Terms & Conditions

  1. Our loan tenor is maximum of 30 days
  2. Our Interest rate is 15% fixed monthly and subject to change at our sole discretion
  3. Late repayment of loan will attract a 1% default rate on a daily basis
  4. In cases of default on loan repayment by the Borrower, the Borrower hereby grants Nodcredit irrevocable and unrestrained access to all social media handles of the Borrower without recourse to the Borrower for the purpose of recovery of the delinquent loan. In addition Nodcredit shall take all necessary steps including but not limited to contacting the Borrower’s family and friends as contained in the Borrower’s phone records, and any other persons or bodies we deem fit to aid loan recollections
  5. Applicants should be at least 18 years old and have a verifiable income source.
  6. Our Investments operate like fixed income products
  7. Investments are used to finance our loan operations. We use 70% of your funds to finance loan demands and 30% is sterilized in carefully chosen fixed income products with larger banks and the CBN.
  8. Full and part-Liquidation is on demand and completely automated.
  9. Pre-liquidation before maturity of investments is subject to the following:
    1. All investments must run for at least 60 days before it can be pre-liquidated.
    2. A customer may pre or part-liquidate all its investments if the total sum does not exceed N100,000.
    3. All liquidation before maturity will attract a 40% charge on the interest earned as at the liquidation date.
  10. Investments are subject to Withholding Tax (WHT) of 10% on interest earned, customers can request for WHT notes.

NODCREDIT is a product of Nodens Nigera Limited. Nodens Nigeria Limited operates a state lending license and a technical partner of Treasures MFB. All correspondences can be sent to info@nodcredit.com

General Terms & Conditions

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE ACCESSING AND USING THE PRODUCTS AND SERVICES OFFERED BY NODCREDIT THROUGH THE WEBSITE WWW.NODCREDIT.COM.

YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS STATED HEREIN. THESE TERMS AND CONDITIONS ARE SUBJECT TO CHANGE AND ANY CHANGES WILL BE INCORPORATED INTO THESE TERMS AND CONDITIONS FROM TIME TO TIME. IF YOU DO NOT AGREE WITH THESE TERMS AND CONDITIONS, PLEASE DO NOT USE, VIEW OR ACCESSE THE PRODUCTS AND SERVICES OFFERED ON WWW.NODCREDIT.COM WITH OR BY ANY DEVICE OR ANY OTHER MEANS. PLEASE NOTE THAT IF YOU ARE AN EXISTING CUSTOMER OR USER OF OUR PRODUCTS AND SERVICES OFFERED ON WWW.NODCREDIT.COM, THESE TERMS WILL APPLY TO YOU IN ADDITION TO THOSE TERMS AGREED TO PRIOR TO THIS EDITION

Definition of Terms

The Borrower:

This refers to the applicant

Facility Type:

Nodcredit Cash Loan

Loan Purpose:

To finance personal needs.

Interest Rate:

15% per month (fixed)

Tenor

Maximum of 1 (One) month or 30 days whichever is earlier, subject to rollover or loan pausing

Repayment

One-time repayment compromising principal and interest, pre-liquidation is allowed (however, full interest is fixed and not prorated).

Annual Percentage Rate (APR):

180%

Security/Comfort:

Standing Instruction on card tied to applicants’ bank account

  1. You or your are references to any person accessing, using, or viewing the NODCREDIT service via the NODCREDIT website www.nodcredit.com or by any other means.
  2. We, us or our are references to an entity duly incorporated and licensed by the laws and regulations of the Federal Republic of Nigeria to provision the Service either directly or in partnership. The entity is selected by the Service at the time of your Use.
  3. Account means a current or savings account or other account maintained at any financial institution in Nigeria.
  4. Agreement means the legal agreement created between you and us that includes all terms, definitions, and provisions set forth in these Terms and Conditions.
  5. Card means a payment instrument used to issue financial transactions including, but not limited to, Verve Card, Naira Mastercard, Visa Card, or any other payment instrument.
  6. Default means any failure to meet your financial obligations due to us, as and when due as we have independently determined and communicated to you, as a result of your use of the NODCREDIT service.
  7. Parties means you and us severally, the parties to this Agreement.

1. Other Conditions

  1. Reserved interest rate chargeable on the Borrower’s account shall be the company's (hereinafter called "Nodcredit) fixed lending rate from time to time.
  2. Interest will be charged on all amounts owed by Borrower.
  3. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.
  4. In the event of default by the Borrower under this loan facility, Nodcredit reserves the right at its discretion, to transfer the defaulting account to a third-party agency to recover any outstanding debt due to Nodcredit.
  5. Nodcredit shall advise the Borrower of any change in fixed lending rate, charges, fees or any other terms and conditions of the loan by a notice to customer email or registered phone number
  6. All funds to be cleared into the account(s) of the Borrower maintained with any Financial Institutions in Nigeria or abroad shall first be applied towards the discharge of overdue interest and charges/fees. Any balance thereon shall be applied to liquidate the outstanding principal sum, provided always that Nodcredit reserves the right to refuse acceptance of post-dated cheques or other such instrument(s) towards payment or settlement of the credit facility.
  7. Nodcredit may use any information relating to the Borrower for evaluating the credit application. Nodcredit may at its sole discretion as it shall consider appropriate give to and receive from credit bureaus and reference agencies whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third parties information about the Borrower, including information on the conduct on the Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting them and/or Nodcredit in making lending or rating decisions about the Borrower
  8. The Borrower hereby irrevocably undertakes to fully liquidate the outstanding balance on the facility in the event that he/she decides to change his/her employment or his employment is terminated which liquidation shall be effected on or before the effective date of such change or termination of employment.
  9. The terms and conditions contained herein binds only the Borrower and is not assignable.

2. Interest Payment and Capitalization

  1. The Borrower shall until full repayment of the facility pay to Nodcredit interest on such part of the facility as may from time to time be outstanding at the rate and for the period stated in the herein and such interest rate shall be subject to review in line with Nodcredit’s ruling interest rate as may be notified to the Borrower from time to time (“the specified rate”). Any change in the interest rate notified by Nodcredit to the Borrower shall be binding on the Borrower.
  2. If any interest required by this Agreement to be paid shall not be paid on the day on which the same shall become payable then without prejudice to any or all of the rights and remedies accruing to Nodcredit consequent upon such default and without rendering such interest other than overdue and immediately payable without demand, the interest so in arrears shall thenceforth itself bear interest at Nodcredit's lending rate computed from the date the same became payable to the date on which it is in fact paid plus such other penal rates as shall be charged by Nodcredit at the sole discretion of Nodcredit, be at any time capitalised and added for all purposes to the facility hereby secured and bear interest accordingly until actually paid and all overdue interest whether capitalised or not and the interest charged thereon shall be secured in the same manner as the facility and all covenants provisions and remedies contained in and conferred by this Agreement and all rules of law and equity in relation to the facility and the interest thereon shall equally apply to such overdue interest and to the interest thereon.
  3. The Borrower hereby authorises Nodcredit to debit [his/her] account for the monthly instalment repayment comprising of the principal and interest.
  4. Reserved interest rate chargeable on the account shall be Nodcredit’s fixed lending rate from time to time.
  5. Late repayment shall attract a daily interest rate of 1% (which is 30% monthly) over the approved lending rate and shall be applied on the outstanding unpaid obligation without recourse to the Borrower.
  6. In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding amount shall be charged.

3. Terms of Repayment

Subject to the terms and conditions contained herein, the Borrower shall repay the loan in the manner hereinafter appearing:

  1. The principal loan and interest obligation shall be serviced in accordance with the agreed repayment plan.
  2. The loan or any instalment payment may be prepaid in whole or in part on any business day without written notice given to Nodcredit.
  3. Amount prepaid can be re-borrowed.
  4. Upon payment of the outstanding part of the loan together with interest thereon, Nodcredit shall at the request and cost of the Borrower duly discharge the Borrower from its obligations under this Agreement.
  5. It is agreed and understood that all the usual commission and customary charges on the loan as well as all costs and expenses incurred in connection with or incidental to the recovery of the loan shall be paid by the Borrower.

4. Operating Conditions

  1. If the facility or any due instalment or charges are not repaid on due date, Nodcredit shall be entitled to apply its prevailing default interest rate on unauthorized overdrafts in addition to late payment charges on any unpaid sum. The rates and charges applied by Nodcredit shall be conclusive and binding on the Borrower.
  2. The Borrower hereby agrees that Nodcredit shall be entitled to charge and apply all upfront fees and charges on any unpaid portion of the facility upon expiry without recourse to the Borrower.

5. Events of Default

Notwithstanding anything herein before contained the loan or balance thereof and other monies herein covenanted to be paid whether by way of interest or otherwise shall become immediately due and payable on the demand being made in respect of such or on the happening of any of the following events:

  1. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount and accrued interest as stated by Nodcredit shall be conclusive evidence that a sum is due and owing from the Borrower.
  2. If the Borrower makes default for a period of 7 (seven) days in payment of the loan or any instalment or interest thereof which may have become due; or
  3. If any extra ordinary situation shall have arisen the continuance of which in the opinion of Nodcredit shall make it improbable that the Borrower will be able to perform its obligations under this Agreement; or
  4. If any execution or distress is levied upon or against the accounts held by the borrower in any Nigerian Financial Institution, whether home or abroad of the Borrower and not discharged within 7 (seven) days; or
  5. If the Borrower commits a breach of this Agreement and in the case of a breach capable of remedy fails to remedy the same within 7 (seven) days; or
  6. If Nodcredit shall be compelled by any Central Bank of Nigeria's rules, regulations or directives to call the loan; or
  7. If there should in the opinion of Nodcredit be a material adverse change in the financial condition of the Borrower; or
  8. If any government consent required by law for the validity, enforceability or legality of this Agreement or the performance thereof ceases to be or is not for any reason in full force and effect. In any such event and at any time thereafter if any such event shall be continuing, Nodcredit shall be by written notice to the Borrower, declare that, that portion of the loan outstanding has become immediately due and payable whereupon the same shall become so payable together with interest accrued thereon; or
  9. In the event of default by the Borrower in his monthly obligations for a period of 1 month or more, or default amounting to the equivalent amount of 2 months or more, Nodcredit reserves the right to repossess assets from the Borrower for onward disposal in order to liquidate any outstanding obligation due to Nodcredit without any recourse to the Borrower.
  10. In the event of default of any of the conditions which this facility was granted, the facility will immediately fall due for repayment and Nodcredit reserves the right to transfer the defaulting account to a third party agency to recover any outstanding debt due to Nodcredit or/and repossess and sell the assets without further notice to the Borrower.

6. Out of Pocket Expenses

The Borrower shall reimburse Nodcredit for all out of pocket expenses arising in any way in connection with the Borrower’s accounts or in enforcing the terms and conditions herein, costs (including legal fees, collection commission et cetera), and charges incurred by Nodcredit in connection with the preparation, execution, administration and enforcement of this offer letter including but not limited to solicitors fees, stamp duties and registration fees or from the recovery of any amounts due to Nodcredit or incurred by Nodcredit in any legal proceedings of whatever nature Such charges and costs shall be for the account of the Borrower and shall be added to the loan and other moneys owing under this offer and shall bear interest accordingly.

7. Notice

Any notice or demand shall be sufficiently given provided it is in writing and given under the hand of any manager or officer of Nodcredit and sent by post, hand delivered, or emailed to the Borrower at the address given in this offer letter or any such address known to Nodcredit and every such notice or demand so made shall be deemed to have been made on the day the notice was posted, hand delivered or emailed.

8. Taxes

All payments whether of principal interest or otherwise are to be made free and clear of and without deduction of any taxes, duties, charges, fees, deductions, withholdings, set-offs, counter-claims, restrictions or conditions of any nature. If at any time any provision of the law or any taxing authority shall require the Borrower to make any such deduction or withholding from any such payment then the sum due from the Borrower in respect of such payment shall be increased to the extent necessary to ensure that after the making of such deductions or withholding, Nodcredit receives a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made.

9. Change in Circumstance

If any change in the law or administrative regulations applicable to this offer or any interpretation by the courts of law makes it unlawful for the Borrower to perform their obligations hereunder then:

  1. Nodcredit shall be discharged from all obligations towards the Borrower hereunder and its commitment reduced to zero.
  2. The Borrower shall repay to Nodcredit forthwith the outstanding principal amount of the loan together with accrued interest thereon and any accrued but unpaid commission.

10. Covenants, Representations and Warranties

The Borrower hereby makes the following covenants representations and warranties in favour of Nodcredit:

  1. That the Borrower has the power to enter into and execute this offer and to borrow hereunder and has taken all necessary action to authorize the borrowing of the facility upon the terms and conditions of this offer and to authorize the execution, delivery and performance of this offer in accordance with its terms.
  2. That all consents, licenses, approvals, or authorizations of any governmental authority, bureau or agency required in connection with the execution, delivery, performance validity or enforceability of this offer have been obtained and are valid and subsisting.
  3. That all the information relating to the Borrower or otherwise relevant to the matters contemplated by this offer which has been supplied to Nodcredit by the Borrower is true and correct in all material respects and contains no material omission.
  4. That the Borrower warrants that acceptance of the Facility and the drawing of any part thereof does not and will not constitute an event of default under of an existing law or regulation.
  5. That the Borrower warrants that it is not in default under any agreement to which it is party, which would have a material adverse effect on the Borrower’s business or financial condition.
  6. That the Borrower undertakes to provide Nodcredit with further security if at any time the value of the security provided is not commensurate with the facility amount or in the alternative agree for Nodcredit to reduce the facility amount.
  7. That the Borrower undertakes to continue to improve on its business relationship with Nodcredit through the operation of its account with Nodcredit.
  8. The Borrower hereby irrevocably undertakes to fully liquidate the outstanding balance on the facility in the event that he decides to change his employment or his employment is terminated which liquidation shall be effected on or before the effective date of such change or termination of employment

11. Benefits of Agreement

  1. This offer shall be binding upon the Borrower and his/her legal/personal representatives, executors/executrix, administrators and assigns and permitted assigns and shall inure to the benefit of Nodcredit and its successors and assigns provided that the Borrower may not assign or transfer any of its rights and benefits hereunder save with the prior written consent of Nodcredit.
  2. Nodcredit may at any time with prior written notice to the Borrower assign all or any part of its right and benefits hereunder to any one or more Nodcredits or other lending institutions (each of which is hereinafter called a "Participant") for the consideration that each such participant shall perform Nodcredit's rights and benefits assigned to such participant and for this purpose Nodcredit may disclose to the potential participant such information about the Borrower as Nodcredit shall consider as appropriate.
  3. If Nodcredit shall assign its rights, benefits and obligations hereunder as provided above, all references of this offer (other than in this clause) to Nodcredit shall be construed as a reference to Nodcredit and its participant(s) to the extent of their respective participation PROVIDED THAT the Borrower shall not by reason of any such participation be obliged to make any payment hereunder otherwise than to Nodcredit or be under any greater obligations than those it would have been under in the absence of such participation.
  4. Nodcredit may use any information relating to the Borrower for evaluating the credit application. Nodcredit may at its sole discretion and as it considers appropriate give to and receive from credit bureaus and reference agencies whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third parties information about the Borrower, including information on the conduct on the Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting them and/or Nodcredit in making lending or rating decisions about the Borrower.

12. Indulgence

Nodcredit may without prejudice to its rights herein enter into any Agreement for giving of time or other facilities to the Borrower for the repayment of the facility or other monies hereby covenanted to be paid or any part thereof and may release or compound for the same with the Borrower or any person, company or corporation liable to pay the same.

13. Remedies And Waivers

Failure and/or delay on the part of Nodcredit to exercise any right, power or privilege created by this Agreement shall not operate as a waiver thereof. The Agreement hereby created shall not be affected by any failure by Nodcredit to take any security or by any existing or future agreement by it as the application of any advances made or to be made to the Borrower.

The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

14. Acknowledgement

Any admission or acknowledgment in writing or email or clicks on the lenders website or app by the Borrower or any person on behalf of the Borrower of the amount of indebtedness of the Borrower to Nodcredit or any judgment or award obtained by Nodcredit against the Borrower or any statement of account furnished by Nodcredit certified by an officer of Nodcredit as a true copy extracted from the books of Nodcredit shall be binding against the Borrower in the absence of any manifest error.

15. Set-Off

Nodcredit may at any time and without notice to the Borrower, combine all or any of the Borrower’s account and liabilities with any Banks or Fianancial Instituitons or other MFB’s in Nigeria (or elsewhere) whether held solely or jointly with any person(s) and set off all or any monies standing to the credit of the Borrower in such accounts, including the Borrower’s deposits with Banks or Fianancial Instituitons or other Nodcredits (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to Nodcredit, whether as principal or surety, actual or contingent, solely or jointly, primary or collateral with any other personand Nodcredit may effect any necessary currency conversion at Nodcredit’s own rate of exchange then prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.

16. Amendment

This Agreement may be amended from time to time as dictated by exigencies of the situation and at the discretion of Nodcredit. Notice of such amendments shall be given to the Borrower.

17. Invalidity And Severability

If any provision of this Agreement shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the other provisions of this Agreement and all provisions not affected by any such invalidity or unenforceability shall remain in full force and effect.

The parties hereby agree to attempt to substitute for any invalid or unenforceable provision a valid or enforceable provision, which achieves to the greatest extent possible the economic, legal and commercial objectives of the invalid or unenforceable provision. .

18. Health, Safety And Environmental Policies

The Borrower agrees to continue to carry on and maintain its business in conformity with Environmental Laws applicable in Nigeria and upon Nodcredit’s request, shall supply evidence to verify its fulfilment of this obligation.

19. Applicable Law

This Agreement shall be governed by and construed in all respects in accordance with the laws of the Federal Republic of Nigeria.

20. Assignment

The agreement herein binds only the Borrower and is not assignable.

21. Acceptance of Agreement

By using the service you indicate that you unconditionally accept the terms of this agreement and you agree to abide by them. This Agreement is in effect until you discontinue your Use of the Service and all financial obligations with regard to your Use of the Service have been fulfilled.