QUICK CREDIT TERMS AND CONDITION
These Terms and Conditions (hereinafter “Terms and Conditions”) apply to and regulate the provision of credit facilities advanced by Quick Credit Nigeria Limited (hereinafter called "The Lender" or “Quick Credit”) to the Borrower herein.
In these Terms and Conditions, the following words and expressions shall bear the following meanings (except otherwise required by the context):
5 QUICK CREDIT ACCOUNT
5.1 The Account is an open-end credit account where you access direct loan or credit facility using Quick Credit while you repay the loan or credit facility on a future date via cash transfer or electronic repayment from your debit/credit card on the Payment Due Date at a flat interest on the loan of up to 1% daily.
5.2 While opening an Account, you will be asked to provide information (such as your date of birth and your Bank Verification Number), when you apply for a Quick Credit loan. This information is used for verification purposes.
5.3 It is presumed that Borrower 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 prior to such fraud.
6.1. By ticking the "I agree to the Terms and Conditions", on the application form, which you hereby adopt as your electronic signature, you consent and agree that:
6.2 By consenting, you agree that electronic Disclosures have the same meaning and effect as if we provided paper Disclosures and you expressly waive any right or claim requesting that such Disclosure must actually be brought to your attention or that you must have read same to be operative.
7.1 The Transaction Fee for the use of the Quick Credit Account shall be up to a flat 1% daily fixed for the term of this loan, exclusive of all other fees and charges in this section.
7.2 The Lender shall have the right to charge default fees, penalty fee (2% on the repayment amount for each default day) and in the event of disputes arising from the relationship between the Lender and the Borrower, the cost of such legal action and Lender’s solicitors’ fees.
7.3 The Borrower shall be liable to pay the total Transaction Fee and other applicable charges in the event of a prepayment of the loan before the Payment Due Date.
7.4 The Lender reserves the right to review, amend and/or vary the Transaction Fee from time to time and such revised fee shall become applicable to, and payable by the Borrower immediately upon Disclosure.
8.1. To pay to us, the loan sum, including any convenience, default or penalty fees, flat 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. All payments to be made to the Lender 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.
Loan repayment via electronic debit card may be effected by the Lender in the way and manner hereinafter specified –
8.2 To provide accurate records and information to the Lender and up-to-date personal, social media, phone and financial records about you that we may reasonably request and analyze, from time to time.
8.3 To promptly inform the Lender of any fact which may have a material adverse effect on the Lender and your ability to repay the Loan.
8.4 To pay all costs of recovery and collection if we take any recovery action on 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 recovery and collection lasts.
8.5 Not to give us false information or signatures, electronic or otherwise, at any time.
8.6 To pay a Late Fee or penalty fee as may be provided in this Terms and Conditions.
8.7 To promptly notify us if you change your name, your mailing address, your e-mail address or your telephone number, or any other change of personal details and information supplied to us.
8.8 Not to use Quick Credit for any act of illegality, tort or criminality as Quick Credit is hereby exempted from any such illegality, tortious liability or crime committed by you.
The Lender shall:
9.1 Subject to the Borrower meeting required pre-conditions, make available the loan/credit facility to the Borrower.
9.2 Not store or save Borrower’s debit or credit card details given by the Borrower in the application form.
10 CREDIT REFERENCE
10.1 The Lender or its duly authorized representatives/agents may employ the services of utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
10.2 The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency.
10.3 The Borrower also agrees that the Borrower’s details (save the card details) and the loan application decision may be registered with the Credit Agency.
It is understood that the Lender may employ the following channels of communication with the Borrower:
11.1. To the physical address supplied by the Borrower to the Lender;
11.2. By delivery to any email address provided during the application process.
11.3. By delivery of an SMS to any mobile telephone number the Borrower has provided to the Lender. The message shall be deemed as sent upon delivery notice given to the Lender.
11.4. By posting such notice on the Lender’s website.
12.1 An event of default will occur if:
12.2. In the event of any default by the Borrower subject to clause 9.1 above –
13.1 The Lender may terminate the Account for a breach of the Terms and Conditions and/or the occurrence of an Event of Default. Upon such termination, all payments made to the Borrower will become payable immediately, even before the Payment Due Date.
13.2 In addition to termination for breach under 9.1 above, we may terminate this Agreement at any time and for any reason subject to the requirements of applicable law.
13.3 Upon termination, a written notice of the termination will be sent to the Borrower.
13.4. If there is no debit or credit on this Account for twelve (12) consecutive months, we may terminate this Account without notice to you.
13.5. When Termination arises as a result of default, you will not be able to apply for credit in future.
14.1 The Terms and Conditions represent the entire understanding between the Lender and the Borrower.
14.2. The Borrower agrees and undertakes that for the period of the agreement created by the Terms and Conditions, the Borrower will not close the Borrower’s specified bank account.
14.3. The terms and Conditions 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.
14.4. If any provision or part-provision of the Terms and Conditions becomes invalid, illegal or unenforceable, it shall be deemed deleted, but that shall not affect the validity and enforceability of the rest of the provisions of the Terms and Conditions.
14.5 No failure or delay by the Lender to exercise any right or remedy provided under the terms and Conditions shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy by the Lender.
14.5. The Lender reserves the right to transfer or assign its rights and obligations under the Terms and Conditions.
14.6. 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.