Terms & Conditions
In this agreement, the terms:
"You", "your", "Customer", and "Borrower" mean the person
who applied for this Account and agrees to this Agreement while
"We", "us", "our" and "Lender" shall mean The Lender,
and following a novation, 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 actually advanced the loan
to the Borrower
"Payment Due Date" means a maximum of between 15-30 days after the loan
is issued, depending on the amount issued.
"Credit Limit" means the maximum amount available to the Borrower on
opening the account with the lender
"Loan" means the sum of money or total lump sum advanced to the Borrower
by the Lender, not less than Two Thousand, Five Hundred Naira.
All electronic correspondence sent to you are as valid as written
documents sent to your valid legal address.
By agreeing to this terms and condition, you consent to the sharing of
your data/information collected from this transaction with our affiliate
entities and service providers for the purpose of this transaction.
Due to the nature of our Services, we are required to work with a number
of third parties and we may receive information about you from them. By
agreeing to this terms and conditions, you consent to us receiving
personal information and data from third parties for our process.
Your consent to these T&Cs replicates your execution of this contract via
electronic signature, and you thereby assent to the following:
The Applicable interest rate for Moneypal Nano shall be as follows:
|Tenor (Days) ||Applicable Rate (%) ||Loan Amount (N)|
|30 ||22.5 ||15,000 – 20,000|
|30 ||24 ||10,000 – 15,000|
|15 ||15 ||7,500 – 10,000|
|30 ||21 ||2,500 – 5,000|
In the event of a default on repayment on or before the Payment Due
Date, the loan shall be rolled over for another term of 15 days.
However, where the Lender makes repayment of the loan within the first 7
days of the new term, the same interest rate charged at inception shall
The applicable Rollover interest rate shall be an additional rate as the
applicable rates stated in Clause 1 above.
The Lender shall deduct default and roll-over fees where accruable and
in the event of any dispute arising from these Terms and Conditions –
the cost of Litigation/Solicitors' fees.
The applicable interest rate may be increased or decreased from time to
time by the Lender. Such change in applicable interest rate will take
effect on the Borrower’s account following a minimum of 15 days’ written
notice electronically mailed.
Total applicable interest rate of the term of the loan shall remain
payable in the event that the Borrower liquidates the loan before
expiration of the term.
To pay the loan sum, including the applicable interest rate, default or
roll-over fees, and other amounts due to the Lender charged to you on
the basis of this transaction on or before the Due Date.
We presume that by accessing and consenting to these terms and
conditions, you have authorized this loan application made in your name.
If you suspect any unauthorized use of your credentials, forgery or
fraud, please report immediately by sending an email to
To repay the loan given to you and/or to someone you authorized to use
this Account via direct cash transfer to a bank account listed by the
Lender, an electronic debit from the card/account you provided on the
due date, or through an acceptable electronic channel. The Lender
reserves the right to accept early repayment before the Payment Due
Date, provided the Borrower has given adequate notice and repays full
loan along with the interest rate. Loan repayment via electronic debit
card may be effected by the Lender in the way and manner hereinafter
The Lender shall charge a one-time processing fee the first time a
Customer sets up a new debit card on the Account. In the event the card
is expired or about to expire, you will have to obtain a renewed card
from your bank or provide us with another personal debit card.
The Lender shall deduct from the card setup on the Payment due date. We
will never make any transactions on the card outside of the scheduled
loan repayments. In the event of a double repayment initiated in error
by you, we will on a best effort basis process a refund within a
You hereby indemnify us against any and all losses, liabilities or
damages that may arise in the event that you use a third party's card on
your Account without the consent of such third party.
In the event of a default or insufficiency of funds in your bank
account, you hereby authorize us to charge any other cards you may have
on your Account or profile other than the primary card listed on an
ongoing basis until the debt and interest rates are settled.
You understand and agree that we do not store card details on our
platform, thus card details shall be processed through a secure payment
gateway that is PCI DSS compliant.
For loan amounts greater than Fifty Thousand Naira, we may set up a
standing order or direct debit mandate based on Borrower’s authorization
and deduct repayment amount on the scheduled payment due-date.
To provide your authentic and up-to-date personal, social media, phone
and financial records that we may reasonably request and analyze, from
time to time.
To pay all costs of collection if we take any action to collect this
Account 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 while collection lasts.
To pay a default or roll-over fees as may be provided in this terms and
To make all payments via direct debit on cards or by electronic funds
transfer as stated in the application form.
To promptly notify us if you change your name, your mailing address,
your e-mail address or your telephone number.
- To honor any other promises that you make in this Agreement.
That you will not accept this Account unless you are of legal age and
have the capacity to enter into a valid contract.
Not to use MoneyPal only for any act of illegality or criminality as
MoneyPal will not be criminally culpable for any illegality committed by
To fill out the application form (as provided) with accurate information
and details as required.
To make available the loan/credit facility to the Borrower of a figure
not less than N2,500.00 (Two Thousand, Five Hundred Naira only).
To execute disbursement upon confirmation of the Borrower’s identity,
personal information and other risk criteria as may be deemed necessary
by the Lender.
- To demand repayment from the Borrower as and when due.
To conduct reasonable investigations on the Borrower prior to opening an
account for the Borrower.
To use all reasonable and legitimate means to collect the amount
extended to the Borrower, interest rate, roll-over fee and other such
fees imposed on the Borrower as a result of the loan.
Not to store or save Borrower’s debit or credit card details given by
the Borrower in the application form.
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.
The Borrower authorizes The Lender to access any information available
to The Lender as provided by the Credit Agency (ies).
The Borrower agrees that the Borrower’s details (save for the card
details) and the loan application decision may be registered with the
THIRD PARTY REFERENCE
We will only share/collect personal information/data with other companies
or individuals in the following circumstances:
We have your consent which you hereby grant us by accepting these terms
We provide personal data/information to other trusted businesses or
persons for the purpose of processing or verifying personal information
on our behalf.
We require that these parties agree to process/provide such information
any other appropriate confidentiality and security measures.
The Borrower agrees that the Lender may communicate with him/her by
sending notices, messages, alerts and statements in relation to this
Agreement in the following manner:
To the most recent physical address provided by the Borrower to the
Lender holds for its records.
By delivery to any email address provided by the Borrower during the
By delivery of an SMS to any mobile telephone number the Borrower has
provided to the Lender.
By posting such notice(s) on the Lender’s official website
EVENTS OF DEFAULT
Default in terms of this Agreement will occur if:
The Borrower fails to make any scheduled repayment in full on or before
the Payment Due Date (15days from disbursement date).
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 discovered to
be materially incorrect during the subsistence of a loan.
The Borrower performs any act which in the Lender’s opinion, may
prejudice the Lender’s rights in terms of this Agreement or cause the
Lender to suffer any loss or damage.
In the event of any default by the Borrower, the following shall occur:
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.
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.
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.
TERMINATION OF ACCOUNT
In addition to Termination by default, the Lender may terminate this
Agreement at any time and for any reason subject to the requirements of
an applicable law.
The Lender can terminate your Account by sending written notice to the
address on your application.
If there is no debit or credit on your Account for twelve (12)
consecutive months, the Lender may terminate this Account without notice
When Termination arises as a result of default, you will not be able to
apply for credit in future.
This Agreement represents the entire understanding between The Lender
and the Borrower.
Any amendment to this Agreement shall be made by the Lender from time to
time and communicated to the Borrower in writing via email, SMS or
posted on the Lender’s official website. The Borrower hereby accepts
that any information/notice passed via such communication means shall be
deemed as valid and accepted by the Borrower.
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
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.
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 any other
party. The Lender will only inform the Borrower if such a transfer
causes the arrangements for the administration of this Agreement to
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.