1. The Monthly Percentage Rate of Interest (“MPR”) for the direct Loan Account is 3% 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 reason.
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.

1. 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 the need for 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 entitle Cornerblock Services Limited to take steps to recover the outstanding loan amount in accordance with clause E below.

1. 6 months bank statement
2. Valid ID
3. Employment letter
4. Recent utility bill
5. Work ID
6. Passport photograph

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.
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 Agreement, Cornerblock Services Limited will be entitled to do the following:
   
   1. 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.
   2. 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.
   3. 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.
   4. Following the borrower’s default, Cornerblock Services Limited reserves the right to assign its right, title, and interest under the Agreement to an external Collections Agency who will take all steps to collect the outstanding loan amount.
   5. 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.
   6. Cornerblock Services Limited will be entitled to terminate this agreement (after service of any notice required thereunder) if the Borrower in any way perpetrates or attempts to perpetrate 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 the full loan amount with interest calculated in the same manner as in sub-clause (ii) above.
   7. Hold the Borrower responsible for legal costs and expenses incurred by Cornerblock in attempting to obtain repayment on any outstanding 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.
   8. Should the Borrower fail to pay any installment at the due date, Cornerblock will charge a default interest rate at 0.5% per day. The default interest shall be charged in addition to the normal interest on the loan and will be applied 3 days from the date on which the installment was due.
   9. Returned cheques/failed Direct Debit shall attract an additional charge of ₦5,000 for a returned cheque where the repayment is less than ₦50,000 and ₦10,000 where the repayment is higher than ₦50,000.
   10. No waiver under clause 2 of this section shall preclude Cornerblock Services Limited from exercising its right to terminate the agreement subsequently in the event of continuing breach of the agreement by the Borrower.
   11. The Borrower will be charged to small claims court in the event that the Borrower fails to pay any installment under this agreement or for any other reason.

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.

1. LOAN TYPE
   
   1. Payday Loan (Private Sector Loan) – geared towards salary earners working in the Private Sector
   2. Civic Connect (Public Sector Loan) – geared towards salary earners working in the Public Sector (Federal Government Parastatals, Civil Servants)
2. LOAN ELIGIBILITY
   • Borrower must be a salary earner with a minimum monthly income of NGN50,000 to be eligible for both loan products mentioned above.
3. LOAN AMOUNT
   • A minimum of NGN100,000 – NGN5,000,000 for all loan types
4. LOAN DURATION
   • Payback duration for all product types is 3 – 12 months
5. REPAYMENT SCHEDULE
   • Payments are required to be made monthly for all laon types

1. 1. PROCESSING FEES
      • A 2% Insurance fee is deducted for every loan application
   2. LATE REPAYMENT FEE
      
      1. Should the borrower fail to pay any installment at the due date, a late fee charge of N2000 is charged in additional to
         the interest on the loan. The flat fee is applied 3 days from the date on which you were due to pay the installment.
      2. Returned cheques/failed Direct Debit shall attract an additional charge of NGN5,000.00 for returned cheque where the
         repayment is less than NNG50,000 and NGN10,000 where the repayment is higher than NGN50,000.
      3. No waiver under clause 2 of this section shall preclude the Cornerblockservices from exercising its right to terminate
         the agreement subsequently in the event of continuing breach of the agreement by the borrower.
      4. The borrower will be charged to small claims court in the event that the borrower fails to pay any instalment under
         this agreement or for any reason whatsoever.
   3. EARLY REPAYMENT

Early repayment is allowed but there are no exceptions.

1. LOAN DURATION
   • Payback duration for all product types is 3 – 12 months
2. REPAYMENT SCHEDULE
   • Payments are required to be made monthly for all loan types

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 grants 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 orassign its rights 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.
4. All the terms and conditions in this Cornerblock Services Limited Loan Application Package have been read
   and understood by me.