Terms and Conditions

1. The Borrower shall repay the principal and interest in 3 – 6 (three to six) equal monthly installments.
2. The Borrower hereby authorises the Bank to debit [his/her] salary account for the monthly loan obligations or authorize the Payroll Service Provider to deduct the monthly loan obligation comprising principal and interest prior to crediting his/her account with the Bank.
3. Reserved interest rate chargeable on the Borrower’s account shall be Pennytrust’s prime lending rate from time to time.
4. Interest will be charged on all amounts owed by Borrower.
5. A late repayment fee of 20% flat per month over the approved lending rate shall be applied on the outstanding unpaid obligation without recourse to the Borrower.
6. 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.
7. In the event of default by the Borrower under this arrangement, Pennytrust reserves the right at its discretion, to transfer the defaulting account to a third party agency to recover any outstanding debt due to the company. In addition, in the event of a loss of job leading to a default, the company shall transfer the defaulting account to the designated insurance company to recover any outstanding debt paid on behalf of the Borrower.
8. The company shall advise the Borrower of any change in prime lending rate, charges, fees or any other terms and conditions of the loan by a notice at its branches in Nigeria or by notes in customer statements.
9. The Borrower hereby covenants, as a condition precedent to the disbursement of the loan herein, to irrevocably and unconditionally authorize the Borrower’s Payroll Payment Service Provider, to remit the Borrower’s emoluments into the Borrower’s account with the company. In addition, the Borrower hereby unconditionally covenant to the Payroll Payment Service Provider that while any sum granted to the Borrower hereunder shall remain unpaid, the Payroll Payment Service Provider shall pay to the Borrower’s account with the company, any emoluments due to the Borrower in the event of the Borrower’ exits from the employ of the Employer, provided such sums so payable shall not exceed the total sum outstanding under the loan and other unpaid charges as advised by the company.
10. The organization may use any information relating to the Borrower for evaluating the credit application. The organisation 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 the Bank in making lending or rating decisions about the Borrower.

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