The following terms, together with your loan request on the Site, as defined herein, constitute a binding agreement (the Agreement) between you and Nextpayday Limited (Nextpayday), a fintech solutions company which provides a range of online services including an online alternative finance marketplace for the facilitating of personal and business loans.
The terms "Nextpayday", "we," "us" and “our” refer to Nextpayday and its successors or assigns as appropriate. . Under this Agreement, you agree to receive and repay one or more installment loans from us, through the website lending platform at www.nextpayday.ng, (the "Site") operated on our behalf.
These terms affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means you agree to borrow and repay the money if your loan is funded under the terms of this Agreement, agree to transact with us electronically, and agree to have any dispute with us resolved by binding arbitration.
1. Loan terms
2. Credit decisions
- 2.1Your loan request must include your monthly income, payslip, not later than 60 days and three months most recent Bank Statements of your salary account, Employment and Confirmation Letters, Valid means of Identification, and such other information as we may require.
- 2.2We reserve the right to verify any information you submit including credit check, employment check and banking information test or any other proof, and also reserve the right to conduct such verification through a third party.
- 2.3You 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. You understand that we may terminate consideration of your application at any time in our sole discretion.
- 2.4Where we are unable to verify your information as contained in your loan request, we shall cancel your loan request.
3. Loan request
Nextpayday will strive to meet your loan request within the time specified on your application form. However, we do not guarantee that your loan request will be funded, disbursement will be subject to availability of funds from willing partners and investors, and applicable regulatory framework .. You acknowledge that we shall not be liable for any loss that you may suffer as a result of a refusal of your loan request.
4. Making your loan payments
- 4.1You agree to make all regular scheduled monthly loan payments by automatic withdrawal from your designated salary account. If you elect to make payments by recurring automatic withdrawal, you authorize us and our successors and assigns to debit your designated account for the amount of each payment due on each due date.
- 4.2You agree that you shall not revoke the authorization to your Bank for the automatic withdrawal of amounts due under the loan without written notice to us.
- 4.3Not payment of your monthly obligations for three consecutive months shall constitute default. You hereby consent that Nextpayday is entitled to restructure the loan in a such a way that repayment does not exceed pre-agreed loan end date.
- 4.4You also agree that when loans are restructured, a penal charge of 10% is surcharged and EMI shall be routed through your payroll for subsequent deductions or handed over to a debt recovery agent.
5. Other borrower obligations
6. Default and termination
7. Communications and notices to you
- 7.1You expressly consent to be contacted by Nextpayday, its agents, representatives, affiliates, or anyone calling on its behalf for any and all purposes, at any telephone number, or physical or electronic address you provide or at which you may be reached. In the event that an agent or representative calls, he or she may also leave a message on your answering machine, voice mail, or send one via text. We may listen to and/or record phone calls between you and our representatives without notice to you as permitted by applicable law. For example, we listen to and record calls for quality monitoring purposes.
- 7.2You agree that we may provide notice to you by emailing it to the email address contained in your loan request or provides to us in the future. Such notice shall be considered to be received by you within 24 hours of the time it is emailed to you unless we receive notice that the email was not delivered. If the notice is sent by post, we will consider it to have been received by you three Business Days after it is sent. You acknowledge that you have sole access to such email account and your area on the Site and that communications from us may contain sensitive, confidential, and collections-related communications. If your registered email address changes, you must notify us within 24 hours of the change by sending an email to email@example.com or. You also agree to update your registered residence address and telephone number on the Site within 24 hours whenever they change
8. Assignment of your loan
Following the closing of your loan, you hereby agree that we may, without notice to you, assign all of our right, title and interest in this Agreement and/or your Note(s).
9. Entire agreement
This Agreement and any Note represents the entire agreement between you and us regarding the subject matter hereof and supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between us with respect to your loan request and loan.
10. Consent to electronic transactions and disclosures
11. 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.
12. Limitation of liability
To the extent permitted by applicable law, in no event shall we be liable to you for any loss of profits or special, exemplary, consequential or punitive damages, even if informed of the possibility of such damages.
13. General provisions
- 13.1You may not assign, transfer or sublicense your rights or obligations under this Agreement to another person without our prior written consent. Any such assignment, transfer, or sublicense in violation of this Clause [16.1] shall be null and void.
- 13.2You declare that you do not have pending loan obligation to any other financial institution and undertake that, under no condition shall you obtain any payroll deductible loan without the written consent of Nextpayday for the duration of this loan.
- 13.3No failure on the part of any of the Parties hereto, to exercise or any delay in exercising any rights, power or privilege it may possess under this Agreement or by operation of law shall operate as a waiver of such right, power or privilege nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other right, power or privilege hereunder.
- 13.4If at any time after the date of this Agreement, any of the provisions of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality and unenforceability of such provision shall have no effect upon and shall not impair the enforceability of any other provisions of this Agreement. The headings in this Agreement are for reference purposes only and shall not affect the interpretation of this Agreement in any way.
- 13.5You confirm that you have read, understood, and agreed to all of the terms of this Loan Agreement and intend to be legally bound
- 13.6You 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’
14. Applicable law
The provisions of this Agreement will be governed by the Laws of the Federal Republic of Nigeria. Any waiver of a breach of any provision of this Agreement will not be a waiver of any other subsequent breach.
15. Dispute resolution
- 15.1Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration in accordance with the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria 2004, or any amendment thereto
- 15.2The arbitration shall be conducted by a single arbitrator nominated by the Parties. Where Parties are unable to agree on the choice of the arbitrator, the arbitrator shall be nominated by the Chairperson of the Port Harcourt Chapter of the Nigerian Branch of the Chartered Institute of Arbitrators (UK). The venue of the arbitration shall be Port Harcourt, Rivers State, Nigeria and the language of the arbitral proceedings shall be English Language.
- 15.3The Parties agree that the award of the arbitrator shall be final and binding on the Parties herein.
- 15.4Each Party shall bear its cost in connection with the Arbitration.
BY ELECTRONICALLY SIGNING THE AGREEMENT, YOU HAVE SIGNIFIED YOUR AGREEMENT TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS CONTAINED IN THIS AGREEMENT