FairMoney Terms of Use & Loan Account Agreement.

Fulfill all your immediate cash needs by accepting Fairmoney terms & conditions.

IMPORTANT LEGAL NOTICE TO ALL USERS: CAREFULLY READ THE FOLLOWING LEGAL AGREEMENT BEFORE YOU START USING THE APP.

BY CLICKING THE ACCEPT BUTTON IN THE TERMS AND CONDITIONS WINDOW YOU CONSENT TO BE BOUND BY THE TERMS OF THIS AGREEMENT. SUCH ACTION IS A SYMBOL OF YOUR SIGNATURE AND YOU ARE CONSENTING TO BE BOUND BY AND ARE BECOMING A PARTY TO THIS AGREEMENT AND AGREE THAT THIS AGREEMENT IS ENFORCEABLE LIKE ANY WRITTEN NEGOTIATED AGREEMENT SIGNED BY YOU. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, DO NOT INSTALL THE APP. AFTER CLICKING THE ACCEPT BUTTON IN THE LICENSE AGREEMENT WINDOW YOU HAVE THE RIGHT TO USE THE APP IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS AGREEMENT. YOUR ACCEPTANCE OF THESE TERMS AS AFORESAID SHALL BE DEEMED TO BE A REPRESENTATION FROM YOU THAT YOU ARE ABOVE 18 YEARS OF AGE, OR POSSESS LEGAL PARENTAL OR GUARDIAN CONSENT, AND ARE FULLY ABLE AND COMPETENT TO ENTER INTO THE TERMS, CONDITIONS, OBLIGATIONS, AFFIRMATIONS, REPRESENTATIONS, AND WARRANTIES SET FORTH IN THESE TERMS, AND TO ABIDE BY AND COMPLY WITH THESE TERMS.

The following terms and conditions, and any amendments thereto (the “Agreement”) is a legal agreement between you (“you” or “your”) and MyCredit Investments Limited and its affiliates (collectively referred to as “MyCredit”, “we”, “us” or “our”) for your use of the FairMoney Services (“FairMoney” or the “Services”) . Affiliates include but are not limited to, related companies and their respective officers, directors, managers, employees, consultants, agents, assignees and other related parties.

1. DEFINITION AND INTERPRETATION
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1. Definition

In this Agreement:-

“Agreement” means this Terms and Conditions.

“Equipment” means your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the FairMoney Services.

“Financing of Terrorism” means the act of providing or collecting funds with the intention that they are used, or in the knowledge that they are to be used, to carry out terrorist acts;

The event of Default” is as defined in Clause 5 of this Agreement.

“Loan” means the principal amount of the loan made or to be made by MyCredit to you under this Agreement from time to time through FairMoney or (as the context requires) the principal amount outstanding for the time being of that loan.

“Money Laundering” means the act of transferring illegally obtained money through legitimate people or accounts so that its original source cannot be traced and includes:

1. the conversion or transfer of property, knowing that it is derived from a criminal offense, for the purpose of concealing or disguising its illegal origin or of assisting any person who is involved in the commission of the crime to evade the legal consequences of its actions;

1. the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property knowing that it is derived from a criminal offense; or

1. the acquisition, possession or use of property knowing at the time of its receipt that it is derived from a criminal offense.

“Outstanding Obligations” means all obligations at any time due, owing or incurred by you to MyCredit whether present or future, actual or contingent.

“Repayment Date” means the date communicated by MyCredit or its affiliates, upon the approval of the Loan, on which an amount sufficient to repay the Loan and any interest amount accrued on the Loan would be credited through wireless telegraphic transfers (or by any other means in same day funds) no later than 11.59 p.m. (Nigerian time) to an account designated by MyCredit as its collection account.

1. APPLYING FOR AND RECEIVING A LOAN

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1. The Services offered by MyCredit can only be utilized by persons of 18 years of age and above.

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1. When you apply for a Loan, you instruct, consent to and irrevocably authorize us to act on all requests received by MyCredit from you (or purportedly from you) through the system or your Equipment and to hold you liable in respect thereof.

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1. We shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which we may act if we acted in good faith in the belief that such instructions have been sent by you.

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1. You agree to and shall release us from and indemnify us against all claims, losses, damages, costs, and expenses howsoever arising in consequence of, or in any way related to our having acted in accordance with the whole or any part of any of your requests.

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1. We reserve the right to issue, decline to issue a Loan and/or vary the terms of any Loan depending on our assessment of the credit profile of each individual borrower from time to time.

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1. We reserve the right to decline your application for a Loan at our sole and absolute discretion and without providing reasons to you for declining your application for a loan.

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1. If your Loan request is approved, we shall notify you of :

2.7.1 the Loan amount;

2.7.2 the repayment amount;

2.7.3 the applicable interest rate; and

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1.
1. the Repayment Date.

2.8 You warrant and represent as of the date of this Agreement and for each day of the term of this Agreement that any Loan received by you shall not be applied to any purpose in breach of any applicable law relating to:

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1. Money Laundering;

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1. Financing of Terrorism; or

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1. The provision of financial or related facilities in support of terrorist persons (artificial or natural).

1. USE AND DISCLOSURE OF INFORMATION

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1. We reserve the right to verify the authenticity of information you provide in support of your Loan application including but not limited to your phone number, name, date of birth, identity document, BVN Number and such other information that will enable us to identify you.

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1. You hereby expressly consent and authorise us to verify and utilise information including, but not limited to, data relating to your phone (including, without limitation, your phone’s history, geolocation data, social media data, smartphone data, call logs, SMS and contacts) from your Equipment, from any SMS sent to you or by you, from any 3rd party applications, and such other information as MyCredit shall require for purposes of processing your Loan application or in connection with the terms of this Agreement. You hereby waive any claims you may have against MyCredit arising from any such access, use or disclosure.

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1. You hereby expressly consent and authorise us to disclose, record and/or utilise or process your personal or other information relating to your loan application which may include but shall not be limited to purposes necessary to promote or sustain the business of MyCredit; and you waive any claims you may have against MyCredit arising from any such access, use or disclosure.

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1. You hereby agree and authorize us to obtain and procure your personal information from any licensed credit bureau and you further agree and consent to the disclosure and provision of such personal information by the credit bureau in accordance with the Credit Reporting Act 2017.

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1. You hereby agree and authorize us to disclose details relating to the Loan to any Third Party (including credit agencies) if in our opinion such disclosure is necessary for the purpose of evaluating the Loan application made by you or for any other purpose as we shall deem appropriate.

1. REPAYMENT OF THE LOAN

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1. The Loan (including any convenience, default or penalty fees, flat interest rate, and other amounts due to MyCredit) is repayable on the Repayment Date.

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1. If you fail to make any payments due to MyCredit on the Repayment Date, you hereby authorize us to apply late fees on such amount loaned to you at a rate to be communicated to you.

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1. MyCredit reserves the right to take all steps necessary to ensure the repayment of the Loan by legal means including but not limited to the right to charge your bank account of the due amount or part of it every day from the Repayment Date until the Outstanding Obligations are fully settled.

1. EVENT OF DEFAULT

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1. An event of default shall be deemed to have occurred if:

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1. any representation or warranty made by you under or in connection with this Agreement is discovered to have been incorrect in any material respect when made;

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1. any information or documentation supplied by you is incorrect, inaccurate or misleading;

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1. you fail to repay the Loan on the Repayment Date or on such dates as are specified in your Loan repayment plan;

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1. you fail to perform your obligations towards MyCredit as contained in this Agreement or otherwise.

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1. Where an Event of Default has occurred which is continuing, MyCredit may, without prejudice to any other right or remedy granted to it under any law:

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1. Immediately and without prior notice to you institute legal proceedings for the recovery of the Loan;

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1. Within 7 days of the Event of Default occurs, notify your guarantor of the default and request an immediate repayment of the Loan;

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1. Within 14 days of the Event of Default occurs, notify your employer of the default and request an immediate repayment of the Loan;

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1. Within 28 days of the Event of Default occurs, notify your telephone and social media contacts of the default and request an immediate repayment of the Loan

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1. Assign its right, title, and interest under the Agreement to a third party collection agency who will take all reasonable steps to collect the Outstanding Obligations;

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1. Bar you from access to future Loans through FairMoney;

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1. Furnish any licensed credit bureau with information on the Event of Default.

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1. In the event that an Event of Default occurs, MyCredit reserves the right to notify you and any other person who, in MyCredit’s opinion, may assist with the recovery of the outstanding Loan. You agree that this notification may be done by any means of communication which MyCredit deems appropriate.

1. INDEMNITY AND RECOVERY OF COSTS

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1. In consideration of complying with your instructions or requests in relation to the Loan, you undertake to indemnify us and hold us harmless against any loss, charge, damage, expense, fee or claim which we suffer or incur or sustain thereby and you absolve us from all liability for loss or damage which you may sustain from our acting on your application for a Loan, instructions or requests or in accordance with these Terms and Conditions.

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1. The indemnity in clause 6.1 shall also cover the following:

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1. All demands, claims, actions, losses and damages of whatever nature which may be brought against us or which it may suffer or incur arising from its acting or not acting on any request or arising from the malfunction or failure or unavailability of any hardware, software, or equipment, the loss or destruction of any data, power failures, corruption of storage media, natural phenomena, riots, acts of vandalism, sabotage, terrorism, any other event beyond our control, interruption or distortion of communication links or arising from reliance on any person or any incorrect, illegible, incomplete or inaccurate information or data contained in any request received by us;

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1. Any loss or damage that may arise from your use, misuse, abuse or possession of any third-party software, including without limitation, any operating system, browser software or any other software packages or programs;

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1. Any unauthorized access to or any breach of security or any destruction or accessing of your data or any destruction or theft of or damage to any of your Equipment;

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1. Any loss or damage occasioned by the failure by you to adhere to these Terms and Conditions and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third-party facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by us as a consequence of any breach of these Terms and Conditions;

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1. Any damages and costs payable by us in respect of any claims against us for recompense for loss where the particular circumstance is within your control.

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1. You undertake to indemnify and keep us indemnified at all times against all actions, claims, demands, liabilities, losses, damages, costs, charges, and expenses of whatever nature inclusive of any legal costs and disbursements incurred by us in obtaining payment of any monies due and owing to us from you. The indemnity shall remain valid, subsisting and binding upon you notwithstanding withdrawal & termination of the contract.
2. ASSIGNMENT
You may not assign or otherwise dispose of any of your rights and obligations under this Agreement. MyCredit may transfer or assign its rights and obligations under this Agreement and such transfer or assignment shall be effective upon notification of the same to you.

1. WAIVER
No failure to exercise, nor any delay in exercising, or by the giving of any indulgence, on the part of MyCredit, any right or remedy under these Terms and Conditions shall operate as a waiver of any such right or remedy. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

1. VARIATION
Any variation of this Agreement shall be made by MyCredit from time to time and communicated to you in writing. The expression “variation” includes any supplement, deletion or replacement however effected.

1. GOVERNING LAW AND DISPUTE RESOLUTION
This Agreement shall be governed by and construed in accordance with 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.

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