Terms and conditions

1.'''''''Cowry Finance Limited (hereinafter referred to as 'THE COMPANY') agrees to make available to the Borrower the loan amount shown overleaf on the terms and conditions set out in this agreement.
2.'''''The details of the loan are as shown on the schedule over leaf.
3.'''''The Loan amount shall be made available by cash for collection at this office and/or direct payment into the borrower's account with The Company.'
'
Interest:
The Company will charge interest on the loan amount at the rate of 3.5% per month for any amount, and the interest rate will be fixed for the period of the loan. If the borrower fails to pay any amount which he owes, the Company, in terms of this agreement, on the due date of such repayment, shall be entitled to charge interest on the amount the Borrower failed to pay at the same rate as sold in this clause.'The Company will further charge an upfront interest of 3% on the loan amount, and this will be a one-off charge in the 1st month of the loan.

Payment:
1.'''''''''''The Borrower must repay the loan as shown overleaf.
2.'''''''''''The Borrower agrees that The Company shall have the right to deduct the monthly'instalments'in full as set out in the overleaf directly from the Borrower's salary as a deduction from his or her employer's payroll.
3.'''''''''''The Borrower hereby gives The Company the right to deduct money owing to it from any unpaid wages or any other remuneration credits payable to the Borrower if the Borrower leaves the service of his/her employer for any reason before the total amount repayable under this agreement has been paid.
4.'''''''''''The Company can use the money paid by the Borrower to pay first legal and other costs, the interest, and then the actual loan amount.
5.'''''''''''Penal Charges may be applied on pre-liquidated loan: 5% Flat on the amount to be liquidated or enhanced plus the accrued interest for the period, irrespective of the loan tenor.
6.'''''''''''Any request for extension of the loan (top-up request) shall be granted at the discretion of The Company and shall be subject to an additional renewal fee as may become applicable for the newly approved tenor.
7.'''''''''''The charges created in favor of The Company are all enforceable, and the Borrower shall not take any step to restrain, restrict, or delay The Company from taking proper steps to realize the security, in the event of default.
8.'''''''''''The Company will send notifications and reminders to the Borrower via SMS for repayments and recovery at the cost of N5 per SMS, which shall be borne by you.
9.'''''''''''Without prejudice to the foregoing, The Company reserves the right at its discretion to vary, alter, or amend any of the terms and conditions of the loan whenever the need arises.
10.'''''''''In the event of the Borrower's death or permanent disability, the guarantor shall be liable for the repayment of any outstanding amount.
'
Costs and Charges:
'
The Borrower agrees that if The Company has to use lawyers, Debt Recovery Agents, and/or other consultants because the Borrower has not carried out any part of this agreement, the Borrower will pay to The Company all the costs incurred by The Company.
'
Breach:
'
1.'''''''''''In the event of any failure by the Borrower to pay any amount which is owing of this agreement in full and on the date he or she has to, or any other breach by the borrower of the terms of this agreement; then the full balance due under this agreement, together with any penalty interest and all other charges and expenses owing to The Company by the borrower shall become immediately due and payable to The Company ho shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.
2.'''''''''''In the event of any missed monthly repayment occasioned, a default fee of 7% of the outstanding principal loss sum shall apply.
3.'''''''''''The amount owing by the borrower to The Company at any time may be shown by a certificate in which The Company officer has worked out and stated that amount owing. An officer of The Company must sign the certificate on which has been worked, and the certificate can be used in any legal proceedings and will be accepted by the Court on its own as correct unless the Borrower proves that it is wrong.
'
Other Obligations:
'
I undertake that should I require any form of clarification on my loan obligation to The Company, my first recourse shall be solely to The Company or any of its authorized representatives. I shall not have recourse to any other person or means until The Company has exhausted all means for such clarification.
'
I hereby undertake that in the event of missed or non-deduction of monthly repayment albeit occasioned by an error of omission or commission, I shall within a maximum of 12hours or the next business day (whichever is earlier), pay the said missed monthly repayment sum into the First Bank Plc bank account as specified below or into any nominated bank account of Cowry Finance Limited .
'
'
Account details: Zenith Bank ' 1227268482 ' Cowry Finance Company Limited
'
I further undertake that The Company reserves the right of set-off at any time without notice or demand to combine or consolidate all or any existing accounts belonging or traceable to you in order to liquidate any or all of your obligations regarding this facility.
'
I hereby declare that I do not have a pending loan obligation to any other financial institution, and undertake that, under no condition shall I obtain any payroll-deductible loan without the written consent of The Company for the duration of this loan.
'
I declare/affirm that I have not charged, hypothecated or pledged either partly or in full, the net amount/salary as indicated on my monthly Payslips dated ...................,................. and .................... in favour of any bank or financial institution towards satisfying any loan obligation whatsoever to such bank or financial institution and further affirm that the said net amount/salary is free from any charge(s) whatsoever.
'
'
I therefore agree and undertake to be held liable in contempt if found to have acted contrarily to this affirmation and undertaking, which I make under Oath and in good faith in accordance with the Oath and Affirmation Law of Nigeria.
'
''
General:
'
1.'''''''This agreement is the whole agreement between The Company and the borrower. It cannot be changed unless the change is put into writing and signed by both the Company and the Borrower.
2.''''''The borrower agrees that for the period of this agreement, he or she will not close his or her specified bank account.
3.''''''The Company will give any borrower requesting a statement setting out all deductions from his/her salary, the outstanding balance, and any amount payable in arrears.
4.'''''''The Borrower'authorises'The Company to access any information available to his or her application, and also gives The Company permission to register details of the conduct of the borrower's account with any credit bureau, and the Borrower waives any claims he or she may have against The Company in respect of each disclosure.
5.'''''''''''Disbursement is subject to the availability of funds as well as CBN Regulations
'
I confirm that I have read, understood, and agreed to the above terms and conditions. I also'authorise'my employer to deduct the monthly instalment as per the agreement shown on the leaf from my salary until the loan has been fully paid and to recover my outstanding instalment against my terminal dues in the event of termination of employment before the loan is fully recovered.
'
ILLITERATE JURAT
'
The foregoing having been first read and interpreted to me............................................................... in ................................. language and I perfectly understand the contents before affixing my thumb impression or mark."