Introduction

SavingsBox provides an automated savings, loans and investment platform available on its website and/or through its mobile applications. SavingsBox operates a FinCom(finance&ecommerce) platform, the SavingsBox service, website and/or mobile application (collectively, the “Service”) enables you to save money, invest and access loans seamlessly. The Service is operated by Savings Box Global Impact Ltd and is subject to these Terms of Service (“Terms”).

Terms of service

This is a contract. These Terms constitute a contract between you and SavingsBox. If you do not accept these Terms, please do not use the Service. By using any part of the Service you accept these Terms. You also agree to comply with the following additional policies that apply to you i.e Privacy Policy. If you are under eighteen (18) years of age, you may not use the Service. We may revise this user agreement and any of the policies listed from time to time. The revised version will be effective as at when we post and you are duly notified. If our changes reduce your rights or increase your responsibilities, we will provide you with notice of at least 21 days. By continuing to use our services after any changes to this user agreement become effective, you agree to abide and be bound by those changes. If you do not agree to these terms and conditions, please do not proceed and exit the application immediately. Please be informed that on notice to you, we can terminate your relationship with us if we believe that you have violated any of these terms. We shall provide you with 21 days notice in the event that this becomes necessary

1. Definitions

1.1 “APIs" means programmatic web application programming interfaces and associated tools and documentation that provide access to certain data displayed on the Platform.
1.2 “Applicable Law” means, any constitution, statute, law, rule, regulation, ordinance, judgment, order, decree of the Federal Republic of Nigeria, or any published directive, guideline, requirement or other governmental restriction that has the force of law, whether in effect as of the date hereof or as of any date thereafter in the Federal Republic of Nigeria.
1.3 “BVN” means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN-approved financial institution.
1.4 “Client” means a party using and utilizing our Services through our Platform.
1.5 “Investment” means placing funds with SavingsBox for an agreed tenor for a promised return at the Prevailing Rate.
1.6 “Box wallet” means your virtual account with SavingsBox for the placement of savings, Investments and loan repayment service offered on the App.
1.7 “Linked Bank Account/Card” refers to a bank account, debit card that you have linked to your SavingsBox Account. This allows you to carry out transactions using your SavingsBox account.
1.8 “Loan” means the principal amount of the loan together with any interest and fees due on the loan,made or to be made to you under this Agreement from time to time through the App or (as the context requires) the outstanding repayment amount for the duration of that loan.
1.9 “Partner Program” refers to contractual relationships entered into between SavingsBox and third-party service providers to enhance or build on SavingsBox’s product offerings.
1.10 “Platform” means collectively, SavingsBox’s website, mobile applications, and blog and includes any updates or replacements as may be applicable.
1.11. “Products” refer to SavingsBox products, including savings, investibox, jolly, property for cash, car for cash, or other Merchant products and services provided through SavingsBox.
1.12 “SavingsBox” means a product of Savings Box Global Impact Ltd.
1.13 “Services” means the management of a Client’s savings and investments made through the Platform and/or other services as may be agreed between the parties but subject always to the terms of our license.
1.14 “Terms of Use” means these terms of use.
1.15 “Users” means persons other than clients who access the Platform through any means.

2. Interpretation

2.1 We offer an automated savings, loans and investment service. As a Client, we will use best efforts and reasonable care to manage your savings and investments made through our Platform on your behalf to maximize your returns.
2.2 These Terms of Use set out the terms and conditions under which SavingsBox will provide the Services to its Clients and under which Users may access the Platform.
2.3 In order to operate and make available the Services and utilize the Platform, SavingsBox collects, uses and discloses certain personal information about you. SavingsBox collects, uses, discloses and protects that information as described in our privacy policy, and which is hereby incorporated into these Terms of Use.
2.4 Please read the privacy policy carefully before accessing the Platform or using the Services.
2.5 In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person who applied for this Account and agrees to this Agreement while “We”, “us” and “our” “Lender” shall mean SavingsBox, and following an assignment, any person, company to whom the rights and/or obligations of SavingsBox have been assigned. “Account” means the Customer’s account with SavingsBox “Disbursement Date” means the date SavingsBox advanced the loan to the Customer’s account “Payment Due Date” means a maximum number of days after the loan has been disbursed “Credit Limit” means the maximum credit available to the Borrower on opening an account with SavingsBox.

3. Eligibility

The Platform and Services are intended solely for individuals who are:
3.1 18 years of age or older. (in the case of individuals)
3.2 Nigerian citizens/legal residents in Nigeria;
3.3 Hold valid bank verification numbers. Any access to the Platform or use of the Services by any person or entity who does not meet up with the above criteria is not allowed or permitted, and shall be in violation of these Terms of Use.

4. Account Registration

4.1. To use SavingsBox you must first open a SavingsBox Account by registering your details through our Mobile App or website. As part of the signup process, you will need to accept these Terms of Use and our Privacy Policy, and you must have legal capacity to accept the same. If you order additional services, you may be asked to accept additional terms and conditions.
4.2 You must provide all information as may be requested by us, such as your name, BVN, email address, mobile device number and such other information as we may request from time to time (collectively, “Customer Information”).
4.3 You agree to promptly notify us of changes to your Customer Information by updating your profile on the SavingsBox app and to notify us at least five business days before any changes to your bank account information, including, but not limited to, the closure of your bank account for any reason. If we approve your registration, you will be authorized to use the Account, subject to these terms.
4.4 By operating a SavingsBox account, you hereby consent that SavingsBox may collect, obtain, store and process your personal data that you have provided to us during the onboarding process for the purpose of receiving updates, news, promotional and marketing emails or materials from SavingsBox.
4.5 You may only add payment instruments (such as bank accounts, credit or debit cards) to your SavingsBox Account if you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act.

5. Services Description

Various sub-products: Under our main product, we may provide various kinds of sub-products for your choice to deposit amount and earning interests, including but not limited to Autobox, Targetbox, Simplebox, Lockbox, Jolly collectively we refer as “Saving Products”. Such sub-products contain flexible interests. You can find our various sub-products on the pages of our platform and choose one or more that suit you. For detailed information of each sub-products, please refer to our knowledgebase, sub-products policies or any such information on our platform. All those written information shall be regarded as an internal part of this terms and conditions. Withdrawal: You are entitled to withdraw your deposited money anytime in accordance with our withdrawal policies of each sub-products published on our Platform or sent to you via other methods. Liquidate: Means you withdraw your investment amount with the calculation of applicable interests before maturity date. You are entitled to liquidate your investment amount according to the liquidation policies of each investment product. Consumption: You can use your Saving Products balance for any applicable consumption. Transfer: You can transfer your Box wallet balance to your own bank accounts, or to others’ SavingsBox user Box wallet.

6. Interest

Any interest shall only be payable on funds that have remained in your SavingsBox investment or savings plan, for a period of not less than one complete working day (24 (twenty four) working day hours), if no specific sub-products’ policies against, and which interest shall be at a rate determined by SavingsBox from time to time and payable pursuant to the amount shown on the application. You acknowledge and agree that SavingsBox shall have the right to amend the interest rate applicable to the savings or investment product and you hereby indemnify and waive any/all claims of any nature against SavingsBox for interest on your saving or investment products. Interest accrued on your SavingsBox plan will be calculated annually and credited daily except our SimpleBox plan with its unique interest/return payout system . If you wish to withdraw funds from your plan, such funds shall only be transferred to your SavingsBox Wallet.. You irrevocably agree that where you select the option to transfer funds from your Box Wallet balance to your bank account such transfer shall take place daily at a time designated by us which is mostly after 1 business day. Your interest rate might vary according to the amount you save, the period you saved for, and the sub-products you choose. We highly recommend you to check your products plan pages to check your interest exactly. You fully understand that you shall pay for any taxes due to your interest earnings, including but not limited to Withholding Tax. We confirm that the interest we offer to you shall be in compliance with applicable laws and regulations. In case that any change for the laws and regulations results in the decrease of your interests received, we are not obligated to compensate for it.

7. Anti-Fraud

You agree and acknowledge that when the funds in your SavingsBox account have been flagged as or are suspected of being fraudulent in nature, SavingsBox may immediately suspend your account and retain the funds pending an investigation.

8. No Warranties

The Service is provided without any warranties or guarantees. The service is provided "as is" without warranty of any kind. SavingsBox and its suppliers and affiliates disclaim all warranties with regard to the service, including all implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. If you are dissatisfied with any portion of the service, or with any of these terms, your sole and exclusive remedy is to discontinue using the service.

9. Not liable for damages

SavingsBox is not liable for any damages you may incur as a result of using the Services. In no event shall SavingsBox or its suppliers be liable for any direct, indirect, punitive, incidental, special, consequential damages, or any damages whatsoever arising out of or in any way connected with the use or performance of the service, with the delay or inability to use the service, the provision of or failure to provide services, or otherwise arising out of the use of the service, whether based on contract, tort, negligence, strict liability, or otherwise.

10. Investment Risks

While we provide indicative interest rates/returns with respect to certain plans on our Platform, you recognize that there may be loss or depreciation of the value of any investment and the assets due to the fluctuation of market values, and accordingly the value of assets/interest rates (as applicable) in your User Account may or decrease based on prevailing market circumstances. You represent that we have not made any guarantee, either oral or written, that your investment objective will be achieved or that the value of any User Account assets will not decline.

11. Disputes and Arbitration

You agree to arbitrate any disputes. This Agreement is subject to, and shall be governed by, and construed in accordance with the laws of Nigeria, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a sole arbitrator in Nigeria as the seat of the arbitration.The arbitral decision shall be final and binding on the Parties and may be made an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Lagos, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing SavingsBox from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect SavingsBox’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.

12. Enforcement

You agree to arbitrate any disputes. This Agreement is subject to, and shall be governed by, and construed in accordance with the laws of Nigeria, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a sole arbitrator in Nigeria as the seat of the arbitration.The arbitral decision shall be final and binding on the Parties and may be made an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Lagos, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing SavingsBox from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect SavingsBox’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.

13. Duration

This Agreement shall come into force on the date of final execution and will remain in force one calendar year until its termination, whether by effluxion of time, or as a result of breach of any of its covenants, if same was not rectified within seven days of receipt of notice of breach in writing or on the determination and redemption of all the Investments made on behalf of the Investor. Either party can voluntarily terminate this Agreement upon giving TEN DAYS’ notice of such intention in writing to the other party. However, the termination of this contract under any of the above circumstances shall not affect the existing obligations and liabilities of the parties herein.

14. No Agency

Neither Party is authorised to act as an agent for, or legal representative of, the other party and neither Party shall have the authority to assume or create any obligation on behalf of, in the name of, or binding upon the other Party, save and except with the express consent in writing of the other Party.

15. Indemnity

You hereby undertake to defend, indemnify and hold harmless Savings Box Global Impact Ltd, its directors, officers, employees, agents, successors or assigns from and against any and all claims, losses, damages, liabilities, costs and expenses (including but not limited to reasonable legal fees) while acting in accordance with the terms of these Terms of Use and that are not a direct result of a breach of the terms herein state, bad faith, gross negligence, and material violation of Applicable Law.
SavingsBox shall not be liable for any loss affecting the assets held by it on behalf of the Client, where such losses are the result of unforeseen adverse market conditions, government restrictions, exchange or market rulings or suspension of trading. SavingsBox shall not be liable for any act or failure to act by any third party

16. Modification

SavingsBox may modify these Terms. These Terms and related policies (including but not limited to the Privacy Policy) may be modified by SavingsBox without notice at any time in the future. Changes will be posted. By using the Service, you agree to be bound by the latest version of these Terms. It is your responsibility to remain informed of any changes.

17. Others

Food Consumption Disclaimer:

By participating in our savings plan that involves the purchase and delivery of food and household items (Jolly), you acknowledge and agree to the following:

1. Quality and Safety:
a. Our company takes utmost care in sourcing high-quality food and household items from trusted suppliers.
b. We strive to maintain high standards of safety and hygiene during the storage, handling, and delivery processes.
2. Consumer Responsibility:
a. It is the responsibility of the participant to ensure they have no allergies or dietary restrictions that may be affected by the food and household items received.
b. Participants are encouraged to carefully read the product labels, including ingredients and nutritional information, and make informed choices.
3. Liability Limitation:
a. Our company disclaims any liability for adverse reactions, illnesses, or injuries that may arise from the consumption or use of the food and household items provided through the savings plan(Jolly).
b. Participants assume all risks associated with the consumption or use of the products received.
4. Allergies and Dietary Restrictions:
a. While we make efforts to accommodate specific dietary preferences and restrictions, we cannot guarantee the absence of allergens or cross-contamination.
b Participants with allergies or dietary restrictions are responsible for assessing the suitability of the products for their individual needs.
5. Product Information:
a. We provide product information based on the information received from the suppliers. However, the accuracy, completeness, and currency of such information cannot be guaranteed.
b. Participants are advised to contact the suppliers directly for any specific inquiries or concerns regarding the products.
6. Indemnification:
a. Participants agree to indemnify and hold our company harmless from any claims, losses, liabilities, or expenses arising from their participation in the savings plan or the consumption of the provided food and household items.
7. Compliance with Local Laws: Participants are responsible for ensuring compliance with local laws and regulations regarding food consumption, storage, and safety.
Alteration: No alteration, variation or agreed cancellation of this agreement, and this product, shall be of any effect unless directed so by us.
Binding: Any decision, exercise of discretion, judgement or opinion or approval of any matter mentioned in this Agreement or arising from it shall be binding on the parties only if in writing unless otherwise expressly provided in this Agreement.
Notice:: Any notice pursuant to this Agreement shall be given by fax, electronic mail or letter and the onus of confirmation of receipt of such notices shall be on the sender.
Whole Agreement: This Agreement constitutes the whole agreement between the parties in regard to the subject matter hereof and no warranties or representations of any nature whatsoever other than set out in this agreement have been given by any of the parties. Each and every provision of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this Agreement shall be and remain of full force and effect.
Waiver/Relaxation: No relaxation or indulgence which SavingsBox may show to you shall in any way prejudice or be deemed to be a waiver of its rights hereunder. No term shall survive at the expiry or termination of this Agreement unless expressly provided. No delay or failure by either party to exercise any of its powers, rights or remedies under this Agreement will operate as a waiver of them, nor will any single or partial exercise of any such powers, rights or remedies preclude any other or future exercise of them.

18. CONFIDENTIAL INFORMATION

Each Party shall keep confidential, any information concerning the other Party, which comes to its knowledge by way of obtaining, accessing, receiving or learning such information as a result of the provision of the Services or pursuant to this Agreement. Confidential Information shall mean non-public information that a Party designates as being proprietary or confidential or which by its nature or the circumstances surrounding its disclosure reasonably ought to be treated as confidential. For the purposes of this clause 20, where a Party makes confidential information available to the other Party it shall be referred to as the “Disclosing Party” and the Party receiving such information shall be referred to as the “Receiving Party”. Confidential Information includes, without limitation and in whatever format, information relating to the Disclosing Party’s software products, source code, API data files, documentation, specifications, databases, networks, system design, file layouts, tool combinations, development methods, consulting methodologies, user manuals and documentation, training materials (computer-based or otherwise), schema, flow charts, prototypes and evaluation copies of any of the foregoing, as well as information relating to the Disclosing Party’s business or financial affairs, which may include business methods, marketing strategies, pricing, competitor information, product development strategies and methods, customer lists and customer information and financial results. FORCE MAJEURE If either Party is rendered unable, wholly or in any material part, by reason of force majeure to carry out its obligation under this Agreement, then on such Party giving notice and particulars in writing to the other Party within seven (7) days or such other reasonable time after the occurrence of the cause relied upon, such obligations shall be suspended. The term “Force Majeure”, as employed in this Agreement, shall mean acts of God, strikes, lockouts or other disturbances, acts of public enemies, wars, blockages, insurrections, riots, epidemics, fires, floods or any governmental prohibitions issued by any legitimate authority, including restrains of rules and people, civil disturbances and any other cause not within the control of the Parties. If the period of the Force Majeure continues for more than thirty (30) days then the Parties shall decide the appropriate steps to be taken at a meeting summoned for that purpose. PART B: OUR LOANS These Terms and Conditions apply to and regulate the provision of credit facilities by SavingsBox through its service “LOANS” to the Borrower herein. These Terms and Conditions constitute the Lender’s offer and sets out the terms governing this Agreement. SavingsBox mentioned below relates to the SavingsBox app. SavingsBox loan product is an SME, Collateral and Salary Earners Loan service offered by the Lender and by accepting, an account is set up with the SavingsBox app and you agree that you have read the Terms and Conditions. You authorize the Lender to review your credit report and you understand that this account is subject to transaction fees and default fees and is governed by the Laws of the Federal Republic of Nigeria. You will be asked to provide information (such as your date of birth and your Bank Verification Number), when you apply for a loan. This information is used for verification purposes. HOW TO USE SAVINGSBOX LOAN ACCOUNT This is an open-end credit account where you access direct loan or credit facility using SavingsBox, while you repay the loan or credit facility on a future date via cash transfer or electronic repayment (whether manual or automatic) from your debit/credit card on the Payment Due Date at a flat interest on the loan of up to 1% daily. Definitions In This Agreement, The Terms: “You”, “Your”, “Customer”, And “Borrower” Mean the Person Who Applied for This Account and Agrees to This Agreement While “We”, “Us”, “Our” And “Lender” Shall Mean SavingsBox, And Following an Assignment, Any Person, Company or Bank To Whom The Rights And/or Obligations of The Lender Have Been Assign “Account” Means the Borrower’s Account with The Lender “Disbursement Date” Means the Date the Lender Actually Advanced the Loan to The Borrower “Payment Due Date” Means the Date When the Installment Should be repaid “Credit Limit” Means the Maximum Credit Available to The Borrower on Opening the Account with The Lender “Loan” Means the Amount Advanced to The Borrower by The Lender, Which Shall Be No Less Than N1,000.00 (One Thousand Naira Only) Loan Fees. The loan Fees payable by you in relation to any loan shall be displayed on the app. Failure to make repayments as at when due will attract a penalty fee of 2% per month on unpaid amount in addition to charging current rate of interest on outstanding debt. In case of 0% interest rate, we apply 1% on outstanding debt on the first day after the loan was due. The loan fee may be increased or decreased from time to time by the Lender. Such change in loan fee will take effect on the Borrower’s account following a minimum of 15 days written notice. In the event that the borrower wishes to liquidate the loan facility before the closure date (final due date), they may make full payment using the options on the app or they contact SavingsBox at [email protected] to understand the reduction in total amount to repay, given that the loan is being terminated early. BORROWER’S OBLIGATIONS To pay to us, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date. The Lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account unless the Borrower notifies the Lender, in writing, of imminent fraud by another person on the Borrower’s account within 24 hours of such fraud. To repay the loan given to you and/or to someone you authorized to use this Account via direct cash transfer to a bank account listed by the Lender, an electronic debit from the card/account you provided on the due date, or through an acceptable electronic channel. The Lender reserves the right to accept early repayment before the Payment Due Date, provided the Borrower has given adequate notice and repays full loan along with the flat interest rate. Loan repayment via electronic debit card may be affected by the Lender in the way and manner hereinafter specified: The Lender shall charge a one-time processing fee the first time a Customer sets up a new debit card on the Account. In the event the card is expired or about to expire, you will have to obtain a renewed card from your bank or provide us with another personal debit card. The Lender shall deduct from the card setup on the repayment due date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by you, we will on a best effort basis process a refund within a reasonable time. You hereby indemnify us against any and all losses, liabilities or damages that may arise in the event that you use a third party’s card on your Account without the consent of such third party. In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other cards you may have on your Account or profile other than the primary card listed on an ongoing basis until the debt is settled. You understand and agree that we do not store card details on our platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant. You agree to give The Lender authentic and up-to-date personal, social media, phone and financial records about you that we may reasonably request and analyze, from time to time. The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, counsel’s fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of. credit having been extended, suspended, or terminated under this Agreement, or any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection therewith and any legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities. provided that the Borrower shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person’s gross negligence or wilful misconduct, as finally determined by a court of competent jurisdiction. The Borrower also agrees: Not to give us false information or signatures, electronic or otherwise, at any time. To pay a Late Fee or penalty fee as may be provided in this terms and conditions. It is their responsibility to carefully review and understand the loan agreement before accepting the loan. To make all payments via direct debit on cards or by electronic funds transfer as stated in the application form. To promptly notify us if you change your name, your mailing address, your e-mail address or your telephone number. To honor any other promises that you make in this Agreement. Not to accept this Account unless you are of legal age and have the capacity to enter into a valid contract. Not to use SavingsBox for any act of illegality or criminality as SavingsBox will not be criminally culpable for any illegality committed by you. To give the Lender legal authority to deduct full repayment before due date where it is established that the loan was obtained fraudulently. To fill out the application form (as provided) with accurate information and details as required. Lender’s Obligations To make available the loan/credit facility to the Borrower of a figure not less than N1,000.00 (One Thousand Naira only) To perform above upon confirmation of the Borrower’s identity and personal information To demand repayment for the Borrower as and when due To conduct investigations on the Borrower prior to opening an account for the Borrower Collateral Evaluation: Our company will assess the value of the collateral provided based on our evaluation process. The loan amount will be determined based on the value of the collateral and other factors as determined by our company. Collateral Release: Upon full repayment of the loan, the collateral will be released back to you. Our company reserves the right to hold the collateral until all loan obligations are met. To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the transaction fees and any other penalty fee imposed on the Borrower as a result of the loan. Credit Reference The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit. The Borrower authorizes The Lender to access any information available to The Lender as provided by the Credit Agency. The Borrower also agrees that the Borrower’s details (save the card details) and the loan application decision may be registered with the Credit Agency. Notices The Borrower agrees that The Lender may communicate with them by notices, visits, mails, messages, alerts and statements in relation to this Agreement in the following manner: To the most recent physical address The Lender holds for the Borrower on file By delivery to any email address provided during the application process. By delivery of an SMS to any mobile telephone number the Borrower has provided to The Lender. By posting such notice on the Lender’s website. Event of Default Default in terms of this Agreement will occur if: The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect; or The Borrower does anything which may prejudice the Lender’s rights in terms of this Agreement or causes the Lender to suffer any loss or damage. The Lender reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount or collaeteral in possession of the borrower. The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence. The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, counsel’s fees and disbursements and other costs of investigation or defence, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of: credit having been extended, suspended or terminated under this Agreement or any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection therewith and any legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”); provided that the Borrower shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person’s gross negligence or wilful misconduct, as finally determined by a court of competent jurisdiction.. The Lender may also exercise its rights to retrieve and sell the collateral to recover the loan amount. Contact: If you have any questions or concerns regarding these Terms or our product and services, please contact us at [email protected]. By using our product and services, you agree to comply with these Terms and any additional guidelines or policies provided by our company.