These Terms of service (“Agreement”) govern the provision of the Loan Plan (“the Plan”) offered by oyovweoghenenyerhovwo enterprises. By applying for and accepting a loan under this Plan, the Customer agrees to be bound by this Agreement.

1. Definitions

1.1 Loan: The principal sum advanced to the Customer under this Plan, less the portion allocated to a debenture investment.

1.2 Disbursement: The net amount released to the Customer.

1.3 Repayment Period: The duration agreed upon by this enterprise and the Customer for the full repayment of the Loan, typically ranging from 3 to 12 months.

1.4 Interest Rate: The percentage charged on the outstanding Loan balance per month, as determined based on the Customer’s risk profile.

1.5 Default: The failure of the Customer to meet the repayment obligations as set forth herein.

2. Loan Eligibility and Application

2.1 Eligibility:

• The Plan is available to individuals who meet this enterprise’s creditworthiness criteria, including the provision of valid identification, proof of income (if applicable), and any other documentation requested by this enterprise.
• This enterprise reserves the right to reject any application at its sole discretion.

2.2 Application Process:

• Customers must complete the Loan Application form and consent to the automatic allocation of a portion of the Loan as a Debenture Investment.
• Approval is subject to this enterprise risk assessment and internal policies.

1. Loan Structure and Disbursement

3.1 Loan Amount:

• Minimum Loan Amount: ₦50,000
• Maximum Loan Amount: nil (subject to risk evaluation)

3.2 Disbursement:

• The net Loan amount (after the debenture allocation) is disbursed to the Customer upon final approval of the application.

1. Interest and Repayment Terms for debenture loans

4.1 Loan Interest:

• The Loan shall accrue interest at a rate of 10 per month, based on the Customer’s credit risk and the terms agreed upon in the Loan Contract.

4.2 Repayment Schedule:

• The Loan must be repaid in equal monthly installments over the agreed Repayment Period.
• The installment amount will include both principal and accrued interest.
• Early repayment options may be available subject to conditions outlined in the Loan Agreement.

1. Late Payment and Default

5.1 Default:

• Default is deemed to occur if the Customer fails to make two consecutive monthly payments or otherwise breaches the repayment terms.
• In the event of default, this enterprise may:
• Initiate collection proceedings and/or legal action to recover the outstanding Loan amount;
• Liquidate the Debenture Investment to cover part or all of the unpaid balance; and
• Report the default to credit bureaus, which may adversely affect the Customer’s credit rating.

1. Use and Release of the Debenture Investment

6.1 Security:

• The Debenture Investment serves as partial collateral for the Loan. It is held by this enterprise until full repayment of the Loan, including accrued interest and any fees.

6.2 Release:

• Upon full and timely repayment of the Loan, the Debenture Investment (along with accrued interest) will be released to the Customer.
• The Customer may then elect to withdraw or reinvest the debenture proceeds.

1. Representations, Warranties, and Customer Obligations

7.1 Accuracy of Information:

• The Customer represents that all information provided in the Loan Application is true, complete, and accurate.

• Any misrepresentation may result in the rejection of the application or acceleration of the Loan repayment obligations.

7.2 Compliance:

• The Customer agrees to abide by all applicable laws and regulations in connection with the use of the Loan and Debenture Investment.
• The Customer is responsible for promptly notifying this enterprise of any changes to their financial circumstances that might affect their repayment ability.

1. Amendments and Termination

8.1 Amendments:

• This enterprise reserves the right to amend these Terms and Conditions at any time.

• Any amendments will be communicated to the Customer in writing and will become effective as specified by this enterprise.

8.2 Termination:

• This enterprise may terminate the Loan Agreement in the event of a material breach by the Customer.
• Termination does not relieve the Customer of the obligation to repay any outstanding balance.

1. Dispute Resolution and Governing Law

9.1 Governing Law:

• This Agreement is governed by and construed in accordance with the laws of [Insert Jurisdiction].

9.2 Dispute Resolution:

• Any disputes arising out of or in connection with this Agreement shall be resolved through arbitration/mediation as agreed upon by the parties or as required by law.

1. Miscellaneous

10.1 Entire Agreement:

• This Agreement constitutes the entire understanding between the Customer and this enterprise regarding the Loan and supersedes all prior agreements or understandings.

10.2 Severability:

• If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

10.3 Waiver:

• The failure of this enterprise to enforce any right or provision of this Agreement shall not constitute a waiver of such right or provision.

By accepting a Loan, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.

For any questions or further clarifications regarding this Agreement, please contact our customer service at [08066634208].