These Terms and Conditions apply to and regulate the provision of credit facilities advanced by Princeps Credit Systems Limited (hereinafter called “the Lender” or “Princeps Credit”) to the Borrower herein. These Terms and Conditions constitute the Lender’s offer and set out the terms governing this Agreement.
Princeps Credit Systems Limited (Owners of Credit Wallet, Credit Lite, Credit Rite, Credit Edge, Credit Wallet Plus, W EduAdvance, Credit Alert and Corper Wallet)® is an open-end credit plan offered by the Lender and BY ACCEPTING THESE TERMS AND CONDITIONS, A PRINCEPS CREDIT SYSTEMS LIMITED ACCOUNT IS SET UP WITH PRINCEPS, and you agree that you have read these Terms and Conditions. You authorize the Lender to conduct verification searches on your information and review your credit report, and you understand that this account is subject to transaction fees and default fees and is governed by the Laws of the Federal Republic of Nigeria.
You will be asked to provide information (such as your date of birth, your Bank Verification Number, your National Identification Number,) when you apply for a Princeps Credit Systems Limited® loan. This information is used for verification purposes.
This is an open-end credit account where you access direct loan or credit facility using Princeps Credit Systems Limited, while you repay the loan or credit facility on a future date via a deduction from your monthly salary, cash transfer or electronic repayment from your account on the Payment Due Date at a flat interest as defined by the product.
In this agreement, the terms: “You”, “your”, “Customer”, and “Borrower” shall mean the person who applied for this Loan and agrees to this Agreement. “We”, “us”, “our” and “Lender” shall mean Princeps Credit Systems Limited, and following an assignment, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned.
“Account” means the Borrower’s account with the Lender.
“Disbursement Date” means the date the Lender advanced the loan to the Borrower.
“Payment Due Date” means a maximum of 30 days after the loan has been given.
“Loan” means the amount advanced to the Borrower by the Lender.
“Loan Offer Letter” means the written or electronic offer issued by the Company to a Borrower specifying the commercial terms of a Loan, including but not limited to the principal amount, Interest rate, tenor, repayment schedule, Fees, Charges, and any special conditions applicable to that Loan, which upon acceptance forms part of the binding agreement between the Parties.
“Interest” means the monetary consideration payable by the Borrower to the Company for the use of or access to a Loan, calculated at the rate and in the manner specified in the applicable Loan Offer Letter.
“Fees” means any administrative, processing, management, insurance, documentation, or other service-related amounts payable by the Borrower in connection with a Loan, as specified in the applicable Loan Offer Letter or otherwise communicated in writing by the Company.
By ticking the “I agree to the Terms and Conditions”, on the application form (online or offline) or on the Loan Offer letter, you consent and agree that:
2.1. We can provide materials and other information about your legal rights and duties to you electronically or on paper.
2.2. We are authorized to share data/information collected from your transaction upon request by any investigating agency of the government, a credit bureau or in compliance with an order of Court.
2.3. We can send all important communications, billing statements and demand notes and reminders (collectively referred to as “Disclosures”) to you electronically via our website or to an email address that you provide to us while applying for this loan.
2.4. We will alert you when the Disclosures are available by sending you electronic communication.
2.5. Our email will tell you how you can view the Disclosures.
2.6. We will make the Disclosures available to you from the date it first became available to you, or the date we sent you the email to alert you that it was available.
2.7. You will be able to print a copy of the Disclosure or download the information for your records.
2.8. In the event that you default to make any repayment as and when due or insufficiency of funds in your bank account, you hereby authorize the Lender to immediately notify your employer of the default and demand for immediate debit from source of the outstanding amount directly from your salary or any other employment entitlement until the final settlement of the loan amount and interest thereon.
2.9. This consent applies to this transaction, to all future Disclosures on this Account, to all future transactions in which you use the Princeps Credit Systems Limited option with us, at any time, and to other Disclosures that we provide to you by email, unless you have, prior to such transaction, withdrawn your consent by the procedure mentioned below.
2.10. By consenting, you agree that electronic Disclosures have the same meaning and effect as if we provided paper Disclosures to you as we are required to do so. When we send you an email alerting you that the Disclosures are available electronically and make it available online, that shall have the same meaning and effect as if we provided paper Disclosures to you, whether or not you choose to view the Disclosures, unless you had previously withdrawn your consent to receive Disclosures electronically.
3.1. Transaction fee shall be charged for each loan facility obtained from the Lender and applicable fee payable shall be in accordance with the terms of the loan offer.
3.2. Interest rates, fees, charges, tenor, repayment schedule, and other commercial terms applicable to each Loan shall be specified in the individual Loan Offer Letter issued to the Borrower.
3.3. The transaction fee does not preclude the Lender from charging delayed payment charges and in the event of any dispute arising from these Terms and Conditions – the cost of Litigation/Solicitors’ fees.
4.1. To pay us the loan sum, including any inconvenience, delayed payment charge interest rate, and other amounts due to the Lender charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.
4.2. The Lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account unless the Borrower notifies the Lender, in writing, of imminent fraud by another person on the Borrower’s account within 24 hours of such fraud.
4.3. To pay all costs of collection if we take any action to recover the loan.
4.4. Not to give us false information or signatures, electronic or otherwise, at any time.
4.5. To pay a delayed payment charge as may be provided in this terms and conditions or such other documents in connection with the loan transaction.
4.6. To make all payments via a deduction from your salary source, a direct debit on cards/ bank accounts or by electronic funds transfer as stated in the application form.
4.7. It shall be the responsibility of the Borrower to ensure that monthly repayments are remitted to Lender on the agreed repayment due dates. Accordingly, the Borrower hereby undertakes to remit the monthly repayment to Lender’s account on due dates by electronic transfer, in the event that the Lender is unable to successfully deduct the repayment due from Borrower’s salary account for any reason whatsoever through direct debit or use of Lender’s third-party system on repayment due dates.
4.8. To promptly notify us if you change your name, mailing address, e-mail address or telephone number.
4.9. To honor any other promises that you make in this Agreement.
4.10. That you will not accept this Loan unless you are of legal age and have the capacity to enter into a valid contract.
4.11. Not to use Princeps Credit Systems Limited for any act of illegality or criminality as Princeps Credit Systems Limited shall not be legally or criminally culpable for any illegality committed by you.
4.12. To fill out the application form (as provided) with accurate information and details as required.
5.1. To make available the loan/credit facility to the Borrower.
5.2. To perform 5.1 above upon confirmation of the Borrower’s identity and personal information.
5.3. To demand repayment for the Borrower as at when due.
5.4. To conduct investigations on the Borrower prior to opening an account for the Borrower.
5.5. To use all reasonable and legitimate means to collect the amount extended to the Borrower, delayed payment charges, transaction fees and any other charge imposed on the Borrower as a result of the loan.
6.1. The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
6.2. The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency.
6.3. The Borrower also agrees that the Borrower’s details and the loan application decision may be registered with the Credit Agency.
The Borrower agrees that the Lender may communicate with the Borrower by sending notices, messages, alerts and statements in relation to this Agreement in any of the following manner:
7.1. To the most recent physical address the Lender holds for the Borrower on file.
7.2. By delivery to any email address provided by the Borrower during the application process.
7.3. By delivery of an SMS to any mobile telephone number the Borrower has provided to the Lender.
7.4. By posting such notice on the Lender’s website.
Default in terms of this Agreement will occur if:
8.1. The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower; or
8.1.1. In the event that the employer or any third-party agent acting on behalf of the Lender is unable to make scheduled deductions from Borrower’s account on due date in satisfaction of Borrower’s loan obligations due to unavailability of funds in Borrower’s account;
8.1.2. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect; or
8.1.3. In the event of any default by the Borrower pursuant to Clause 8.1 and 8.1.1 above, the Borrower shall be liable to pay a daily delayed payment charge as specified on the Loan Offer until the payment of the amount due is fully paid.
8.2. The Lender reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount.
8.3. The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
8.4. The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged.
9.1. This Agreement represents the entire understanding between the Lender and the Borrower.
9.2. Any amendment to this Agreement shall be made by the Lender from time to time and communicated to the Borrower in writing.
9.3. The Borrower agrees and undertakes that for the period of this Agreement, the Borrower will not do anything or give any instruction that will make the Lender unable to deduct the monthly repayments as agreed in this Agreement. This includes changing bank accounts without notifying the Lender in writing.
9.4. This Agreement shall be governed and construed under the laws of the Federal Republic of Nigeria and, in the event of a dispute, shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
9.5. If the Lender does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Payment Due Date) or grant the Borrower an indulgence, the Lender shall not be deemed to have waived or lost those rights and will not be prevented from insisting upon its strict rights at a later date.
9.6. The Lender reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Lender will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
9.7. The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars, data and information in the application by the Lender which may include but shall not be limited to purposes necessary to promote or sustain the business of the Lender; and the Borrower waives any claims the Borrower may have against the Lender arising from any such access, use or disclosure.
10.1. I acknowledge and confirm that I fully understand the terms and conditions of the loan offer as herein contained and I hereby agree to be bound by same.
10.2. If the loan application is made on behalf of the Borrower/beneficiary of the loan for any reason whatsoever, such third party hereby agrees to be liable for any claims of misrepresentation of the terms and conditions of the loan contract against the Lender by the Borrower.
