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Cornerblock Services Limited

TERMS AND CONDITIONS

These terms and conditions apply to and regulate the provision of credit facilities advanced by Cornerblock Services Limited (“Cornerblock“).

These standard terms and conditions, together with our offer letter set out the terms governing this Loan Agreement. It is important that you read the offer letter and these terms and conditions carefully and keep them forfuture reference.

  1. INTEREST

    1. The Annualized Percentage Rate of Interest (“APR”) for the direct Loan Account are (-.%) or at such higher rate which Cornerblock Services Limited may in its sole discretion (subject to applicable laws and regulations) determine from time to time and also varied by CornerBlock under subclauses A(ii) and/or A(iii) below.
    2. Cornerblock Services Limited may in its sole discretion increase or decrease the prevailing interest rate for any reasons and
    3. Any change in interest rate will take effect on the borrower’s account following a minimum of 7 days written notice.
    4. All charges will be capitalized into the interest calculation.

  2. PAYMENT

    All payments by the Borrower will be made by one of the following methods: Direct Deposit at Cornerblock Services Limited, Personal Cheque, Standing Order or through an acceptable electronic channel.
    All other methods will be accepted with Cornerblock Services Limited’s consent only in particular.

    1. The borrower will be given a dedicated and customized repayment plan upon approval of the loan application.
    2. The Borrower will be expected to make monthly repayments in accordance with the repayment plan
    3. The Borrower will be sent an electronic message or SMS alert two (2) working days-before each monthly repayment date and the Borrower hereby agrees that such notice shall be conclusively deemed received by the Borrower without need of any further notice.
    4. The Borrower hereby agrees that non-payment of the amount owed by the Payment due date shall render the Borrower in default and entitles Cornerblock Services Limited to take steps to recover the outstanding loan amount in accordance with clause E below.
  3. PROVISION OF FINANCIAL INFORMATION

    At our request, you will be required to provide us with your last financial statements, contingent liability details and any other reasonable information relating to you and/or your financial affairs.

  4. USE OF CREDIT BUREAU

    Cornerblock Services Limited will approach a dedicated Credit Reference Agency for a credit report on the Applicant in considering any application for credit The Borrower authorizes CornerBlock to access any information available to it as provided by the Credit Agency. The Borrower also agrees that his/her details and the loan application decision will be registered with the Credit Agency. In the event the Borrower wishes to access the credit report, Cornerblock Services Limited will advise the Borrower of the contact details of the relevant credit agency and the Borrower waves any claims he/she may have against Cornerblock Services Limited in respect of such disclosure.

  5. DEFAULT

    Default in terms of this agreement will occur if:

    1. The Borrower fails to make repayment in full, on or before the payment date in accordance with the monthly repayment plan given to the borrower.
    2. Any representation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or document supplied by the Borrower, is later discovered to be materially incorrect; or
    3. The Borrower does or omits to do anything which may prejudice Cornerblock’s rights in terms of this Agreement or cause Cornerblock Services Limited to suffer any loss or damage. If the Borrower defaults in their obligation under this Agency, Cornerblock Services Limited will be entitled to do the following:

      Cornerblock Services Limited will on each Repayment Date collect the total amount payable by that date in accordance with the repayment plan schedule given to the Borrower. Where the Borrower fails to honor their obligation to repay their total monthly repayment amount by the due date, Cornerblock Services Limited will attempt to collect the outstanding amount within the next twenty-four (24) hours. Where more than forty-eight (48) hours have elapsed since the repayment date and the repayment amount (total or partial) remains outstanding, Cornerblock Services Limited will start calculating accelerated interest at the rate of 20% plus the applicable borrowing interest rate. Following the borrower’s default, Cornerblock Services Limited reserves the right to assign its right, title and, interest under the Agreement an external Collections Agency who will take all steps to collect the outstanding loan amount. Cornerblock Services Limited also reserves the right to start legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence. Cornerblock Services Limited will be entitled to terminate this agreement (after service of any notice required there under) if the Borrower in any way perpetrates or attempts to or is involved in any act of fraud or other criminal activity in respect of Cornerblock Services Limited or the Loan, or if any information provided by the Borrower as part of the application is incorrect or misleading in any material manner. On such termination, Cornerblock Services Limited reserves the right to demand repayment of full loan amount with interest calculated in the same manner as in sub-clause (ii) above. Hold the Borrower responsible for legal costs and expenses incurred by CornerBlock attempting to obtain repayment on any outs tanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged in accordance with sub clause (ii) above.

  6. COMMUNICATION

    The Borrower agrees that Cornerblock Services may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

    1. To the most recent address Cornerblock Services Limited holds for the Borrower on file.
    2. By delivery to any email address provided during the application process,
    3. By delivery of an SMS to any mobile telephone number the Borrower has provided to Cornerblock Services Limited

  7. MISCELLANEOUS
    1. This Agreement shall be governed by the laws of the Federal Republic of Nigeria and shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria
    2. If CornerBlock does not strictly enforce its right under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, Cornerblock Services Limited will not be deemed to have lost those rights and will not be prevented from insisting upon its strict rights later.
    3. Cornerblock Services Limited reserves the right to transfer or assign its right and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. Cornerblock Services Limited will only tell the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change. All the terms and conditions in this Cornerblock Services Limited Loan Application Package have been read and understood by me.