TERMS AND CONDITIONS OF USE
It is mandatory for you to read this Agreement thoroughly before you continue to use Reimbursa Website. As a condition to use Reimbursa Website, you agree to comply with and be bound by the terms of this Agreement, if you proceed to use Reimbursa Website.
If you disagree with any part of, or do not wish to be bound by this agreement, please do not use Reimbursa Website. For questions regarding this Agreement send us an email via email@example.com
This TERMS AND CONDITIONS OF USE is a Web Usage Agreement entered into between Kwaikcredit Limited, a licensed loan provider via its trademarked name and lending platform Reimbursa (herein referred to as “LENDER”, “OUR”, “US”, or “WE”) and any person, individual, company, association, agency, group or any other entity (herein referred to as “USER”, “BORROWER”, “CUSTOMER”, or “YOU”) who uses Reimbursa Website (herein also referred to as (“This Website”, “This platform”, or “It”)
Reimbursa is a credit platform for the Users of Reimbursa Website and is designed to enable communication between Kwaikcredit and Customers.
EXPLANATION OF WHAT THE FOLLOWING TERMS SHALL MEAN IN THIS AGREEMENT:
Customer: Person who registered on Reimbursa platform for transaction purposes.
Borrower: Person or entity who applied for loan, and whose loan request is granted.
Loan: Amount of money advanced to the borrower by Kwaikcredit Limited.
Repayment amount: The amount the borrower must pay on the repayment due date.
Repayment due date: The date the due amount should be paid, which is 30 days for Mini Loan or every 30 days form 1-3 months for other loan products.
Repayment Schedule: a repayment plan generated by system based on the borrowed amount, percentage and duration specifying how and when each payment should be made by the Borrower.
Disbursement date: The date on which loan advance was made by Kwaikcredit to the customer’s account.
A personal Profile/Loan account which enables you to Borrow on the Reimbursa Platform.
Maturity Date: The date on which the last bit of the principal and interest must be paid.
Product: The loan type to which a customer applies.
By your use of Reimbursa website you expressly agree and accept that:
1. Reimbursa Terms and Conditions of Use are accepted by you (b) you are a citizen of Nigeria or legal Nigerian resident (c) you are not less than 18 years of age (d) You are on a paid employment or own a profitable business and thus have a steady monthly or weekly income (e) you own and operate a bank account with a Nigerian bank, (f) you will register with us via the Reimbursa website.
2. The responsibility to provide all communication and internet equipment you need to connect to, or use Reimbursa Website is absolutely yours. These internet equipment which include, but not limited to all hardware, software, laptops, desktops every communication equipment such as laptops, desktops, phones will be provided by you and you will be responsible for all charges or expenses related to your access and use of Reimbursa Website and services including internet service charge.
3. You will make available to us all required details such as phone number, name, email address, date of birth, and all such information related to you, as may be requested by us from time to time (altogether referred to as “Customer Details”).
4. All Customer details provided by you to us at any time, is correct, current and complete and you will not misrepresent your identity or give false Customer details by any means.
5. You will inform us of changes to your Customer details by sending us a mail via firstname.lastname@example.org within five working days before any change is made. Such Customer details may include, but not limited to change of employment, residential address, and information on bank account, even up to the closure of your bank account for whatever reason.
6. Once your registration is completed you will be required to provide us with the following documents (as a first-time borrower):
a. Valid means of identification, such as International Passport, Driver’s License, or National Identity card.
b. Utility bill (obtained within the last two months) or any other bill bearing your name and Nigerian address.
c. Bank Account Linkage in place of the provision of stamped Bank Statement from your bank.
d. Such other documents that may be required by us from time to time.
7. Your registration with us and the provision of required customer details and documentation constitutes your authorization to us to get and verify your identity, bank account details and such other information as may be required by us, either directly or indirectly through our third-party service providers at any time and without the obligation of us paying any charges. Details about you and your bank account may be obtained from the financial institution serving as your bank, and/or other third-party servers and websites which are necessary for the provision of our services to you in an efficient manner. For the purpose of the authorization hereof, Kwaikcredit and our third-party service providers are granted a limited power of attorney by you, and you hereby expressly appoint Kwaikcredit and our third-party service providers your agent and lawful attorney-in-fact with full power of substitution and re-substitution in your name, place, and stead and for you, in any and all capacities, to obtain information and/or reports from third-party servers, databases and websites; and use Customer details you provided, as described in this agreement with the full power and authority to do, execute, and perform each and every act and thing essential and necessary to be done as related to such activities, as fully to all intents and purposes as you might or could do in person, You hereby do agree and accept that Kwaikcredit may obtain and procure information about you from the relevant third-party service providers and that we and all our third-party service providers represent you and act on your behalf.
8. YOU THEREFORE ACKNOWLEDGE AND AGREE THAT IF KWAIKCREDIT OR OUR THIRD-PARTY SERVICE PROVIDERS OR PARTNERS ACCESS, RETRIEVE DATA OR OBTAIN INFORMATION FROM SUCH THIRD-PARTY WEBSITES OR SERVERS KWAIKCREDIT AND OUR THIRD-PARTY SERVICE PROVIDERS ARE ACTING AS YOUR AGENT AND ON YOUR BEHALF AND NOT AS THE AGENT OF THE THIRD PARTY.
9. You also accept that other third parties shall be entitled to depend on the aforesaid authorization, agency, and power of attorney which you have granted.
10. It’s not our obligation to, and we do not make any attempt to evaluate or review data or information we get from the bank in charge of your bank account and other third-party websites and databases for any reason, including, but not limited to, legality, non-infringement or accuracy. Between Kwaikcredit and our third-party service providers, Kwaikcredit owns your Customer Details.
11. We reserve the right to demand or request for further information from you regarding your registration or application for loan at any time. Failure to provide such information within the time required may result in a decline to accept your application.
12. You have the responsibility to protect your login details. All login and/or sign in details you may use must be kept confidential by you, Your Reimbursa ID password details are not to be shared with or disclosed to any other person.
13. The lender reserves the right to and may conduct investigation on the borrower before setting up a Reimbursa Account/Profile for the borrower.
14. The lender reserves the right to demand repayment from the borrower as at when due. To use all legitimate means to collect the amount lent to the borrower including flat interest, default fees, penalty fees and any other applicable transaction fees.
15. We reserve the right to supply consumer credit information and information about the Borrower to the credit reference agents and in this regard you confirm that we may transmit to the credit reference agencies providing it with data about this website, and your transactions with us through it. You acknowledge that information on non-compliance with the Terms and Conditions of this Agreement may be transferred to the credit reference agents.
i When Reimbursa receive requests from you (or purportedly from you) through the Reimbursa platform, you irrevocably authorize Reimbursa to act on all requests and to hold you liable for such requests and all of its outcome.
ii Reimbursa reserves the right to reject any request you make, including Loan Requests made by you even if before now you had been given a loan by Reimbursa. It is all based on its discretion.
iii If you make an incomplete request Reimbursa is entitled to accept and act on it if in its discretion it is not necessary to contact you and Reimbursa shall be deemed to have acted properly and you shall be bound by any request on which Reimbursa acted in good faith in the belief that such request was sent by you. Reimbursa, however, might in its discretion, decline from acting on such requests, pending further confirmation from you, whether written or otherwise.
iv You acknowledge and accept that Reimbursa shall not be liable for any unauthorized activity or incident on your account or profile by the fact of the knowledge and /or manipulation of your account or password, ID number or any other login details or any means whether or not caused by your negligence.
v You agree to and shall indeed release from and indemnify Reimbursa against all cost, losses, expenses damages and claims arising from Reimbursa acting on any part of or the whole of your request.
TRANSACTION CHARGES AND REPAYMENT
I. The Repayment Amount for each loan shall be the amount of money borrowed plus the flat interest fixed for this loan period, where repayment is made on or before the repayment due date.
II. The transaction charge is between 10 – 20% interests per month depending on loan type and does not preclude the Lender from charging default and/or penalty fees.
III. Default fees shall be an additional 1% flat charge daily on borrowed amount from after the repayment due date. The transaction charge does not preclude the lender from charging the cost of Litigation/Solicitors’ fees in the event that any dispute arises from these Terms and Conditions.
IV. In the event of the Borrower liquidating the loan before expiration or Repayment Due Date the total Repayment Amount of the term of the loan shall remain applicable.
The borrower has the following responsibility to the lender and is therefore obligated to:
i. Provide the Lender genuine and updated personal and financial records about the Borrower as we may practically request and analyze, from time to time
ii. Pay to the lender the stipulated Repayment Amount, and all default or penalty fees, flat interest rate and other amount due to the Lender, charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Repayment Due Date.
(a) The Borrower repays the loan and all interests by paying cash directly into the bank account listed by the Lender, or direct debit will take place on the due date, on the account provided by the borrower.
(b) Early repayment remains the decision of the borrower. The Lender reserves the right to accept repayment before the Repayment Due Date, provided the Borrower notifies the Lender adequately and repays the full loan including the flat interest. Loan repayment via direct debit may be effected by the Lender as specified below:
(c) The Borrower shall make funds available in the bank account listed by the borrower on the Reimbursa Website for the purpose of repayment before the repayment due date. On the Repayment Due Date. The Lender shall deduct from the bank account setup. We will never make any deduction on your bank account outside of the Repayment Schedule possible default fees, where applicable In the event of a double repayment initiated in error by you, we will process a refund within a reasonable time on a best effort basis.
(d) In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge your account with the borrowed amount and interest, including all default fees accrued within the period of default or delay in repayment, when such account is able to be charged.
iii. Take responsibility of every transaction in the Borrower name and the Borrower’s Reimbursa account. The Borrower will be deemed responsible for any loan application using the borrower’s or customer’s profile which also represents using the borrower’s login details. The lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower on the Borrower’s profile.
iv. Understand and agree that we do not store or process information on your bank account, rather your payment details shall be processed through a payment gateway that is PCI DSS compliant and secured.
v. To pay all charges and costs of collection if we take any action to collect this repayment or take any action in a bankruptcy proceeding filed by or against you. This shall include unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred all through the period of collection.
vi. Provide right and adequate information at every point. Not to give us misleading or false information or signatures, electronic or otherwise, at any time.
vii. Quickly notify us if you change your name, e-mail address, employment or phone number.
viii. Fulfill every other promises you make in this Agreement. To fill out the application form (as provided) with accurate information and details as required.
This site is not to be used for any unlawful purpose or in an unlawful manner. You are not to; (a) display, post or expose to view on this site any information constituting or encouraging conduct that may constitute a criminal offence, lead to civil liability or infraction or that may violate international, national or state law.(b) transmit or display any information which infringes on or violates the rights of others.(c) act or speak on behalf of, represent or pretend to represent any institution or organization for which you have no authorization to represent.(d) violate any operating guideline, rule or policy of your Internet access provider (e) post or transmit any software or information, which contains any harmful data, malicious code or virus. (f) delete, damage, alter or tamper with any Content that is not your own Content and will not interrupt or interfere with the ability of other users to access and use Reimbursa Website; (h) infringe on our intellectual property rights and or that of our third party service providers.
INTELLECTUAL PROPERTY RIGHTS
All rights to the intellectual property and material contained in this site, are owned by Kwaikcredit Limited and its partners and all such rights are reserved. These rights are not sold to you, but you are only granted a limited license which permits you to use this Site strictly in accordance to the terms and/or expressions of this agreement.
You agree that the Lender may communicate to the Borrower by:
• Posting notices on the Lender’s website
• Sending email to the email address provided by the borrower during the registration process
• Sending SMS to the phone number listed by the borrower on this platform during application.
• Borrower may communicate to the Lender by sending email to email@example.com
USER CONSENT AND THE AGREEMENT
As a User, Customer or Borrower you give your consent when you thick the “I accept all terms and conditions” on the Application form which serves as your electronic signature on the Reimbursa Platform. By accepting all terms and conditions, you consent and accept that:
a. These Terms and Conditions of Use represents the entire agreement between you and us and overrides every other agreement, whether written or oral.
b. You shall be held liable by the terms of this agreement, even if you claim innocent misrepresentation, misunderstanding of, or negligent misstatement in any part of this agreement.
c. Your ticking “I accept all terms and conditions” implies and constitutes that you have carefully read, properly understood this agreement and that there is no misrepresentation and/or misstatement whatsoever encountered by you.
d. Right from the time you “accept” this agreement you will not close your listed bank account.
e. You authorize us to retrieve and use data/information about you and your transactions from other third party affiliates such as credit bureaus, switching companies, mobile network providers and any other affiliated institutions.
f. You authorize us to verify your salary details from your employer and confirm your bank account details from relevant third parties.
g. Your electronic signature serves the same purpose and is as effective as your handwritten signature on paper.
The Borrower agrees that once any application is made for credit the Borrower has authorized the Lender to access any available information as can be obtained from the credit agency.
As part of the review for any application or Request for credit, the lender, its agent or authorized representative will use a credit report of the borrower from the credit agency.
The Borrower also agrees that the Lender may register the Borrower’s information/detail and the outcome of the Loan application including information on non-compliance with the Terms and Conditions of this Agreement with the credit agency.
• This agreement may be amended, revised or updated from time to time and communicated to you in writing, you agree to review it periodically and to be bound by it.
• In the event of dispute this agreement shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
• The Lender may still exercise the rights to be repaid by the Borrower at a later date even if he does not enforce his rights to insist on the repayment of all due amount on the Repayment Due Date
In this agreement, The event of Default occurs, if the borrower fails to make fund available in the Borrowers listed or provided bank account (which is the account the Borrower provided during loan application for the purpose of loan repayment) before the repayment due date to enable direct debit on due date and still fails to pay the Repayment Amount on the Repayment Due Date by the self-repayment method explained in this agreement.
The Borrower agrees that at the occurrence of any Default, for whatever reason, the Lender reserves the right to:
1. Without demand on or notice to the Borrower, charge the Borrower’s account with the borrowed amount and interest, including all default fees accrued within the period of default or delay in repayment, when such account is able to be charged.
2. Assign its right, title and interest under this agreement to any external collection Agency (which the Lender decides to assign to) to collect the outstanding balance on loan, interests, default fees and in this regard the Lender shall have the right to disclose to the collection Agencies, any Customer or Borrower Details which it deems necessary and the Lender shall not be under obligation to notify the Borrower.
3. Institute legal proceedings against the Lender without notice for the recovery of the outstanding debt including all accrued interests and fees.
4. The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in the process of taking action to get repaid of the outstanding loan balance and all accrued interests.
You agree to indemnify and hold Kwaikcredit, its third party service providers, agents and partners their directors, officers, employees harmless and free from any and all claims, liability, losses, damages, demands, actions, proceedings, suits, costs and expenses incurred by you, including reasonable attorney’s fees in connection with your access to Reimbursa Website (including but not Limited to Third Party Content), breach of this agreement or any other policy.