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These Terms and Conditions apply to and regulate the provision of Coop These standard Terms and Conditions together with our offer letter setout the terms governing this Credit/Loan Agreement
It is important that you read the offer letter and these Terms and carefully and keep them for future reference.
A. INTEREST
1. Subject to subsection (2)and (3),the Annualized Percentage Rate of Interest (“APR”) for the direct Loan Accounts is inline with the market.
2. The Coop may initssole discretion 1ncrease or decrease the prevailing interest rate for any reason and
3. Anychange ininterest rate willtake effect on the Borrower’s account followinga minimum of 7days’ written notice.
4. All fees willbe capitalized into the Interest calculation
B. PAYMENTS
All payments bythe Borrower willbe made byone ofthe following methods; directdeposit at the Coop, personal cheques, standard order or through anacceptable electronic channel. All other method will be accepted with theCoop’s consent only. Inparticular:
1. The Borrower willbe given a dedicated and customized repayment
uponapproval ofthe loan application;
2. The Borrower will be expected to make monthly repayments in accordance with the repayment p1an
3. The Borrower will be sent an electronic message or SMS alert two (2) working days-before each monthly repayment date and the Borrower hereby agrees that such notice shall be conclusively deemed received bythe Borrower without need ofany further notice.
4. The Borrower hereby agrees that non-payment of the amount owed bythe Payment Due Date shall render the Borrower in default and entitles the Coop totake steps to recover the outstanding loan amount inaccordance with clause Ebe1ow.
C. PROVISION OFFINANCIAL INFORMATION
At our request, you will be required to provide us with latest financial statements, contingent liability details and any other reasonable information relating to you and/or your financial affairs
D. USE OF CREDIT BUREAU
1. The Coop may approach a dedicated Credit Reference Agency for a creditreport on the Applicant Inconsidering any application for credit.
2. The Borrower authorizes the Coop to access any information available to itasprovided by the Credit Agency.
3.The Borrower also agrees that his/her details and the loan application decision willbe registered with the Credit Agency.
4. Inthe event the Borrower wishes to access the credit report, the Coop will advise the Borrower of the contact details of the relevant credit agency and the Borrower waives any claims he/she may have against the Coop inrespect of such disclosure.
E. INFORMATION FROM EMPLOYER
The Borrower hereby consents to the Coop requesting and its Employer confirmingand or providing, relevant Employee information to the Coopas itemized under the Employer’s Confirmation Section of this application form aswell as, any other information which the Coop mayrequire hereunder.
F. DEFAULT
Defaultinterms ofthis Agreement willoccur if
1. The Borrower fails to make repayment infull, on or before the payment date inaccordance with the monthly repayment plan given to the borrower;
2. Anyrepresentation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied bythe Borrower, islater discovered to be materially incorrect; or
3. The Borrower does or omits to do anything which may prejudice the Bank’s rights terms of this Agreement or cause the Coop to suffer any loss or damage
Ifthe Borrower defaults in their obligations under this Agreement, the Coop willbe entitled to do the following.
1. The Coop will on each Repayment Date collect the total amount payablebythat date inaccordance with the repayment plan schedule givento the Borrower. Where the Borrower fails to honor their obligation to repay their total monthly repayment amount bythe due date, the Coopwillattempt to collect the outstanding amount within the next twenty-four (24) hours.
2. Where more than forty-eight (48) hours have elapsed since the payment date and the repayment amount (total or partial) still remains outstanding, the Coop willstart calculating accelerated interest at the rate of 1% plus the applicable borrowing interest rate.
3. Where more than forty-eight (48) hours have elapsed since the payment date and the repayment amount (total or partial) still remains outstanding, the borrower’s Collateral is transfer to the coop and used as an instrument to pay the debit.
4. Following the borrower’s default, the Coopreserves the right to assign its right, title and interest under the Agreement to an external Collection agencywho willtake all steps, within the bounds ofthe law, to collect the outstanding loan amount.
5. The Coop also reserves the right to start legal proceedings against the defaulting Borrower and isunder no obligation to inform the Borrower before such proceedings commence.
6. The Coop will be entitled to terminate this Agreement (after service of any notice required there under) ifthe Borrower inany way
perpetrates or attempt to or is involved inany act of fraud or other Criminal activity in Respect of Abottmax Lekki or the Loan, or ifany information provided by the Borrower as part of the application is incorrect or misleading inany material manner. On such termination, the Coop reserves the right to demand repayment of the full loan amount with interest calculated as stipulated inthese Terms and Conditions.
7. Hold the Borrower responsible for all legal costs and expenses incurred by the Coop inattempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged inaccordance with these Terms and Conditions.
G. COMMUNICATION
TheBorrower agrees that the Coop may communicate with them bysending notices, messages, alerts and statement inrelation to this Agreement in the following manner:
1. Tothe most recent address the Coop holds for the Borrower on file.
2. Bydelivery to any email address provided during the application process.
3. By delivery of an SMS to any mobile telephone number the Borrower has provided to the Coop
H. MISCELLANEOUS
This Agreement shall be governed bythe laws ofthe Federal Republic of Nigeriaand shall be subject to the jurisdiction of the courts ofthe Federal Republic of Nigeria.
1. Ifthe Coop does not strictly enforce its rights under this Agreement including its right to insist on the repayment of allsums due on the Repayment Due Date) orgrant the Borrower an indulgence, the Coop willnot be deemed to have waived those rights and willnot be prevented from insisting upon its strict rightat a later date.
2. The Coop reserves the right to transfer or assign itsrights & obligation under this Agreement (including its obligation to lend money to the Borrower or theamount owed under this Agreement) to another person,
3. The Coop may inform the Borrower ofa transfer/assignment of its rights hereunder if such a transfer results ina change inthe administrationofthis Agreement.
I. CONSENT
We gather data from you when you register on our site, submit a request, buy any services, react to an overview, or round out a structure. At the point when requesting any assistance or enrolling on our site, as suitable, you might be approached to enter your: name, email address, or telephone number. You may, nonetheless, visit our site anonymously.
All provided delicate/credit data is sent through Stripe.
After
an exchange, your private data (credit cards, social security numbers,
financials, and so on) won't be put away on our workers.
We don't sell, exchange, or in any case move to outside gatherings by and by recognizable data. This does exclude confided in outsiders who help us in working our site, leading our business, or adjusting you, since those gatherings consent to keep this data private. We may likewise deliver your data when we accept discharge is suitable to follow the law, implement our site strategies, or ensure our own or others' rights, property, or wellbeing.
We are consistent with the prerequisites of COPPA (Children's Online Privacy Protection Act), we don't gather any data from anybody under 13 years old. Our site, items, and administrations are completely coordinated to individuals who are in any event 13 years of age or more established.
If we decide to change our privacy policy, we will post those changes on this page.
At the point when you register for our site, we cycle and keep your information we have about you however long you don't erase the record or withdraw yourself (subject to laws and guidelines).
We don't and will never share, unveil, sell, or in any case give your information to different organizations for the promoting of their items or administrations.