and outstanding under this agreement
ii. any breach by the Borrower of the terms of this agreement or
iii. any failure by the Borrower to carry out his or her obligations under this agreement; then the full sum outstanding under this agreement, together with any penal charge (if any) and all other charges and expenses owing to and due to Next Payday by the Borrower shall become immediately due and payable, and without giving notice to the Borrower, Next Payday shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.

6. Authorization to comply
The Borrower agrees that Next Payday is irrevocably authorized to comply with any instructions on the Service receives on his/her behalf through Next Payday Channels and it is agreed that such Instruction shall be irrevocably deemed to be the Borrower’s Instruction.

7. Notices
7.1 Set off and consolidation rights
Next Payday may at any time and without notice to the Borrower combine all or any of the Borrower’s accounts and liabilities with Next Payday whether singly or jointly with any person, or set off all or any monies standing to the credit of such account(s) including the Borrower’s deposits with Next Payday (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to Next Payday whether as principal or surety, actual or contingent, primary or collateral, singly or jointly with any other person.

By accepting the terms & conditions of the loan and by drawing on the loan. I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, Next Payday shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.
I covenant and warrant that the CBN shall have power to set-off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.
I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.

7.2 Universal consolidation rights
The Borrower covenants that Nextpayday shall have the right to use the Borrower's Bank Verification Number (BVN) and without recourse to the Borrower, to recover the delinquent amount from all accounts linked to the Borrower's BVN in all banks and other financial institutions using third-party solutions.

8. Authorization to comply
The Borrower agrees that Next Payday is irrevocably authorized to comply with any instructions on the Service receives on his/her behalf through Next Payday channel and it is agreed that such Instruction shall be irrevocably deemed to be the Borrower’s Instruction.

9. Notices
9.1 The Borrower agrees to accept service of all notices, processes and any other communication relating to this loan through email address and/ or SMS to phone number registered with Next Payday and hereby confirms these phone numbers and addresses as his/ her phone number and address for service. Therefore, the Borrower also agrees that it is his/her responsibility to ensure that his/her contact details including phone number maintained with Next Payday are valid.
9.2 All notices and processes sent by registered post will be deemed to have been received Seven (7) days after the date of posting; all notices and processes delivered by hand shall be deemed to have been received on the day such letter is dated.

10. Appropriation
10.1 All amounts received by Next Payday will be first apportioned towards overdue interest charged /fees. Any balance outstanding thereafter shall be appropriated lastly towards the principal sum.
10.2 Next Payday reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement of the credit facility.

11. Indemnity
The Borrower agrees to fully indemnify Next Payday against all costs and expenses (including legal fees, collection commission et cetera) arising in any way in connection with the Borrower’s accounts, these terms and conditions, in enforcing these terms and conditions or in recovering any amounts due to Next Payday or incurred by Next Payday in any legal proceedings of whatever nature.

12. Waiver
12.1 No forbearance, neglect or waiver by Next Payday in the enforcement of any of these terms and conditions shall prejudice Next Payday’s right to strictly enforce the same. No waiver by Next Payday shall be effective unless it is in writing.
12.2 In so far as any right is conferred on the Borrower with regard to any obligation imposed on the Borrower by this contract, the Borrower hereby waives and forgoes all such rights and benefits, whether conferred by a statute.

13. Next Payday hereby gives Notice to the Borrower of its duty to share information on the Borrower’s credit status and business history as may be required from time to time by Regulators

14. Assignment to Third Parties
Next Payday reserves the right to assign this agreement to a third party without the permission of the Borrower

15. Service Availability
15.1 Use of the Service may from time to time be unavailable, delayed, limited or slow due to, but not restricted to the following factors:
• Force majeure
• Industrial Strike Actions
• Failure from hardware and software
• System capacities overload
• Failure of or suspension of public or private telecommunication networks
• Power supply or other utilities interruption
• Government or regulatory restrictions, court or tribunal rulings, amendment of legislation or other human intervention
• Any other cause whatsoever beyond Next Payday’s control
15.2 The Borrower acknowledges and agrees that internet and telecommunications transmissions are never completely private or secured.
15.3 All content and services on or available through the Services are provided on an "as is" basis and Next Payday does not make any representation or give any warranty or guarantee in respect of the Service or its content.
15.4 Next Payday may discontinue or make changes in the Service at any time without prior notice to the Borrower and without any liability whatsoever.

16. General Provisions and Conditions
16.1 Drawdown under the facility is subject to availability of funds.
16.2 SMS alerts / notification charges incurred in relation to this loan shall be for the account of the borrower.
16.3 The Borrower irrevocably undertakes that for the period of this agreement, he or she will maintain his or her bank account designated for the purposes of the loan with Next Payday.
16.6 In the event that the facility becomes due and unpaid, Next Payday reserves the right to notify Embassies, High Commissions, foreign consulates, referees, other relevant individuals as contained in the Borrower’s records and any other Entity Next Payday considers necessary on the Borrower’s indebtedness to Next Payday.
16.7 The Borrower authorizes Next Payday to access any information available to process his or her application, and permission to register details of the trend of the Borrower’s account with any credit bureau, and the Borrower waives any claims he or she may have against Next Payday in respect of such disclosure.
16.8 Next Payday reserves the right to unilaterally review the facility including pricing, prepayment and past due obligation charge from time to time in the light of changing market conditions and also to terminate this facility based on any adverse information threatening the basis of this relationship or putting the facility at the risk of loss and where the borrower is in breach of any of the terms and conditions of this facility. The Borrower shall be notified of any decision taken in this respect.
16.9 The Borrower hereby agrees and consents that such notification by Next Payday shall be by way of text messages sent to the Borrowers mobile phone numbers listed on the Borrowers account package with Next Payday or by e-mail messages sent to Borrower’s e-mail address listed on the Borrower’s account details/application with Next Payday or through any other means Next Payday may consider appropriate.
16.10 The Borrower specifically and unequivocally waives any right to contest, challenge, protest or claim upon any subsequent amendments made by Next Payday to the terms of this facility or any notification sent by way of e-mail or text message to the Borrower’s e-mail address or mobile phone numbers.
16.11 The terms and conditions of this facility are subject to applicable laws of the Federal Republic of Nigeria as prescribed from time to time and the jurisdiction of the Nigerian Courts.
16.12 Next Payday does not make any representation or warranty as to the accuracy or completeness of any due diligence reports or other reports, documents, or credit analyses prepared, or caused to be prepared, by it in connection with its activities under this facility or otherwise.

The Borrower confirms that he/she has read, understood and agreed to the above terms and conditions. By using this service, the Borrower indicates that he/she unconditionally accepts the terms of this agreement and agrees to abide by these terms. The Borrower also agrees that this agreement is in effect until he/she discontinues the use of the service and all financial obligations with regard to his/her use of the service has been fully fulfilled.