DEFINITIONS
- "Applicable Law": Refers to the laws of the jurisdiction applicable to these Terms and Conditions, which the Borrower is subject to.
- "Borrower's Account": Refers to the Borrower's wallet where the Loan will be disbursed and collected from by the Lender.
- "Borrower": Refers to the customer taking up the Loan, who is the principal owner of the Agent wallet account and the Primary contact.
- "Jurisdiction": Refers to Nigeria where the Lender is resident and established.
- "ISW": Interswitch.
- "Lender": Refers to Gap Finance.
- "Loan": Refers to the Instant Loan by Gap Finance to a customer subject to these Terms & Conditions.
- "Loan Agreement": Refers to the agreement to lend the Borrower the Loan, constituted by these Terms and Conditions and the Loan Application Portal completed by the Borrower.
- "Loan Amount": Refers to the total amount loaned by the Borrower pursuant to these Terms and Conditions, including principal amount, interest, and other applicable fees and charges.
- "Loan Application Portal": Refers to the mobile, online, or electronic application portal for the Loan completed by the Borrower for assessment in consideration of granting the Loan.
- "Repayment Amount": Refers to the principal amount due with corresponding interest and other fees and charges to be repaid by the Borrower on the agreed due date.
ELIGIBILITY AND APPLICATION
To apply for a Loan, the Borrower must:
- Have a registered and active account on the ISW platform with updated KYC and AML requirements.
- Be financially active with a consistent source of income, in this case, commission.
- Have the legal capacity to enter into binding contracts in accordance with the Applicable Law.
The Borrower must provide true and accurate information, requirements, and additional information if needed, for the processing of the application, which will be the basis of approval of the loan. The Lender has the right to approve, cancel at any stage prior to loan disbursement, or reject/decline the loan application based on the Lender’s Credit guidelines.
LOAN, INTEREST, REPAYMENT AND DUE DATE
With effect from the date of approval of the Loan application to the Borrower and/or date of disbursement into the designated wallet account by the Lender ("Effective Date"), the Borrower agrees that the amount for the Loan, interest, and other fees and charges as advised by the Lender Repayment Amount has been set out in the Loan Application Portal which he/she has consented to.
The Borrower agrees to repay the Loan on or before the due date of the agreed period in the Loan Application Portal. A penalty fee stated in the Loan Application Portal will be applied on the total amount due in case of late payment. Loan payments shall be made in full, inclusive of the Lender fees or charges.
Amounts due can be reduced by the Borrower initiating payment by the option of Partial Repayment throughout the period of the loan. All applicable fees and charges stated in the Loan Application Portal will be debited from the Borrower's Account.
The Borrower must not close the Borrower’s Account until the full repayment of the Loan, including all applicable fees, charges, and penalties.
In case any payment is insufficient to pay the total amount payable on the applicable due date or any other given date, the Lender may, at its discretion, apply the payment in a specified order.
LATE PAYMENT FEES AND PENALTIES
The Borrower agrees to pay the late payment fee as specified in the Loan Agreement Portal and Pricing Guide in the event of failure to fully pay the installment on the due date.
The Lender will collect the late payment fee, applicable penalties, and interest on the next dates after the missed due date stipulated in the Loan Application Portal, and on any date thereafter until all overdue amounts have been satisfied.
WARRANTIES AND REPRESENTATIONS
The Borrower represents and warrants that:
- The borrower does not have any criminal record and is freely and voluntarily entering into the Loan Agreement.
- The Borrower’s existing loans and obligations with other lenders are updated and not delinquent or past due.
- All information provided during the Loan application process and in the Loan Application Portal is complete, accurate, and true.
- The representations made by the Borrower as of the Effective Date are deemed repeated until repayment of the Loan.
- The Agreement has been understood by the Borrower, and the Borrower is financially and legally capable of entering into it.
- All relevant facts regarding the Borrower’s current and expected future financial position have been truthfully disclosed.
OBLIGATIONS AND COVENANTS
The Borrower undertakes to properly and promptly inform the Lender regarding any updates in the Borrower’s necessary information.
The Borrower agrees to abide by and be bound by these Terms and Conditions once the loan is approved and credited to the Borrower’s Account.
The Borrower agrees to pay the Lender any outstanding amount and fees and finance charges as stated in the Loan Application Portal.
The Borrower agrees to use the Loan responsibly and not for any unlawful purposes or activities.
These Terms and Conditions shall be binding upon and inure to the benefit of the Lender and the Borrower.
In the event of the Borrower’s death, the Borrower’s estate, heirs, and personal representatives are required to pay and repay the outstanding obligations of the Borrower under the Loan from the assets of the estate of the deceased Borrower.
The Borrower attests that the transactions conducted are not of any illegal activities.
EVENTS OF DEFAULT
At the sole discretion of the Lender, the Borrower shall be considered in default when any of the following events occur:
- The Borrower fails to pay any the Loan interest and fees or any other sum payable by the Borrower under these Terms and Conditions.
- The Borrower provides any incorrect or misleading representation or warranty.
- The Lender believes on reasonable grounds that the Borrower fraudulently misrepresented any information.
- Any event or circumstance transpires that, in the Lender’s reasonable opinion, will adversely affect the Borrower’s performance or ability to pay the obligations under the Loan.
CONSEQUENCES OF DEFAULT
In the event of default, Gap Finance reserves the right, though not obligated, to declare the entire outstanding principal amount of the loan, including accrued and unpaid interest and penalties, immediately due and payable. This action may be taken without necessitating presentment, demand, protest, or further notice of any kind, all of which the Borrower hereby expressly waives. Should the Borrower fail to comply with the demand for payment of all outstanding obligations, Gap Finance shall have full authority to pursue necessary steps or actions against the Borrower, as provided under these Terms and Conditions or applicable law, to safeguard its rights and remedies.
Upon default, in addition to the principal amount, interest, and late payment charges, the Borrower agrees to pay charges on the outstanding amount due. Such charges may include a collection fee and/or Credit Bureau listing.
Gap Finance may, at its sole discretion, appoint representatives, agents, attorneys-in-fact, or third-party collection agencies to enforce its rights under the loan. The Borrower consents to the disclosure of relevant information to such authorized parties and agrees to hold Gap Finance harmless against any liability arising from such disclosure.
CROSS DEFAULT
If an event of default occurs, Gap Finance reserves the right to recall and demand repayment of all sums owed by the Borrower under any other facilities granted by Gap Finance.
DELINQUENCY
Failure to pay the full loan amount due on any due date renders the account "delinquent." In case of delinquency, the Borrower authorizes Gap Finance to report the Borrower's name, loan details, and any other necessary information to credit bureaus or financial industry databases, as long as the loan remains unpaid.
INDEMNITY
The Borrower shall indemnify and hold harmless Gap Finance, its officers, directors, and employees from any and all losses, liabilities, fees, claims, damages, costs, and expenses arising out of or in connection with these Terms and Conditions or the loan transactions.
CUMULATIVE REMEDIES
No remedy provided in these Terms and Conditions or any loan agreement shall be exclusive. Each remedy shall be cumulative and in addition to any other remedy available under these Terms and Conditions, the loan agreements, or applicable law.
AUTHORIZATION AND CONSENT
The Borrower authorizes Gap Finance to obtain and verify information from government agencies, third parties, credit bureaus, and financial industry bodies at any time during the loan term. The Borrower consents to the disclosure of personal data as necessary for processing the loan application and its ongoing management.
The Borrower agrees to the collection, processing, and sharing of personal data for credit scoring purposes. Throughout this process, the Borrower's rights under applicable data protection laws shall be upheld.
COMMUNICATION
The Borrower agrees to receive updates and notifications related to the loan. Gap Finance and its authorized representatives may reach out to the Borrower for marketing initiatives and communications, subject to the Borrower's consent.
ASSIGNMENT
The Borrower may not assign any rights or obligations under these Terms and Conditions. However, Gap Finance may transfer, assign, or grant participation to third parties without the Borrower's consent.
WAIVERS
Gap Finance's failure to exercise any right or remedy shall not constitute a waiver of such right or remedy. All remedies provided herein shall be cumulative and not alternative.
DISCLOSURE OF INFORMATION AND PRIVACY
The Borrower agrees to provide true and correct information and consents to the gathering, processing, and use of personal data for loan processing and implementation. The Borrower's personal data may be disclosed to authorized agents/third-party service providers, credit bureaus, and other entities as required.
DATA PROTECTION
Gap Finance will process personal data in accordance with Nigerian Data Protection Laws and its Privacy Policy. The Borrower's personal data may be transferred to third parties for specific purposes outlined in the Privacy Policy.
SEVERABILITY
If any provision of these Terms and Conditions is deemed invalid, illegal, or unenforceable, the remaining provisions shall remain valid and enforceable to the fullest extent permitted by law.
GOVERNING LAW AND JURISDICTION
These Terms and Conditions shall be governed by the laws of Nigeria, and any disputes shall be resolved through negotiation. If negotiations fail, disputes shall be subject to the jurisdiction of Nigerian courts.
TERMINATION
Either party may terminate this Agreement with written notice, subject to certain conditions. Termination shall not affect any rights or obligations existing at the time of termination.
CHANGES
Gap Finance reserves the right to change these Terms and Conditions with prior notice to the Borrower. The Borrower shall be notified of any changes, which shall apply from the specified effective date.
CUSTOMER COMPLAINTS PROCESS
In case of complaints or disputes, the Borrower must approach Gap Finance through designated channels to register complaints or report discrepancies in the loan account.
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