Terms & Conditions

General terms and conditions

1. These terms and conditions apply to and regulate the provision of credit facilities advanced by the lending company, Uvlot.com. These terms and conditions set out the terms governing this credit facility.

2. By signing this application form you will hereby referred to as the borrower and agree to be bound to the terms and conditions of this loan. Therefore it is important that the borrower reads these terms and conditions carefully and keeps them for future reference.

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 Uvlot’s 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 honour his/her obligation with Uvlot 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 organisation, to make repayment. Monthly default fees 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 any repayment on the due date, uvlot reserves the right at its 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 third-party agency to recover the loan will be added to the outstanding balance of the borrower for payment.

10. In the event that Uvlot agrees to restructure the loan, a facility restructuring fee will be applied to the outstanding amount and charged to the borrower.

11. Early redemption 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 redemption; or 2) the outstanding principal plus the entire interest that would have been charged if the loan had a tenure that ended in the settlement month.

12. On full repayment of the loan, Uvlot shall issue a discharge notice to the borrower.