This Loan Agreement (hereinafter referred to as the "Agreement") is effective and legally binding upon the Borrower's submission of a loan application and confirmation of agreement to the terms within the LendKash mobile application.
Service Provider (Lender):
BRICK BRIDGE COMPANY LTD
A company duly incorporated under the laws of the Federal Republic of Nigeria (RC: [To Be Inserted]), with its registered address at: 19 Adebolaadefuye Street, Owutu, Ikorodu, Lagos, Nigeria.
(Hereinafter referred to as the "Lender" or the "Company")
1.1 This Agreement aims to clarify the terms, conditions, processes, and responsibilities under which the Lender provides loan funds to the Borrower.
1.2 This Agreement applies to all loan applications, disbursements, repayments, and subsequent management activities initiated by the Borrower through the LendKash mobile application (hereinafter referred to as the "Platform").
1.3 In the event of any specific product terms displayed on the Platform, the real-time loan offer information reviewed and approved by the Lender shall be the final basis.
- Loan Amount Range: ₦10,000 to ₦500,000 Naira .
- Loan Tenure Range: 91 days to 360 days (Flexible Installments).
2.2 The specific loan amount, tenure, and installment plan shall be selected by the Borrower on the Platform and are subject to the Lender's final review and approval.
2.3 The Lender reserves the right to approve, reject, or adjust the approved amount of any loan application based on risk assessment (including but not limited to BVN verification, device information analysis, and financial SMS keyword scanning), regulatory requirements, or internal policies, without obligation to state specific reasons.
2.4 The Borrower must have full legal capacity (at least 18 years of age) and guarantees that all information submitted is true, lawful, and verifiable. Provision of false information will result in immediate termination of services and potential legal liability.
Maximum Annual Percentage Rate (APR): 36% (calculated on a daily basis).
The Platform is committed to transparent pricing; the APR shall never exceed 36%.
If the loan product involves management fees, service fees, or other costs, they will be clearly displayed in the repayment schedule prior to application submission and included within the APR calculation, becoming effective upon Borrower confirmation.
Loan funds may only be used for lawful consumption or small-scale business activities. The Borrower is strictly prohibited from using funds for money laundering, fraud, gambling, terrorist financing, or any activity violating the Nigerian Money Laundering (Prohibition) Act.
To assist the Borrower in understanding the cost of the loan and repayment structure, the following illustrative example is provided based on the Platform's 36% APR standard:
Here's a breakdown for a ₦300,000 loan with a 120-day tenure, split into 4 equal monthly installments (every 30 days), at 36% APR:
- Total Principal: ₦300,000
- Total Interest: ₦35,506
- Total Repayment Amount: ₦335,506
- 1st Installment: ₦83,877
(₦75,000 principal + ₦8,877 interest)
- 2nd Installment: ₦83,877
(₦75,000 principal + ₦8,877 interest)
- 3rd Installment: ₦83,876
(₦75,000 principal + ₦8,876 interest)
- 4th Installment: ₦83,876
(₦75,000 principal + ₦8,876 interest)
Note: This example is for illustrative purposes only and does not constitute a binding commitment from the Lender. The specific repayment plan shall be based on the actual loan amount, tenure, and the electronic offer generated upon approval.
5.1 Upon approval, the Lender will transfer the loan amount to the Nigerian bank account linked by the Borrower on the Platform.
5.2 The actual time of fund receipt may be subject to delays caused by the Nigeria Inter-Bank Settlement System (NIBSS), bank processing times, public holidays, or force majeure events. The Lender shall not be liable for such delays but will endeavor to facilitate the process.
6.1 Repayment Method: The Borrower shall repay the principal and interest in full and on time via the payment channels provided by the Platform (e.g., Card Direct Debit, Bank Transfer, USSD).
6.2 Confirmation of Schedule: The installment amounts, due dates, and total number of installments will be fully disclosed in the electronic offer before loan confirmation. The Borrower must strictly adhere to these terms.
6.3 Early Repayment: The Borrower may apply for full or partial early settlement at any time. Interest for early repayment will be calculated based on the actual number of days the principal was outstanding. The Borrower shall only pay accrued interest and will not be subject to penalties or future interest charges for the remaining period.
7.1 Definition of Default: Failure by the Borrower to repay the full amount due on the scheduled date constitutes default. The Lender may calculate late payment fees in accordance with this Agreement and published Platform rules.
7.2 Authorization for Reminders: The Borrower authorizes the Lender to send repayment reminders via telephone, SMS, and in-app notifications. In emergency contact situations, the Lender reserves the right to use the contact information provided by the Borrower solely for the purpose of establishing indirect contact regarding the loan service.
7.4 Collection Practices: All collection activities will comply with the guidelines and regulations set forth by the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigeria Data Protection Commission (NDPC). Harassment or abusive collection practices are strictly prohibited.
8.1 The Platform will collect and process the Borrower's personal information (including BVN, financial SMS keywords, device information, installed application list) in accordance with the Nigerian Data Protection Act (NDPA) and the Company's Privacy Policy.
8.2 Purposes of processing include Know Your Customer (KYC) verification, fraud prevention, credit scoring, compliance checks, and loan administration.
8.3 The Borrower authorizes the Lender to provide necessary information to the Central Bank of Nigeria (CBN), law enforcement agencies, or licensed credit bureaus as required by law, judicial order, or regulatory directive.
8.4 The Platform employs technical and organizational measures, including encryption for transmission and storage, to ensure data security. The Company commits not to sell user privacy data to unaffiliated third parties.
9.1 The Lender reserves the right to update the terms of this Agreement due to changes in law or business adjustments. The updated Agreement will be published prominently on the Platform.
9.2 Continued use of the Services by the Borrower constitutes acceptance of the revised Agreement.
9.3 This Agreement shall terminate naturally upon the Borrower's full satisfaction of all repayment obligations. Related data will be anonymized or deleted in accordance with the Privacy Policy within the prescribed retention period.
10.1 The formation, validity, interpretation, execution, and dispute resolution of this Agreement shall be governed by the laws of the Federal Republic of Nigeria.
10.2 In the event of any dispute, both parties shall first seek resolution through amicable negotiation.
10.3 If negotiation fails, either party may submit the dispute to the competent court in the Lender's place of domicile (Lagos State) .
By clicking "Apply Now" or "Confirm Loan," the Borrower acknowledges and confirms that they:
1. Have read, understood, and accepted all terms of this Agreement and the Privacy Policy;
2. Commit to providing true and accurate information and to fulfilling repayment obligations;
3. Consent and authorize the Lender to conduct credit assessments and post-lending management as described herein;
4. Acknowledge awareness and acceptance of all loan costs (Maximum APR 25%), tenures, and repayment arrangements.
Effective Date: The date on which the Borrower completes electronic confirmation within the Platform.
BRICK BRIDGE COMPANY LTD