Loan Agreement (Loan Terms)

This Loan Agreement (hereinafter referred to as the “Agreement”) is entered into by and between the Borrower (hereinafter referred to as “You” or the “Borrower”) and the Lender (hereinafter referred to as the “Platform” or the “Lender”).

By downloading, registering, or using the VZCREDIT mobile application and submitting a loan application, you acknowledge that you have read, understood, and agreed to all the terms and conditions set forth in this Agreement.

Article 1 | Parties to the Agreement

Party A | Lender

• Company Name: Verizon-Been Technology Limited
• Registered Address: 27, KOKUMO STREET, AGUDA, OGBA, LAGOS STATE, NIGERIA
• Email: moses@verontechnltd.online
• Regulatory Authority: Federal Competition & Consumer Protection Commission (FCCPC)

Party B | Borrower

Refers to a natural person who applies for a loan through the VZCREDIT application and is approved. The Borrower must:

1. Be a lawful resident of Nigeria;
2. Be at least 18 years old;
3. Have full legal capacity to enter into binding contracts;
4. Guarantee that all submitted information is true, complete, and lawful.

Article 2 | Loan Terms

• Loan Amount Range: ₦5,000 – ₦300,000 Nigerian Naira
• Annual Percentage Rate (APR): 10% – 36% (depending on credit evaluation)
• Loan Tenure: 91 days to 365 days (subject to approval)
• Fees: Service or management fees may apply. All fees will be transparently displayed before confirmation.

Illustrative Example:

• Loan Amount: ₦50,000
• Tenure: 120 days
• APR: 36%
• Total Interest: ₦6,000
• Total Repayment: ₦56,000
• Monthly Repayment: ₦14,000 (principal + interest)

Article 3 | Borrower’s Obligations

The Borrower agrees to:

1. Provide true, accurate, and complete information during the loan application process.
2. Repay the loan principal, interest, and applicable fees in full and on time.
3. Keep contact details up to date and notify the Lender of any changes that may affect repayment.
4. Authorize the Lender to assess the Borrower’s credit records if necessary.
5. Accept that in case of default, the Lender may use lawful collection measures, including calls, SMS, emails, and reporting to credit bureaus.

Article 4 | Lender’s Obligations

The Lender undertakes to:

1. Disburse the loan amount in accordance with this Agreement.
2. Provide clear and transparent loan terms and repayment schedules.
3. Protect the Borrower’s personal data in compliance with Nigerian Data Protection Act (NDPA).
4. Follow FCCPC rules regarding fair collection practices.

Article 5 | Interest, Fees & Repayment

• Interest and any applicable service fees will be calculated and displayed clearly before loan confirmation.
• The Borrower must repay the loan according to the agreed schedule.
• In case of partial or full early repayment, no penalties will be applied.

Article 6 | Default & Late Payment

• If repayment is late, a 0.1% daily fee of the outstanding principal will be charged until repayment.
• If the Borrower defaults for more than 30 days, the Lender may report the case to Nigerian credit bureaus and initiate legal action.
• The Borrower shall bear all reasonable costs of debt collection and legal enforcement.

Article 7 | Early Repayment

The Borrower may repay all or part of the loan before the due date without penalty.

Article 8 | Loan Extension

If unable to repay on the due date, the Borrower may submit a loan extension request at least 3 business days in advance. Approval is at the Lender’s discretion and may incur additional service or interest fees.

Article 9 | Amendments

The Lender reserves the right to amend this Agreement due to changes in law, regulation, or business policies. Any such changes will be communicated to the Borrower via in-app notifications or email.

Article 10 | Termination

The Lender may terminate this Agreement under the following circumstances:

1. The Borrower provides false or fraudulent information;
2. The Borrower defaults on repayment obligations;
3. The Borrower’s creditworthiness deteriorates significantly.

Termination does not exempt the Borrower from repaying outstanding loan amounts, interest, and applicable fees.

Article 11 | Dispute Resolution

This Agreement shall be governed by the laws of the Federal Republic of Nigeria.

Any disputes shall first be resolved through negotiation. If unresolved, disputes shall be submitted to a court of competent jurisdiction in Lagos State, Nigeria.

Article 12 | Personal Data & Privacy Protection

• The Lender strictly complies with the Nigerian Data Protection Act (NDPA) and FCCPC requirements.
• Borrower data will only be used for loan evaluation, contract execution, repayment management, and compliance with legal obligations.
• Data will not be disclosed to unrelated third parties without the Borrower’s consent.
• The Borrower has the right to request access, correction, or deletion of personal data.