IT IS IMPORTANT THAT YOU READ, UNDERSTAND AND ACCEPT OUR TERMS AND CONDITIONS BEFORE YOU ACCESS A LOAN FACILITY. THIS DOCUMENT GOVERNS YOUR RELATIONSHIP WITH CREDIT DIRECT LIMITED WITH RESPECT TO YOUR LOAN APPLICATION AND SHALL BE INCORPORATED AND READ JOINTLY WITH OUR DIGITAL AND PHYSICAL LOAN AGREEMENTS. THE TERMS AND CONDITIONS CONTAINED HEREIN SHALL BE LEGALLY BINDING JUST AS THEY WOULD BE IF YOU WERE TO FILL OUT AND SIGN A PAPER APPLICATION. THE TERMS AS CONTAINED IN THIS DOCUMENT WILL BE LEGALLY BINDING AS OF THE TIME THAT YOU INDICATE THAT YOU AGREE TO THEM AND NO EXCHANGE OF SIGNED PAPER COPIES IS REQUIRED FOR THEM TO BE ENFORCEABLE.

By proceeding with this document, you agree that these terms and conditions form a binding agreement between you and Credit Direct Finance Company Limited (hereinafter referred to as “ Credit Direct”, “we” “our” or “us”) and waive any notice requirements of the same. These terms will apply to you throughout the duration of the loan or as long as any part of the loan remains outstanding. Please note that you are not allowed to copy or modify this document, any part thereof, or our trademarks or any part of our intellectual property in any way. You are not allowed to attempt to or extract the source code of this document, and you also should not try to translate this document into other languages or make derivative versions. These terms and conditions may be extended to cover any application for additional loan facilities (loan top up) while the initial loan is still running provided same is ratified with a separate correspondence communicating any changes. You hereby represent and warrant that you are 21 years of age or older, of sound mind and gainfully employed by a reputable organisation or have a legal source of income. You also agree to provide us with your accurate and current information as your failure to provide accurate and current information may result in Credit Direct being unable to accept or process your loan application. These terms and conditions shall remain in force as long as Credit Direct remains your creditor or as long as any part of your loan facility remains outstanding.

Upon your application, Credit Direct will (or has) conduct(ed) a credit assessment with credit bureaus and your credit report therefrom will determine whether you qualify for the loan facility. By agreeing to these terms and conditions and continuing with our online loan application process, you expressly consent to Credit Direct verifying and comparing your biodata, contact information, account information, location information and credit history to records of your information maintained by third parties, including credit reporting agencies, other financial institutions and telecommunication services providers, and you consent to such third parties providing us with such information to  for the purpose of identity validation and credit assessment. For more information on how we  handle your personal information, please see our Privacy Policy as published on our website, https://www.creditdirect.ng/ and updated from time to time.

You hereby confirm that you applied for and were granted a loan facility in line with your loan application subject to Credit Direct’s approval which sum shall be paid into your personal bank account details as provided to Credit Direct. The tenor and interest rate of the loan shall be as communicated to you. The tenor shall run from the date of disbursement of the loan while the interest shall be charged on a flat basis monthly or daily, depending on the loan product type. We reserve the right to review the interest rate in line with the prevailing money market condition, or for any reason at our sole discretion. Any change in the interest rate shall be communicated to you by way of any of the communication methods indicated herein and shall be binding on you from the date on such notice. The disbursement of the loan amount shall be subject to availability of funds as well as Central Bank of Nigeria (CBN)’s regulations. Credit Direct shall however not be responsible for any losses that you may sustain (or damages/claims accruing therefrom) arising from any delay or failure to approve a loan application within a given period of time or at all.

By proceeding with your application and accessing the loan facility, you hereby covenant to repay the loan as and when due. The repayment sum shall be a computation of the monthly value of the loan and monthly interest calculation and shall be repaid in equal monthly instalments for the duration of the loan or until the entire loan is liquidated. You hereby understand and consent that the settlement of your monthly repayments is automated and shall be deducted at source from your employer’s payroll, via direct debit (using Remita or such other third-party collection partners) or via your debit card from your monthly salary or any other sources of income paid into your designated bank account provided to us. You hereby undertake that your designated bank account will not be changed throughout the duration of the loan and shall be sufficiently funded upfront to absorb the monthly liquidation of the repayments. You may also choose to make your repayments by issuing a standing order on your bank account or debit card, post-dated cheques, or pledged security. In the event of missed, omitted or default payments, we may direct you to make payments into our designated bank account and you are advised to give us at least 48 hours’ notice by sending an email to resolutionsteam@creditdirect.ng or call 01-4882225 before any payments are lodged, to avoid double debits. Please be advised that you are not required to make any cash payments, bank deposits or transfers to our staff or any entity claiming to be acting through us. Credit Direct will not assume any responsibility for such monies paid to a staff or entity outside of Credit Direct’s designated bank account number.

In the event that you fail to repay the loan as agreed, and the loan becomes delinquent,  Credit Direct 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 such indebtedness from any money standing to your credit in any bank account and from any financial assets they may be holding for your benefit. You also covenant and warrant that Credit Direct shall have power to activate a global standing instruction (GSI) to set-off your indebtedness from all such monies and funds standing to your credit/benefit in any and all such accounts or from any other financial assets belonging to you and in the custody of any such bank. Accordingly, you agree that you hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that you 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.

It is hereby agreed that you understand that  we may apply the repayments to interest charges, outstanding fees, default charges, legal or recovery cost (where necessary) before the principal loan amount.  Credit Direct also reserves the right to register your details with any credit bureau, collection agency and/or your employers if and when the loan has ceased to be serviced for continuing periods and you hereby waive any claim you may have against  Credit Direct in respect of such disclosure. It is also agreed that you understand and permit Credit Direct to explore and utilise any lawful means as may be necessary to recover any outstanding which you may owe Credit Direct. In the event that you die or become permanently disabled, you hereby agree that you shall be liable for the repayment of any other outstanding limited to your terminal benefit/gratuity or any other disclosed/undisclosed entitlement from your employers (if any).

It is also understood and agreed that you shall reimburse  us for all out-of-pocket costs, charges and expenses which may have been incurred in connection with the negotiation, preparation, execution, perfection, enforcement, management and administration of your loan application including such expenses as legal fees, costs of printing (if you request for paper copies), recovery expenses in the event of default, and otherwise as may be incurred by us in respect of this transaction.

You shall be deemed to be in breach of these covenants if and when you default in the repayment of any principal monies or in the payment of any interest due, penalty interest and any other expenses hereunder. Default penalty interest charged shall not exceed the maximum allowable rate in the terms of the notice on overdue amounts in case of your default or that of your employer. You hereby agree to fully indemnify and hold harmless  Credit Direct against all liabilities, losses, damages, costs, fees, and expenses in respect of injury or damage to  Credit Direct arising from your default or breach of these terms and conditions. Any failure or delay by  Credit Direct in exercising any remedy, power or right as a lender shall not be considered as a waiver or impairment nor shall it affect or impair any such remedies, powers, or rights in respect of such default. The amount which you owe  Credit Direct at any time may be ascertained from the  Credit Direct online lending platform or as shown by a letter of indebtedness and stated therein as the amount owed, which letter must be prepared and signed by a Credit Direct official either physically or electronically. The letter of indebtedness will be proof of the amount owed to Credit Direct and will be used in any legal proceedings and will be accepted by the Court on its own as correct. We shall also endeavour to furnish you with a statement setting out all deductions from your repayment source, your outstanding loan balance, and any amounts payable in arrears, upon your request of same.

By virtue of these covenants, you hereby declare and undertake that the representations or warranties (including your financial information) given or made in your loan application or in any notice, certificate or statement, delivered or made pursuant to your loan application is true and accurate in every respect when made or delivered. You further undertake to:

• Ensure that the monthly repayments are made as and when due.
• Notify any other lender of your indebtedness to Credit Direct.
• Immediately notify Credit Direct of any change in circumstances or any information supplied to Credit Direct.
• Immediately inform Credit Direct of any material adverse change in your personal cash flow within 24 hours of the occurrence.
• Inform Credit Direct within 2 days of a transfer, resignation, retirement, termination, or dismissal event.
• Inform Credit Direct of all cash advances, internal loans, financial accommodations, or any other obligations which you may have been granted and deductible from your monthly salaries within 24 hours of occurrence.
• Notify Credit Direct of all terminal benefits/entitlements including but not limited to shares/staff investment trust benefit, cooperative society contributions, benefits or entitlement credited to your account upon your disengagement from current employment.
• Provide Credit Direct with any other information upon Credit Direct’s request of same.

With respect to the communication methods under this transaction,  no communication will be effective until received by Credit Direct in writing, either via surface mail, e-mail, or electronic messaging to Credit Direct’s specified physical or electronic addresses. Credit Direct will use either or all of the communication methods indicated hereunder to correspond with you (or your next of kin as provided in your application when you are consistently unreachable). Our communication to you is, however, deemed to be received, in the case of a letter, on the second business day after posting and in the case of electronic communications (emails or SMS), on completion of transmission to the relevant electronic address provided that if such communication is made at a time which is outside ordinary business hours, such communications shall be deemed received on the next business day. The term “business day” means a day (other than a Saturday, Sunday, or public holiday) upon which banks are open for business in Nigeria. In addition,  we may also publish notices of general nature, which are applicable to all its customers, on its website or national dailies. Such notices will have the same effect as a notice served individually to a customer. By virtue of this provision, it is deemed that you consent to receipt of notices, documents and any other communications relating to your loan facility and these terms and conditions being sent by Credit Direct via email or other electronic means (including without limitation, SMS, push notifications, publications on our website).

Only Credit Direct may amend, supplement, or vary the terms of your loan facility at any time if it is required or it is advisable for us to do so by law or change in market conditions or to maintain our rate of return on this facility.

These terms and conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria irrespective of where you live or were located when you applied for the loan. In the event of any dispute including but not limited to the interpretation of our loan documentation (Terms and Conditions, Loan Agreement and Privacy Policy) or dissatisfaction with our services, you are encouraged to attempt amicable means of resolving the same by sending us a formal notification of dispute. In the event the resolution outcome or timeline is unsatisfactory, such dispute shall be resolved via Mediation and the decisions therefrom shall be upheld as consent judgment, failing which parties shall then submit to the exclusive jurisdiction of the Courts of the Federal Republic of Nigeria as a final resort.

If any provision of this document is found by any Court of competent jurisdiction to be invalid or unenforceable, such provision shall not affect other provisions herein, which shall remain in full force and effect and we undertake to use reasonable endeavours to find a new provision resembling the invalid one, taking the original intent and purpose into consideration.

Any amendment, supplement or variation to these Terms and Conditions shall be binding on you from the date specified in such notice. An updated version of the Terms and Conditions shall be sent to the email address provided at the time of submitting your loan application. You are however responsible for ensuring you check your email regularly to receive notices from us in a timely manner.