Terms & Conditions

In Clicking Apply:

(a) The Borrower has made application to the Lender for a loan.
(b) The Lender has agreed to lend a certain sum or sums of money to the Borrower on certain terms and conditions.
(c) The Lender and the Borrower require their agreement for the loan, and its repayment, to be recorded in writing.

 

NOW THEREFORE THESE PRESENT WITNESS THAT THE PARTIES AGREE THAT:

1. DEFINITIONS AND INTERPRENTATIONS

• 1.1 In this agreement the following words shall have the meanings assigned to them hereunder:
• 1.1.1 The Borrower: As in the heading
• 1.1.2 The Principal: The sum of money lent and advanced by the Lender to theBorrower.
• 1.1.3 The Lender: As in the heading
• 1.1.4 Loan or The Loan: The sum of money lent to the Borrower by the Lender.
• 1.1.5 Schedule: The schedule annexed to this agreement detailing:
  - the sum of money lent and advanced by the Lender to the Borrower,
  - the repayments, inclusive of interest
• 1.2 Headings of clauses shall be deemed to have been included for the purpose of convenience only and shall not affect the interpretation of this agreement.
• 1.3 Unless inconsistent with the context, words relating to any gender shall include the other gender and words relating to the singular shall include the plural and vice versa.

2. TERMS OF LOAN AND REPAYMENT

• 2.1 The Borrower acknowledges that he has applied for a loan from the Lender in the amount reflected as “Capital” in the Schedule executed by the Borrower.
• 2.2 The loan amount will include a fixed administration fee of BWP90.00
• 2.3The Borrower is given 3 days Cooling-Off Period starting from the date on which the Loan amount is transferred into the Borrower’s bank account to return the Capital interest free after which interest payments will be required.
• 2.4The Borrower is to advise in writing any changes that may happen to the information he provided within 4 days of the change occurring.
• 2.5 The Borrower shall repay the amount within the agreed upon number of monthly instalments.
• 2.6 Should the Borrower not meet the minimum performance standard then the loan agreement shall lapse and any outstanding balance shall be due immediately.
• 2.7 The Borrower acknowledges that in the event of the Borrower applying for any subsequent loan, such subsequent loan will:
  2.7.1 Be governed by the terms of this agreement;
  2.7.2 Be reflected in a further Schedule, bearing a unique number, which shall be executed by the Borrower.
• 2.8 The Borrower acknowledges that it is lawfully indebted unto and in favour of the Lender for repayment of the Capital, as reflected in the Schedule, together with interest as accrued thereon.
• 2.9 The Borrower undertakes to repay to the Lender in the manner set forth in theSchedule, the full capital of the monies lent and advanced by the Lender to theBorrower together with interest as accrued thereon together with any and all otherCharges.
  a) The Borrower shall not be entitled to pay an amount in excess of the “monthlyinstalment payable” without the prior written consent of the Lender.
  b) In the event a Borrower effects a prepayment with the Lender the sum receivedin excess will be used towards reducing the principal loan (the lump sum paymentwill be used to pay off the loan’s interest charges for the month and the balanceof the lump sum prepayment will be used to reduce the loan’s outstandingprincipal). However, the Borrower is still required to continue with thesubsequent monthly instalments OR the lump sum payment will be used to pay the monthly instalment inadvance. In this instance no future monthly instalments is required up to thenumber of monthly instalments the advance payments have covered.
• 2.10 The Borrower acknowledges that no deduction from it may be withheld or postponed for any reason whatsoever.
• 2.11 Any additional sums of money lent by the Lender shall be reflected in a further Schedule to be executed by the Borrower and which Schedule shall be deemed to form part of this agreement and shall be subject to all the terms and conditions contained in this agreement.
• 2.12 Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower, the Lender may, at its discretion, allocate such payments to capital, interest, costs, insurance premiums, or any other charges as the Lender in its discretion deems fit.
• 2.13 All payments payable by the Borrower shall be paid to the Lender free of exchange into such bank account, as the Lender may from time to time advise the Borrower inwriting.
• 2.14The Borrower is advised but not necessarily required to have insurance in case of any unforeseeable events which might cause the Borrower to be unable to make the monthly instalments.
• 2.15 The Borrower acknowledges that if any amount is not paid by the Borrower to the Lender on its due date, the full amount of capital, interest and all other amounts then outstanding shall become immediately due and payable by the Borrower to the Lender, and in the event that the Borrower fails to pay such amount within seven days after dispatch of notice by prepaid registered post calling for payment of such amount, the Lender shall be entitled to charge interest on any and all arrear instalment payments at the “arrear interest rate” set out in the Schedule.
• 2.16 The Borrower acknowledges that in the event of any instalment, or other payment, not being made on its due date, the Lender shall be entitled (without prejudice to any other rights which the Lender may have) to either demand repayment of the loan (inclusive of capital, interest and other charges then outstanding) or to reschedule the loan repayments, in which event a new Schedule will be deemed to have been executed by the Borrower in favour of the Lender.
• 2.17 The Borrower acknowledges that in the event of its loan repayments falling into arrears, the Lender shall be entitled (but not obliged) to cancel the existing loan and reschedule the loan repayments due by the Borrower, in which event:
  2.17.1 The balance of the existing loan inclusive of capital, interest and any andall other amounts or charges then owed by the Borrower to the Lender (“the rescheduled capital”) will be calculated by the Lender;
  2.17.2 The rescheduled capital will be deemed a further loan made by the Lender tothe Borrower;
  2.17.3 The rescheduled capital together with interest thereon and other charges will be repayable by the Borrower to the Lender by way of monthly instalments over a fixed period to be determined by the Lender.
  2.17.4 A Schedule in accordance with the terms of this agreement will be deemed tohave been executed by the Borrower;
  2.17.5 The Borrower shall repay the rescheduled capital together with interest and all other charges in accordance with the provisions of the Schedule aforesaid and the terms hereof.
  
• 2.18 Any latitude, extension of time or indulgence which may be allowed by the Lender to the Borrower in respect of the Borrower’s obligations in terms of and arising herefrom shall not be deemed to be a waiver of, or in any way affect the Lender’s, rights to require strict and punctual compliance by the Borrower with each and every term and provision of this agreement, including the Schedule.
• 2.19The Borrower acknowledges that any and all information contained in the application for the loan completed by the Borrower is deemed material, and constitutes representations by the Borrower forming the basis upon which the Lender has agreed to make the loan to the Borrower. The borrower forth confirms that the contents of this Loan Agreement was explained to him and the Loan Agreement was completed in all respects upon signature hereof.
• 2.20 The Borrower acknowledges and agrees that the Lender may pledge, cede or trade in its rights to the capital outstanding without the Borrower’s notice or consent.
• 2.21 The Borrower acknowledges that in the event of it committing an act of insolvency or being declared insolvent, the entire capital, interest and any other sums of money due by the Borrower to the Lender shall become immediately due and payable upon demand by the Lender.
• 2.22If in the view of the Lender, the Borrower has breached its obligations in terms of loan payment arrangement, the Borrower authorises the lender to send its payment profile to TransUnion ITC - Creditreference bureau, and this information would be available to other credit grantors.
• 2.23The Borrower shall, subject to giving to the Lender a one month notice, be entitled at any time to make payment to the Lender of the full amount of Capital, interest and/or any other sums which may then be owed by the Borrower to the Lender.

3. ENTIRE CONTRACT

• 3.1 Subject only to the provisions of clause 2.15 hereof, no agreement to vary, amend, alter or cancel the terms and conditions hereof shall be binding upon either party unless reduced to writing and signed by the Borrower and a duly authorized representative of the Lender.

4. NOTICE AND DOMICILIUM

• 4.1 The Borrower hereby chooses domicilium citandi et executandi at the address set out hereunder, namely:

• Physical Address Postal Address
  Head Office
  Plot 61687
  Unit1
  Block 3
  Gaborone
  P O Box AE623AEH
  Gaborone
  et executandi upon giving to the Lender of not less than 14 days written notice, and provided that the new address chosen shall be an address within the jurisdiction of the High Court of Botswana, and provided further that such address shall comprise both a physical address and postal address.

• 4.2 The Borrower acknowledges that any and all notices which may be given to him by the Lender in terms of this agreement (except the service of legal process) shall be deemed to have been properly given and received by the Borrower upon the expiry of a period of 4 days calculated from the date of posting thereof to the Borrower’s postal address by prepaid registered post.
• 4.3 Any legal process may be served upon the Borrower at its domiciliumcitandi et executandi.

5. GOVERNING LAW

• 5.1This Contract shall be governed by, construed, and interpreted in accordance with the laws of Botswana.
• 5.2 By clicking apply the Borrower is confirming that has the legal capacity and is allowed at law to enter into such an agreement.