Cash Now Now 10B, Kingsley Emu Street, Lekki Phase 1, Lagos.
1. application form and apply to the borrower, defined as the person who applies for and receives the loan. The terms and conditions outline the rules under which the loan will be issued, and repayments made.
2.The payroll loan is a salary backed loan which allows borrowers to borrow an amount of up to 2.5 times of net monthly income for a maximum tenure of twelve (12) months.
3. The loan amount must be paid on or before the due date communicated in the loan schedule.
4. Reserved interest rate chargeable on the Borrower's account shall be Paelyt Solution Limited's (“Paelyt”) prime lending rate from time to time.
5. Interest will be charged on all amounts owed by the borrower.
6. The borrower undertakes to continue to honor his/her obligation with Paelyt for as long as the facility remains outstanding
7.In the event that the borrower does not make repayment on due date, the outstanding principal amount and accrued interest shall be conclusive evidence that a sum is due and owing from the borrower.
8.A grace period of 5 days is given to the borrower to contact Paelyt, the lending organization, to make repayment. Default fees of 2% per month over the approved lending rate on the outstanding unpaid obligation will be charged without recourse to the borrower.
9.In the event that the borrower continues to default in making monthly repayment, Paelyt reserves the right at its sole discretion, to transfer the defaulting accounts to a third-party agency to recover any outstanding debt due to the Paelyt. All costs incurred by the thirdparty agency to recover the loan will be added to the outstanding balance of the borrower for payment.
10. In the event that Paelyt agrees to restructure the loan, a facility restructuring fee of 1.0% of the outstanding amount shall be charged and the borrower shall make repayments by the due date.
11. Early payoff of the loan is permitted. The borrower will pay the higher of 1) all the outstanding principal plus 75% of the outstanding interest on the day of loan payoff; OR 2) the outstanding principal plus the entire interest that would have been charged if the loan had a tenure that ended at the due date.
12.Upon confirmation of the receipt of the full loan repayment amount, Paelyt will issue a discharge notice to the borrower with copy to the employer.
13. The borrower hereby irrevocably undertakes to pay the outstanding balance on the facility in the event that he/she decides to change his/her employment status, defined as a change in employer, or his/her employment status is terminated. Payment shall be effected on or before the effective date of such change or termination of employment status.
14. The borrower undertakes not to charge/assign any portion of his/her income to any other person or organization without obtaining prior written consent from Paelyt
15 Paelyt shall advise the borrower of any changes in the prime lending rate, charges, fees or any other change to the terms and conditions of the loan.
16. The borrower hereby authorizes Paelyt to use data provided by the borrower in relation to the loan and to disclose any information or documentation relating to the loan to third parties including but not limited to credit reference agencies, collection agencies, as well as the borrower’s employer.
17. Paelyt is hereby authorized to use any data relating to the borrower for evaluating the loan application and for marketing related purposes. Paelyt may at its sole discretion share information with the credit bureaus and reference agencies, whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies etc. information about the borrower. This may include information on the conduct of the borrower's account together with details of any non-payment, delayed payment etc. for the purpose of assisting Paelyt in making lending or rating decision about the borrower.
18.The borrower hereby irrevocably undertakes to fully indemnify Paelyt against all cost and expenses (including legal fees, collection commission etcetera), arising in any way in connection with the borrower's accounts; in enforcing the terms and conditions herein; or from the recovery of any amounts due to Paelyt or incurred by Paelyt in any legal proceedings of whatever nature.
19. The Agreement herein binds the borrower and is not assignable or transferable.
20. TApproval of this facility is subject to the borrower meeting the Payroll Loan product conditions.
21. In the event that the loan application is not approved, the signed offer letter becomes null and void
22. Paelyt may, pursuant to this Agreement, charge, attach and debit the balances standing to the credit of the Borrower in any account linked to,or associated with, the Borrower by way of a Bank Verification Number (BVN) in any commercial bank, microfinance bank, mortgage bank, finance house, payment service bank, mobile payment service operators or any other financial service operatorship for which the Central Bank of Nigeria may issue any licences in the future whether such accounts be opened or in existence before, during or after the execution of this Agreement.
23. Paelyt may exercise its prerogative pursuant to clause 9 hereof without notice, warning, advice, caution, announcement, or other recourse whatsoever to the Borrower.
24. The customer hereby waives any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I 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.
I hereby declare that I apply for the above-mentioned loan on the strict understanding that if my request is granted, I will accept the terms and conditions as set out above. I also agree to fulfill at any time all requirements which Paelyt may, at its discretion, stipulate as a condition for granting the loan. Any wrongdoing or false claim relating to the information provided in this form will be treated as fraudulent, and accordingly attract necessary punitive measures. In the event of leaving my current employer for any reason whatsoever before the loan is fully repaid, I declare that I will pay the outstanding balance; for this purpose, I authorize Paelyt to apply any final entitlements and/or any other funds held by the Employer for me to offset the balance. If there subsequently remains an outstanding balance, I will immediately make alternative arrangements to pay the said sum.