Loan Agreement

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

  • 1.1
    Interest rates are set for each employer, and applicable rate is highlighted on the loan request form page.
  • 1.2
    Nextpayday charges an additional loan fee [ covering insurance, origination and management] ranging from 2.5% to 8% depending on the employer. The applicant reserves the right to set off this fee from his principal or capitalize it in order to meet set financial goal. Where the fee is capitalised, it will be added to the principal amount for the purpose of determining the loan EMI.
  • 1.3
    When you request for a loan, and EMI [ Equal Monthly Installment] is generated based on the amount requested, loan terms, and applicable interest rate. Where Fee is capitalized, it becomes a component of the EMI.
  • 1.4
    The EMI shall be paid and on or before the 30th day of every month from the next corresponding month after the disbursement of Loan. Such repayments of Loan shall continue until the date of full repayment of the loan.
  • 1.5
    Where you fail to pay any amount due on the due date of payment, you shall be liable to pay an additional interest at the rate the loan was sold on the unpaid installment every month until the Loan is repaid.
  • 1.6
    You may liquidate the loan before the end of the tenure; provided that the following additional charges shall apply to loans liquidated before the end of the tenure
  • (a)
    Liquidation within the first 3 months - 10% flat
  • (b)
    Liquidation between the 4th to 6months- 7.5% for each of the month
  • 1.7
    You agree to bear all reasonable cost and expenses incurred by us in recovering any debt owed by you or in ensuring the performance of any of any of your obligation.
  • 2. Credit decisions

    1. 2.1
      Your 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. 2.2
      We 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.
    3. 2.3
      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. You understand that we may terminate consideration of your application at any time in our sole discretion.
    4. 2.4
      Where 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

    1. 4.1
      You 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.
    2. 4.2
      You 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.
    3. 4.3
      Not 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. 4.4
      You 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

  • 5.1
    You agree that you will not, in connection with your loan request:,
  • (a)
    make any false, misleading or deceptive statements or omissions of fact in your application;,
  • (b)
    misrepresent your identity, or describe, present or portray yourself as a person other than yourself; ,
  • (c)
    give to or receive from, or offer or agree to give to or receive from any Nextpayday employee, director, agent or representative any fee, bonus, additional interest, or thing of value of any kind except in accordance with the terms of your loan; ,
  • (d)
    represent yourself to any person, as a representative, employee, or agent of Nextpayday, or purport to speak to any person on our behalf; or ,
  • (e)
    provide, in your loan request or in communications on the Site related to your loan request, information upon which a discriminatory lending decision may be made, such as your race, color, religion, nationality, sex, or age. You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us.
  • 5.2
    You certify that you are resident in Nigeria and the proceeds of the loan will not be used to fund any illegal activity
  • 6. Default and termination

  • 6.1
    You will be deemed in default on your loan (each, an "Event of Default") if you:
  • (1)
    fail to pay timely any amount due on your loan;
  • (2)
    file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors;
  • (3)
    die or are declared dead;
  • (4)
    commit fraud or make any material misrepresentation in this Agreement, or any other documents delivered to us in connection with your loan; or
  • (5)
    fail to abide by the terms of this Agreement; or
  • (6)
    change nominated bank account without prior notification to us.
  • 6.2
    Upon the occurrence of an Event of Default, we may exercise all remedies available to us under applicable law, this Agreement, and the Note, including without limitation
  • (1)
    demand that you immediately pay all amounts owed on your loan or
  • (2)
    terminate this Agreement.
  • 7. Communications and notices to you

    1. 7.1
      You 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.
    2. 7.2
      You 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 support@nextpayday.ng 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.

    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.

    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

    1. 13.1
      You 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.
    2. 13.2
      You 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.
    3. 13.3
      No 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.
    4. 13.4
      If 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.
    5. 13.5
      You confirm that you have read, understood, and agreed to all of the terms of this Loan Agreement and intend to be legally bound
    6. 13.6
      You 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

    1. 15.1
      Any 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
    2. 15.2
      The 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.
    3. 15.3
      The Parties agree that the award of the arbitrator shall be final and binding on the Parties herein.
    4. 15.4
      Each 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