Terms & Conditions

Who We Are

In this agreement, the terms "You", "your", "Customer", and "Borrower" shall mean the person who applied for this Loan and agrees to this Agreement, while "We", "us", "our" and "Lender" shall mean Oakmont Crest Limited, and following an assignment, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned.

"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 a maximum of 30 days after the loan has been given. "Loan" means the amount advanced to the Borrower by the Lender.

Borrower's Consent

By ticking "I agree to the Terms and Conditions" on the application form or the Oakmont Crest Loan Offer letter, you consent and agree that:

1. We can provide materials and other information about your legal rights and duties to you electronically or by paper.
2. We are authorised to share data/information collected from your transaction upon request by any investigating agency of the government, a credit bureau or in compliance with an order of the Court.
3. We can send all important communications, billing statements, demand notes and reminders (collectively referred to as "Disclosures") to you electronically via our website or to an email address that you provide to us while applying for this loan.
4. Due to the nature of our services, we are required to work with a number of 3rd parties, and we may receive information about you from them. By agreeing to these terms and conditions, you consent to us receiving personal information and data from 3rd parties for our process.

Transaction Fee

1. Transaction fee shall be charged for each loan facility obtained from the Lender, and the applicable fee payable shall be in accordance with the terms of the loan offer.
2. The applicable interest rate may be increased or decreased from time to time by the Lender. Such change will take effect on the Borrower's account following a minimum of fifteen (15) days written notice electronically mailed.
3. Total applicable interest rate for the term of the loan shall remain payable notwithstanding that the Borrower liquidates the loan before the expiration of the term.
4. The Lender shall deduct default and roll-over fees where accruable and in the event of dispute — the cost of Litigation/Solicitor's fees.

Borrower's Obligations

1. To pay the loan sum, including the applicable interest rate, default or rollover fees, and other amounts due to the Lender on or before the due date.
2. We presume that by accessing and consenting to these terms, you have authorized this loan application. If you suspect any unauthorized use of your credentials, forgery or fraud, please report immediately by sending an email to us.
3. To repay the loan via direct cash transfer to a bank account listed by the Lender, an electronic debit from the card/account provided on the due date, or through an acceptable electronic channel.
4. For loan amounts greater than Fifty Thousand Naira (₦50,000), we may set up a standing order or direct debit mandate based on the Borrower's authorization.
5. To provide your authentic and up-to-date personal, social media, phone and financial records that we may reasonably request.
6. To pay all costs of collection if we take any action to collect this Account or take any action in a bankruptcy proceeding filed by or against you.
7. To pay default or roll-over fees as provided in these terms and conditions.
8. Make all payments via electronic funds transfer or as stated in the application form.
9. To promptly notify us if you change your name, mailing address, e-mail address or telephone number.
10. You will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract.
11. Do not use Oakmont Crest for any act of illegality or criminality.
12. Fill out the application form with accurate information and details as required.

Lender's Obligations

1. To make available the loan/credit facility to the Borrower.
2. To execute disbursement upon confirmation of the Borrower's identity, personal information and other risk criteria as deemed necessary by the Lender.
3. To demand repayment from the Borrower as at when due.
4. To conduct investigations on the Borrower before opening an account.
5. To use all reasonable and legitimate means to collect the amount extended to the Borrower, interest rate, roll over fees, delayed payment charges, transaction fees and any other applicable fee.

Credit Reference

1. 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.
2. The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency.
3. The Borrower's details and the loan application decision may be registered with the Credit Agency.

Notices

The Borrower agrees that the Lender may communicate by sending notices, messages, alerts and statements in any of the following manners:

• To the most recent physical address the Lender holds for the Borrower on file.
• By delivery to any email address provided by the Borrower 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.

Events of Default

Default in terms of this Agreement will occur if:

1. The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given.
2. In the event that the employer or any third-party agent is unable to make scheduled deductions from the Borrower's account on the due date due to unavailability of funds.
3. Any representation, warranty or assurance made by the Borrower in connection with the application is later discovered to be materially incorrect.
4. In the event of any default pursuant to clauses 8.1 and 8.2 above, the Borrower shall be liable to pay a delayed payment charge of 0.25% of the amount due per day until the payment is fully paid.
5. The Lender reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency.
6. 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.
7. The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in attempting to obtain repayment.

Termination of Account

1. In addition to Termination by default, the Lender may terminate this Agreement at any time and for any reason subject to the requirements of applicable law.
2. The Lender can terminate your Account by sending written notice to the address on your application.
3. When Termination arises as a result of default, you will not be able to apply for credit in future.

General

1. This Agreement represents the entire understanding between the Lender and the Borrower.
2. Any amendment to this Agreement shall be made by the Lender from time to time and communicated to the Borrower in writing.
3. The Borrower agrees that for the period of this Agreement, the Borrower will not do anything to make the Lender unable to deduct the monthly repayments as agreed, including changing bank accounts without notifying the Lender in writing.
4. This Agreement shall be governed and construed under the laws of the Federal Republic of Nigeria and shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
5. If the Lender does not strictly enforce its rights under this Agreement or grants an indulgence, the Lender shall not be deemed to have waived or lost those rights.
6. The Lender reserves the right to transfer or assign its rights and obligations under this Agreement to another person.
7. The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower's particulars, data and information in the application by the Lender.
8. Please refer to our General Data Privacy Policy on our website for your rights under the Nigeria Data Protection Regulation.

Borrower's Acknowledgement and Confirmation

1. You acknowledge and confirm that you fully understand the terms and conditions of the loan offer as herein contained and hereby agree to be bound by the same.
2. If the loan application is made on behalf of the Borrower/beneficiary of the loan for any reason whatsoever, such third party hereby agrees to be liable for any claims of misrepresentation of the terms and conditions of the loan contract against the Lender by the Borrower.