Policy Agreement

Zora Lending User Policy and Agreement

1. INTRODUCTION
1.1 These Terms and Conditions constitute a legally binding framework governing the contractual relationship between Zora Lending and Financial Services Ltd (hereinafter referred to as “the Lender”) and the undersigned borrower (hereinafter referred to as “the Borrower”).
1.2 By executing a loan or credit agreement with the Lender, the Borrower expressly agrees to be bound by the provisions contained herein, in addition to any specific terms outlined in the individual loan agreement.

2. LOAN AGREEMENT
2.1 The Lender agrees to make available to the Borrower a credit facility in accordance with the terms set out in the applicable loan agreement, subject to satisfactory due diligence and compliance with all internal lending criteria.
2.2 The Borrower undertakes to repay the total loan amount advanced, including all applicable interest and charges, in accordance with the agreed repayment schedule.

3. INTEREST RATES AND FEES
3.1 Interest on the facility shall accrue at a variable rate as specified in the loan agreement, subject to periodic review by the Lender.
3.2 A non-refundable processing fee of 0.2% of the approved loan amount shall apply and shall be payable prior to or upon disbursement.
3.3 The Borrower shall be liable for all other applicable fees, including but not limited to late payment charges, administrative fees, legal fees, and any costs incurred in connection with enforcement or recovery. All such fees shall be clearly itemised in the loan agreement.

4. REPAYMENT TERMS
4.1 The Borrower agrees to repay the facility in strict accordance with the repayment schedule outlined in the loan agreement.
4.2 Any delay, partial payment, or default in scheduled repayments shall attract interest penalties and may adversely affect the Borrower’s future access to credit.
4.3 The Lender reserves the right to apply any payments received first to accrued interest and charges before reducing the principal sum outstanding.

5. SECURITY AND COLLATERAL
5.1 The Lender reserves the right to demand security or collateral, as a condition precedent to disbursement or as a continuing condition of the facility.
5.2 In the event of default, the Lender shall have the right to take possession of, realise, and apply the proceeds of any pledged security or collateral in full or partial satisfaction of the Borrower’s obligations, without further notice or judicial intervention.

6. DEFAULT AND REMEDIES
6.1 A default shall be deemed to have occurred if the Borrower fails to comply with any term of the loan agreement, these Terms and Conditions, or becomes insolvent, bankrupt, or otherwise unable to meet financial obligations.
6.2 Upon default, the Lender may, without prejudice to any other rights or remedies, take any or all of the following actions:

• Accelerate and demand immediate repayment of the entire outstanding balance;
• Engage third-party recovery or legal services;
• Enforce any collateral or guarantees provided;
• Institute legal proceedings in a court of competent jurisdiction.

7. EARLY REPAYMENT
7.1 The Borrower may, with prior written notice to the Lender, repay the facility in full before the agreed maturity date.
7.2 The Lender reserves the right to apply a prepayment fee or administrative charge, as detailed in the loan agreement.

8. COMMUNICATION AND NOTICES
8.1 All communications relating to the facility shall be made in writing and delivered by hand, email, or registered post to the address provided by each party.
8.2 Any modifications to these Terms and Conditions or the loan agreement must be made in writing and executed by duly authorised representatives of both parties.

9. GOVERNING LAW AND JURISDICTION
9.1 This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and in particular the Money Lenders Act (Cap. 525).
9.2 Both parties submit to the exclusive jurisdiction of the Nigerian courts for the resolution of any disputes arising under or in connection with this Agreement.

10. AMENDMENTS
10.1 These Terms and Conditions may only be amended, modified, or supplemented by an agreement in writing, signed by both the Lender and the Borrower.
10.2 Any verbal assurances or modifications shall be deemed null and void unless properly documented.

11. SEVERABILITY
11.1 If any provision of this Agreement is held to be invalid, unlawful, or unenforceable, such provision shall be severed, and the remaining provisions shall continue in full force and effect.

12. ENTIRE AGREEMENT
12.1 These Terms and Conditions, together with the executed loan agreement, represent the entire understandingbetween the Lender and the Borrower and supersede all prior negotiations, representations, or agreements, whether oral or written.
12.2 No waiver of any term or condition shall be effective unless in writing and signed by an authorised representative of the Lender.

By using Zora Lending, you confirm that you have read, understood, and agreed to this User Policy and Agreement.