Loan Terms And Conditions

Introduction

The Company loan Product Service, website and/or software application (collectively, the "Loan Service") enables you to have access to short term unsecured loans to individuals via its platforms under these Loan Service Terms and Conditions (the "Loan Terms"). These loan Terms represent an agreement between you ("you", "your" "User") and the Company and contain the terms and conditions governing your use of and access to the Loan Service and all affiliated websites owned and operated by us (collectively, the "Website") and our products, services, and applications (together with the Website, the "Services").

By using Loan Service, you agree to be bound by these loan Terms, the General Terms of Service, the Privacy Notice and any additional terms specific to Services you use, and all other terms, policies, and guidelines applicable to the Services (the "Terms"). Defined terms will have the same meaning as those found in the General Terms, unless otherwise defined here. In the event of a conflict between these loan Terms and the General Terms, the provisions of the General Terms of Service shall prevail.

"You" and "your" mean the Users or accessors to the Services. "We," "us," and "our" mean the Company and its successors, affiliates, and assignees. As used in these Terms, "the Company loan Account" or "loan Account" means the account you have with us for the Services.

Your use of and access of the Loan Service are subject at all times to the Terms. Please read these Terms and our Privacy Policy, carefully. By using or accessing the Services, you represent that you have read and understand all the Terms and our Privacy Policy and you agree to be bound by these Terms and our Privacy Policy. If you do not agree to the Terms including the loan Terms do not use or access this Service.

Loan Provider and Service Access

The Company serves as an intermediary to the loan provider Aella Credit Limited & Aella Financial Solutions Limited as the principle loan provider for the disbursement of the loan (credit) to the User and this Agreement shall have effect during and throughout the entire period of the Users loan with the Company and Aella Credit until the repayment of the loan of which the Principal, interest and penalties shall be applicable.

The liability for non disbursement of said loan lies with the loan provider and the Company shall not believable for incidental or consequential damages thereof.

Registrations and Eligibility

In order to use the Loan Service, you must be a resident of the Federal Republic of Nigeria, at least 18 years old and register on the Company's platform by providing all information requested by us, including a valid mobile phone number; Bank Verification Number (BVN), a valid residential or/ business address, a valid email address (a bank account with a Nigerian financial institution, means of identification and such other information as we may request from time to time (collectively, "User Information").

You agree to provide true, accurate and complete information about yourself during the Loan Service registration process. If we approve your registration, you will be authorized to use the Services, subject to these loan Terms and the Terms.

You will be given the option of receiving a unique PIN for purposes of reusing your loan Account. You are responsible for keeping your PIN secure. Your personal information is highly protected in accordance with our Privacy Policy published and updated on our mobile and web application (the "Platform"). Loan Service shall only be made available to you once our Know-Your-Customer (KYC) process has been complied with by you as part of our onboarding process and your identification has been verified.

In order to ensure that we are able to provide Communications to you electronically, you must notify us of any change in your email address and your mobile device number, other text message address or email address by updating your profile on the Application provided, however, that you must notify us at least three (3) Business Days before any changes to your bank account information, including, but not limited to, the closure of your bank account for any reason by calling 018885008, 018888866, 015200061 or sending an email to support@nomba.com.

To fulfill our compliance obligations and to provide the Services to you, you hereby authorise us to, directly or through a third-party, obtain, verify, and record information and documentation that helps us verify your identity and other registration details. When you register for the Services and from time to time thereafter, we may require you to provide and/or confirm information and documentation that will allow us to identify you, such as: a valid government-issued identity card, Bank Verification number (BVN), a copy of your utility bill, affidavit, and such other information and documentation that we may require from time to time.

Purpose and Use of the Service

The purpose of the Services is to try to help our Users obtain access to short term unsecured loans via the Company's platforms. Users subject to this Loan Terms may access approved loan sum for a 24 hours tenor via the Loan Service in their wallet or account with the Company for the sole purpose of financing their business operations on the Company's platform.

The Loan Service shall be made available only to approved Users. The Company reserves the right to permit or decline any User the right to utilize the Loan Service as it deems fit. The Company has the right to deny any User the right of access to this service at any time, for any reason. All access to Loan Service shall be kept private and done in a secure environment at all times.

The User makes covenants to repay the Loan and interest timely, on or before the repayment due date, by crediting their account/ wallet with the loan sum and interest, set for debit. The User on access to this service shall do so without malafide and without any dubious and questionable intentions.

The User shall be responsible for any default in loan repayment and consents to be responsible for the repairment of said loan sum and interest.

Earnings and Interests

You agree that the interest rate payable by the User shall be at the daily interest rate communicated to the User at the time of obtaining the loan sum. The interest rate shall be paid together with the Loan sum; this will be deducted from the User's wallet/account domiciled with the Company after the User has within 24 hours credited their wallet with said sum.

The interest rate payable by the User is fixed, however it may vary from time to time as determined by the Company, and any change shall be communicated to the Users. The interest rate are as communicated to you from time via the Platform; we reserve the right to change fees for the Services in the future. We will notify you before charging a fee for the Services by delivering notice to you electronically, by posting such fee on the Website, or by any other method permitted by applicable law. If you continue using the Services after such notice, you must pay all applicable fees for the Services.

Fraud, Restrictions and Penalties

If the User fails to fully and timely repay the principal of loans and accrued interest under this agreement on the expiration of term of loans provided by this term, starting from such expiration date, the User shall be surcharged with a penalty interest/default fee in connection with the User's total overdue payables on a daily basis and based on the same daily interest rate as the loan sum for each day of default. If the User is in breach of any provision under these terms or the Company is unable to perform its obligation due to any reason attributable to the User, the User shall bear all foreseeable and unforeseeable liability for its breach of Agreement to the Company.

You undertake that you shall cooperate and comply with all obligations as stipulated in this agreement for access to Loan Service and shall bear responsibility and liability for all direct and indirect actions occasioned by default of repayment of the loan or carelessness in the utilization of this service, including fraud and omission. You shall also be responsible for the engagement and remuneration of a debt collector should the Company engage one for the purpose of loan recovery to any tune as determined by Us. You also undertake to report all suspicious transactions in your account to Us not later than 24hours or the next working day. The User shall check wallet security features prior to completing any transaction. Such checks shall include but not be limited to cross checking loan amount imputed and other relevant information for accuracy.

In the event of a valid fraudulent transaction claim, if the User is found to have connived with the perpetrator(s), you shall be reported to the law enforcement agencies and/or blacklisted from undertaking any transactions by the Company or/ and regulatory authorities or all the penalties stated in this section. You equally consent to not indiscriminately use different User accounts/ wallets to obtain multiple loans from Us. This will incur consequences mentioned in the clause above. We may freeze your account in an event where a fraudulent loan request is reported and to enable investigations into the transaction.

Loan Set-off

Upon the occurrence of any event of default hereunder the Company shall be irrevocably authorized at any time and from time to time without notice to the User, any such notice being expressly waived by the User, to set-off, appropriate and apply any and all loan from any or all of the Users accounts/wallets domiciled with the Company, in each case whether direct or indirect or contingent or matured or unmatured, at any time held or owing by the User to or for the credit or the account of the User, or any part thereof as such the Company may elect, against and on account of the obligations and liabilities of the User to the Company hereunder and claims of every nature and description of the Company against the User, whether arising hereunder or otherwise, as the Company may elect. The rights of the Company under this subsection are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Company may have.

Unauthorized Access

Your use of the Services must comply with all applicable law. If your use of the Services is prohibited by applicable law, then you are not authorized to use the Services. We are not responsible if you use the Services in any manner that violates applicable law. You agree not to authorize any other person or entity to use your User name and password or mobile device to access the Services. You are solely responsible for the maintenance, confidentiality, and security of your username, password, and other User Information. Except as otherwise required by applicable law, you are responsible for all transactions and other activities authorized or performed using your username and password or mobile device, whether authorized or unauthorized by you. Except as otherwise expressly stated in these here or required by applicable law, we are not responsible for any losses arising out of the loss or theft of your User Information or your mobile device or from unauthorized or fraudulent transactions associated with your bank account or your Company loan Account. If you suspect or become aware of any unauthorized activity or access to your username, password, or mobile device, you must contact us immediately at 018885008, 018888866 or 015200061.

Communication and Notices

By using the Loan Service, you hereby expressly consent to receive text messages relating to the services at that number or address provided at the point of registrations and as duly updated from time on your profile. Third-party data and message fees may apply. To verify your mobile device number or text message address, we may send you a code via text message to the mobile device number or text message address you provide, and you must enter that code as instructed by us. If you change your mobile device number or text message address, you must promptly provide and verify your new mobile device number or text message address. In addition, we may send you important notices via email and to your registered email about the Services.

Authorisations and Third Party Websites

By using the Services and providing User Information to us, you automatically authorise us to obtain, directly or indirectly through our third-party service providers and without any time limit or the requirement to pay any fees, information about you and your bank account from the financial institution holding your bank account and other third-party websites and databases as necessary to provide the Services to you.

For purposes of such authorization, you hereby grant us and our third-party service providers a limited power of attorney, and you hereby appoint us and our third-party service providers as your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for you and in your name, place, and stead, in any and all capacities, to access third-party websites, servers, and documents; retrieve information; and use your User Information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person.

YOU ACKNOWLEDGE AND AGREE THAT WHEN WE OR OUR THIRD-PARTY SERVICE PROVIDERS ACCESS AND RETRIEVE INFORMATION FROM SUCH THIRD-PARTY WEBSITES, WE AND OUR THIRD-PARTY SERVICE PROVIDERS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OR ON BEHALF OF THE THIRD PARTY. You agree that other third parties shall be entitled to rely on the foregoing authorization, agency, and power of attorney granted by you. You understand and agree that the Services are not endorsed or sponsored by any third-party account providers accessible through the Services. We make no effort to review information obtained from the financial institution holding your bank account and other third-party websites and databases for any purpose, including, but not limited to, accuracy, legality, or non-infringement. As between us and our third-party service providers, we own your confidential User Information.

Privacy

Your use of the Loan Service signifies your continuing consent to our privacy policy, which governs our collection and use of personal information that you supply to us.

Warranties

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE TERMS, YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF THE SERVICES AND ALL INFORMATION, PRODUCTS, AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICES IS AT YOUR SOLE RISK. THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTY OF ANY KIND.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE AND OUR THIRD-PARTY SERVICE PROVIDERS EXPRESSLY DISCLAIM ALL WARRANTIES, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE FUNCTIONS OR CONTENT CONTAINED IN THIS APP WILL BE INTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THIS SITE OR SERVER THAT MAKES IT AVAILABLE IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. WE DO NOT WARRANT OR MAKE ANY REPRESENTATION REGARDING USE, OR THE RESULT OF USE OF THE CONTENT IN TERMS OF ACCURACY, RELIABILITY, OR OTHERWISE INCLUDING THE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO THE APP, WHICH MAY BE AFFECTED BY FACTORS OUTSIDE OUR CONTROL OR MAY BE SUBJECT TO PERIODIC TESTING, REPAIR, MAINTENANCE OR UPGRADES. THE CONTENT MAY INCLUDE TECHNICAL ERRORS AND THE COMPANY MAY MAKE CHANGES, OR IMPROVEMENTS AT ANY TIME. YOU, AND NOT US, ASSUME THE ENTIRE COST OF ALL NECESSARY SERVICING REPAIR OR CORRECTION IN THE EVENT OF ANY LOSS OR DAMAGE ARISING FROM THE USE OF THIS APP OR IT'S CONTENT. WE MAKE NO WARRANTIES THAT YOUR USE OF THE CONTENT WILL NOT INFRINGE THE RIGHTS OR OTHERS AND ASSUME NO LIABILITY OR RESPONSIBILITY FOR ERRORS OR OMISSIONS IN SUCH CONTENT.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE THAT the Company, ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, AND THIRD-PARTY SERVICE PROVIDERS WILL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR (A) THE PERFORMANCE OF THE SERVICES OR THE INABILITY TO USE THE SERVICES; (B) ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, WHETHER BASED IN CONTRACT, TORT, OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, EVEN IF SUCH PERSONS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHICH ARISE OUT OF OR ARE IN ANY WAY CONNECTED WITH THESE TERMS, THE SERVICES, OR CONTENT; (C) ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF 10,000 NAIRA OR THE AMOUNT TRANSFERRED FROM YOUR DEBIT CARD TO YOUR the Company ACCOUNT VIA THE SERVICES; OR (D) ANY EVENT BEYOND OUR REASONABLE CONTROL. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.

Indemnity

At our request, you agree to defend, indemnify, and hold harmless the Company, our affiliates, and its and our respective employees, officers, directors, agents, and third-party service providers from and against any and all claims, suits, liabilities, damages (actual and consequential), losses, fines, penalties, costs, and expenses (including reasonable attorney fees) arising from or in any way related to any third-party claims relating to your use of Loan Service, violation of the Terms, applicable law or any third-party rights, or your fraud or willful misconduct. The Company reserves the right to assume the exclusive defense and control of any matter subject to indemnification by you, in which event you will cooperate in asserting any available defenses.

Dispute Resolution

These Terms will be governed and interpreted pursuant to the laws of the Federal Republic of Nigeria.

Any and all disputes, claims or litigation arising from or related in any way to this Terms or any provisions herein will be resolved by mediation at the Lagos Multi Door Court House, Lagos State, Nigeria. Where such dispute persists, it shall then be resolved by Nigerian Courts in Lagos State. The parties hereby waive any objections against and expressly submit to the exclusive jurisdiction of the Nigerian Courts in Lagos State.

Others

Taxes

You will be responsible for paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with your activity in connection with the Services, provided that we may, in our sole discretion, do any of the foregoing on your behalf or for ourselves.

Waiver

The enforceability or otherwise of any provisions of these Loan Terms shall not affect the enforceability of the rest of these loan Terms and the Terms. This Agreement will not be assignable or transferable by you.

No Partnership

You hereby acknowledge and agree that you are not an employee, agent, partner, or joint venture of the Company, and you do not have any authority of any kind to bind the Company in any respect whatsoever.

Change of Terms

We may revise these loan Terms at any time by updating this posting. We may discontinue Loan Service (temporarily or permanently) or change any information, content, feature or service at any time with or without notice. We also retain the right to create limits on use of this Loan Service at our sole discretion. Your use of the Services after such changes are implemented constitute your acknowledgement and acceptance of the changes. Please consult the Terms of use regularly to acquit yourself with any changes that may apply.

Termination

We reserve the right to terminate your use of the Service if you violate any of the Terms or any rules or guidelines posted on the Platform or for any other reason at our discretion.

Proprietary Rights

Using the Platform does not give you ownership of or any rights to any materials, functionalities, operations and content on the Platform, all of which are owned exclusively and reserved by us and protected by copyright and other intellectual property rights.

Trademarks, service marks, and logos appearing on the Platform are the property of the Company or the party that provided the trademarks, service marks, and logos to the Company and any party that provided trademarks, service marks, and logos to the Company retain all rights with respect to any of their respective trademarks, service marks, and logos appearing on the Platform.

You acknowledge and will respect all such copyright and other intellectual property rights we own or may own in the look and feel of the Platform and its contents including any text, graphics, data, stills, photographs and moving images. You further agree that you will not infringe our copyright by any method or manner now known or as may exist in the future.