finedge Terms & Conditions
1. The Borrower acknowledges that he/she has applied for a loan from the Lender in the aforementioned amount ('Capital') by the Borrower.
2. The Borrower will be notified of the charges and interest electronically and be given a chance to consent and confirm before taking out a loan from the mobile user interface, web user interface, or short code.
3. The Borrower acknowledges that in the event of the Borrower applying for any subsequent loan, such subsequent loan will be governed by the terms of this Agreement.
4. The Borrower acknowledges that he/she is lawfully indebted unto and in favor of the Lender for repayment of the Capital together with interest and fees as accrued thereon and that the Capital shall be disbursed at the discretion of the Lender either in the form of mobile money or electronic transfer to the Borrower's Bank Account or both in accordance with this Agreement, the details of which the Borrower warrants are correct.
5. The Borrower confirms that he/she is currently actively employed or engaged in a business activity and is at work attending to all his/her normal duties or running his/her business on the date of signature of this Agreement and that the Borrower has completed a period of at least 6 months (or period deemed appropriate by the Lender from time to time) of service without absence or has been in business for a minimum of 6 months.
6. The Borrower undertakes to repay to the Lender in the manner set forth in the Repayment Schedule, the full capital of the monies lent and advanced by the Lender to the Borrower together with interest as accrued thereon together with any and all other charges by irrevocably instructing the Borrower's employer or pension fund administrators to deduct from the Borrower's salary or other remuneration amount reflected in the Schedule as the "monthly instalment payable", or such amount as may be notified by the Lender to the Borrower in writing from time to time.
.The number of instalments is based on the presumption that payment of the instalments will be made in accordance with the Schedule. The Borrower acknowledges that any delay in the payment of any instalment may result in extra instalments in order to recover the interest and fees due to arrears and the Borrower hereby consents to the recovery of any amount due by way of additional instalments over and above the instalments as indicated on the loan Repayment Schedule generated by the Lender. A one-off extension fee of 10% may be applied on the outstanding amount for late repayment exceeding 3 (three) days from loan due date where the Borrower was onboarded based on recommendation and not memorandum of understanding with the employer. The Borrower coming through a recommendation shall repay the loan via the mobile user interface, web user interface or short code. The Borrower who is employed in an organization where there is a memorandum of understanding between the employer and the Lender may repay the loan directly via the mobile user interface, web user interface, or short code or the Lender will deduct the outstanding amount for the month via payroll.
7. The Borrower shall provide any information that may be requested by the Lender and complete any additional documentation including the registration and creation of a borrower profile.
7.1 The Borrower hereby specifically consents and agrees to be liable for any operating costs or commission owing by the Lender to their employer, introducer/recommender, agent or group management/representatives for purposes of monitoring and facilitating loan repayments if in arrears.
7.2 The Borrower hereby authorizes the Lender to receipt the net payment made by the Borrower's employer, introducer/recommender, and agent or group management/representatives to the Lender after deduction of any facilitation fee.
7.3 The Borrower consents to the Lender obtaining any information from his/her employer, introducer/recommender, agent or group management/representatives inter alia, without derogating from the generality hereof, details pertaining to the Borrower's salary or business information, residential address and contact details.
8. The Borrower undertakes to notify the Lender in writing immediately should the Borrower's employment with the current employer be terminated or should the business not continue to be a going concern for any reason whatsoever and the Lender shall be entitled to demand that the outstanding balance be paid by the Borrower from the final proceeds. The Borrower irrevocably authorizes the employer, introducer/recommender, agent or group management/representatives to, on behalf of the lender, to engage in debt collections and recovery efforts to pay and discharge on demand all monies and liabilities which are now or at any time hereafter may be due or owing from or incurred by the Borrower to the Lender.
9. The Borrower shall pay his/her loan Repayment on the due date, or on an earlier date, each month commencing from the date reflected in the Repayment Schedule until the whole amount payable by the Borrower to the Lender (inclusive of capital, interest and fees) has been repaid to the Lender in full.
10. The Borrower acknowledges that the capital lent and advanced by the Lender shall accrue interest at the rate reflected in the Schedule, or such other rate as may be notified by the Lender to the Borrower through the Borrower’s email address and/or as text messages from time to time and the Lender shall provide the Borrower with a regular statement of account and general spot statistics of the loan through the Borrower's profile.
11. The Borrower hereby authorizes the Lender to make any arrangements and to sign all documents, such as bank mandates, which the Lender may deem necessary to procure payment of the instalments in terms of this Agreement through any financial or deposit-taking institution with whom the Borrower holds any account. This may include withdrawals from the Borrower's bank account through any electronic method or any appropriate procedure.
12. The Borrower authorizes the Lender or its duly appointed representative(s) to obtain any information regarding his/her insurance / investments / employee benefits / bank account particulars from any financial institution through which the Borrower is a member of an investment/ employee benefit scheme / bank or deposit taking institution.
13. In addition to the above sections, the Borrower hereby irrevocably authorizes the Lender to draw against the Borrower's bank account or from any other bank or bank account to which the Borrower may transfer his/her account, the sum reflected as the instalment payment due by the Borrower to the Lender for repayment of the loan, and as set out in the Repayment Schedule, together with any arrear payments due as well as any accrued interest or interest on arrear payments and fees incurred by the Lender payable by the Borrower to the Lender.
6.1 The Borrower further confirms that this debit order authority is irrevocable during the term of any loan and shall be a continuing authority in favor of the Lender until any and all liabilities owed by the Borrower to the Lender have been repaid in full.
6.2 Furthermore, the Borrower undertakes to immediately notify the Lender in writing should the Borrower's bank account details change for any reason whatsoever and shall furnish the new details to the Lender.
14. Any additional sums of money lent or re-advanced by the Lender shall be reflected in a further Schedule to be executed by the Borrower and which Schedule shall be deemed to form part of this Agreement and shall be subject to all the terms and conditions contained in this Agreement.
15. Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower, the Lender may, at its discretion, allocate such payments to capital, interest, costs, insurance premiums, or any other charges as the Lender in its discretion deems fit.
16. The Borrower acknowledges having read and understood that under no circumstance in the process of settling any of the loan repayments or outstanding balance, will cash or digital transfers be made to any member of staff of the Lender or its duly appointed representative(s) or debt collections and recoveries agents, and that in the event that such a transaction is done, it will be done so at the Borrower's own risk should it turn out that the cash is not credited to the Borrower's loan account.
17. The Lender shall, in the event of default of loan repayment by the Borrower and for the duration of this Agreement, at all times have the right to cede, exchange or otherwise deal with any of rights in terms of this Agreement, upon such terms and conditions as the Lender may deem fit. In such cases the third party will acquire the same rights against the Borrower as the Lender may have by virtue of this Agreement. The Borrower therefore understands and consents that his / her debt towards the Lender may be ceded to a third party, and hereby consents that the Lender may choose to dispose of its rights to this Agreement by any means whatsoever.
18. The Borrower acknowledges and agrees that in the event of the Lender, in its sole discretion, deeming it necessary or desirable to instruct its Advocates or other persons to perform legal or debt collection and recoveries services to collect any amount owed by the Borrower to the Lender, the Borrower shall be liable for any and all legal costs or charges incurred by the Lender, including any collection commission paid or payable by the Lender, tracing charges or any other incidental costs or charges of whatsoever nature.
19. The Borrower acknowledges that if any amount is not paid by the Borrower to the Lender on its due date, the full amount of capital, interest and all other amounts then outstanding shall become immediately due and payable by the Borrower to the Lender. The Lender shall be entitled to charge a monthly service fee recoverable to cover routine administration costs of maintaining the agreement and interest at the contractual daily rate in arrears on an overdue payment on the loan. The Borrower hereby authorizes the Lender to apply the contractual interest rate on any overdue payment on the loan in arrears.
20. The Borrower hereby authorizes the Lender to share their information, good or bad (in the event of default of the loan repayment) to third parties such as credit reference bureaus and other regulators or Government agencies.
21. The Borrower hereby authorizes the Lender to perform credit searches and obtain information on the Borrower with one or more of the registered Credit Reference Bureaus and other regulated sources.
22. The Borrower hereby chooses domicilium citandi et executandi at the address set out on the face of this Agreement and shall provide written notice to the Lender of not less than 14 (fourteen) days should this address change, provided that the new address chosen shall be an address within the jurisdiction of the High Court for Zambia, and provided further that such address shall comprise both a physical address and postal address.
23. All communications between the Lender and the Borrower under this Agreement shall be in writing and delivered by hand or sent by prepaid registered post or sent by fax or e-mail:
23.1 In the case of communications to the Lender to its registered place of business or such changed address as may be notified to the Borrower by the Lender.
23.2 In the case of the Borrower, at the address set out on the face of this Agreement or such other address as may be notified to the Lender by the Borrower.
24. The Borrower agrees that this Agreement has been drafted in a language that he understands, and that he is fully aware of the meaning thereof, the same having been explained to him in a language that he understands. The Borrower further confirms that he/she was afforded the opportunity to read this Agreement.
25. The Borrower hereby confirms that he/she also understands that the Lender may apply set-off in this matter and any other current and future matter where he/she is indebted to the Lender, including debts ceded to the Lender. This set-off includes, but is not limited to, actions where certain monies in excess of the original amount of the debt have been collected by the Lender, but the Borrower is not in the position to claim a refund for such monies as he/she is still indebted to the Lender in terms of other loan agreements entered into by him/her with either the Lender and / or its subsidiaries and / or its cessionaries.
26. Any legal process may be served upon the Borrower at his/her domicilium citandi et exutandi/or cessionaries.
27. The parties agree that each clause in this Agreement is severable, the one from the other, and if any clause is found to be void, illegal or unenforceable for any reason by any competent court, then the remaining clauses shall be and continue to be of full force and effect.
28. No delay or omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power or remedy or be construed as a waiver thereof or of any other right, power or remedy.
29. The Agreement shall be governed by the laws of the Republic of Zambia and the Borrower hereby consents to the jurisdiction of the courts of the Republic of Zambia.
30. The Borrower acknowledges that any and all information contained in the application for the loan completed by or on behalf of the Borrower is deemed material, and constitutes representations by the Borrower forming the basis upon which the Lender has agreed to make the loan to the Borrower.
31. The Borrower consents that the Lender, its affiliates, associates and subsidiaries may send advertising and promotional material by e-mail / SMS (Short Message System) to his/her computer/ cellular telephone as provided herein. This authority by the Borrower may be revoked by written notification sent to the Lender. The Borrower furthermore consents to the Lender sending SMS's to the Borrower with regard to outstanding balance(s), due instalments, arrears and any other matters related to this Agreement, and which authority cannot be revoked.
32. The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration of the Borrower's loan, collection and marketing, including tracing, research , recordable (over and above for the Lender's operations), transmission, distribution, storage, organization, updating modification, disposition, making available in any form, and product design by the Lender.
33. The borrower forthwith confirms that the contents of this Loan Agreement are understood by him/ her and the Loan Agreement was completed in all respects upon sign-off hereof and that this Agreement constitutes the record of the Agreement with the Borrower in regard to the subject matter hereof and the Lender shall not be bound by any express or implied term, representation, warranty of the like not recorded herein.
34. The Borrower hereby agrees that the Lender may on his/her behalf enter into an insurance contract/ policy and declares that he/she cedes, transfers or assigns to the Lender his/her rights, titles and interest in this contract/policy as collateral security for the loan granted by the Lender. I have read, understood and consent to all clauses of the Loan Agreement:
35. DECLARATION I declare that the information given in this loan application and agreement is true and complete. I understand that any misleading information or any omissions will be sufficient grounds for termination of the loan application and agreement
2. The Borrower will be notified of the charges and interest electronically and be given a chance to consent and confirm before taking out a loan from the mobile user interface, web user interface, or short code.
3. The Borrower acknowledges that in the event of the Borrower applying for any subsequent loan, such subsequent loan will be governed by the terms of this Agreement.
4. The Borrower acknowledges that he/she is lawfully indebted unto and in favor of the Lender for repayment of the Capital together with interest and fees as accrued thereon and that the Capital shall be disbursed at the discretion of the Lender either in the form of mobile money or electronic transfer to the Borrower's Bank Account or both in accordance with this Agreement, the details of which the Borrower warrants are correct.
5. The Borrower confirms that he/she is currently actively employed or engaged in a business activity and is at work attending to all his/her normal duties or running his/her business on the date of signature of this Agreement and that the Borrower has completed a period of at least 6 months (or period deemed appropriate by the Lender from time to time) of service without absence or has been in business for a minimum of 6 months.
6. The Borrower undertakes to repay to the Lender in the manner set forth in the Repayment Schedule, the full capital of the monies lent and advanced by the Lender to the Borrower together with interest as accrued thereon together with any and all other charges by irrevocably instructing the Borrower's employer or pension fund administrators to deduct from the Borrower's salary or other remuneration amount reflected in the Schedule as the "monthly instalment payable", or such amount as may be notified by the Lender to the Borrower in writing from time to time.
.The number of instalments is based on the presumption that payment of the instalments will be made in accordance with the Schedule. The Borrower acknowledges that any delay in the payment of any instalment may result in extra instalments in order to recover the interest and fees due to arrears and the Borrower hereby consents to the recovery of any amount due by way of additional instalments over and above the instalments as indicated on the loan Repayment Schedule generated by the Lender. A one-off extension fee of 10% may be applied on the outstanding amount for late repayment exceeding 3 (three) days from loan due date where the Borrower was onboarded based on recommendation and not memorandum of understanding with the employer. The Borrower coming through a recommendation shall repay the loan via the mobile user interface, web user interface or short code. The Borrower who is employed in an organization where there is a memorandum of understanding between the employer and the Lender may repay the loan directly via the mobile user interface, web user interface, or short code or the Lender will deduct the outstanding amount for the month via payroll.
7. The Borrower shall provide any information that may be requested by the Lender and complete any additional documentation including the registration and creation of a borrower profile.
7.1 The Borrower hereby specifically consents and agrees to be liable for any operating costs or commission owing by the Lender to their employer, introducer/recommender, agent or group management/representatives for purposes of monitoring and facilitating loan repayments if in arrears.
7.2 The Borrower hereby authorizes the Lender to receipt the net payment made by the Borrower's employer, introducer/recommender, and agent or group management/representatives to the Lender after deduction of any facilitation fee.
7.3 The Borrower consents to the Lender obtaining any information from his/her employer, introducer/recommender, agent or group management/representatives inter alia, without derogating from the generality hereof, details pertaining to the Borrower's salary or business information, residential address and contact details.
8. The Borrower undertakes to notify the Lender in writing immediately should the Borrower's employment with the current employer be terminated or should the business not continue to be a going concern for any reason whatsoever and the Lender shall be entitled to demand that the outstanding balance be paid by the Borrower from the final proceeds. The Borrower irrevocably authorizes the employer, introducer/recommender, agent or group management/representatives to, on behalf of the lender, to engage in debt collections and recovery efforts to pay and discharge on demand all monies and liabilities which are now or at any time hereafter may be due or owing from or incurred by the Borrower to the Lender.
9. The Borrower shall pay his/her loan Repayment on the due date, or on an earlier date, each month commencing from the date reflected in the Repayment Schedule until the whole amount payable by the Borrower to the Lender (inclusive of capital, interest and fees) has been repaid to the Lender in full.
10. The Borrower acknowledges that the capital lent and advanced by the Lender shall accrue interest at the rate reflected in the Schedule, or such other rate as may be notified by the Lender to the Borrower through the Borrower’s email address and/or as text messages from time to time and the Lender shall provide the Borrower with a regular statement of account and general spot statistics of the loan through the Borrower's profile.
11. The Borrower hereby authorizes the Lender to make any arrangements and to sign all documents, such as bank mandates, which the Lender may deem necessary to procure payment of the instalments in terms of this Agreement through any financial or deposit-taking institution with whom the Borrower holds any account. This may include withdrawals from the Borrower's bank account through any electronic method or any appropriate procedure.
12. The Borrower authorizes the Lender or its duly appointed representative(s) to obtain any information regarding his/her insurance / investments / employee benefits / bank account particulars from any financial institution through which the Borrower is a member of an investment/ employee benefit scheme / bank or deposit taking institution.
13. In addition to the above sections, the Borrower hereby irrevocably authorizes the Lender to draw against the Borrower's bank account or from any other bank or bank account to which the Borrower may transfer his/her account, the sum reflected as the instalment payment due by the Borrower to the Lender for repayment of the loan, and as set out in the Repayment Schedule, together with any arrear payments due as well as any accrued interest or interest on arrear payments and fees incurred by the Lender payable by the Borrower to the Lender.
6.1 The Borrower further confirms that this debit order authority is irrevocable during the term of any loan and shall be a continuing authority in favor of the Lender until any and all liabilities owed by the Borrower to the Lender have been repaid in full.
6.2 Furthermore, the Borrower undertakes to immediately notify the Lender in writing should the Borrower's bank account details change for any reason whatsoever and shall furnish the new details to the Lender.
14. Any additional sums of money lent or re-advanced by the Lender shall be reflected in a further Schedule to be executed by the Borrower and which Schedule shall be deemed to form part of this Agreement and shall be subject to all the terms and conditions contained in this Agreement.
15. Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower, the Lender may, at its discretion, allocate such payments to capital, interest, costs, insurance premiums, or any other charges as the Lender in its discretion deems fit.
16. The Borrower acknowledges having read and understood that under no circumstance in the process of settling any of the loan repayments or outstanding balance, will cash or digital transfers be made to any member of staff of the Lender or its duly appointed representative(s) or debt collections and recoveries agents, and that in the event that such a transaction is done, it will be done so at the Borrower's own risk should it turn out that the cash is not credited to the Borrower's loan account.
17. The Lender shall, in the event of default of loan repayment by the Borrower and for the duration of this Agreement, at all times have the right to cede, exchange or otherwise deal with any of rights in terms of this Agreement, upon such terms and conditions as the Lender may deem fit. In such cases the third party will acquire the same rights against the Borrower as the Lender may have by virtue of this Agreement. The Borrower therefore understands and consents that his / her debt towards the Lender may be ceded to a third party, and hereby consents that the Lender may choose to dispose of its rights to this Agreement by any means whatsoever.
18. The Borrower acknowledges and agrees that in the event of the Lender, in its sole discretion, deeming it necessary or desirable to instruct its Advocates or other persons to perform legal or debt collection and recoveries services to collect any amount owed by the Borrower to the Lender, the Borrower shall be liable for any and all legal costs or charges incurred by the Lender, including any collection commission paid or payable by the Lender, tracing charges or any other incidental costs or charges of whatsoever nature.
19. The Borrower acknowledges that if any amount is not paid by the Borrower to the Lender on its due date, the full amount of capital, interest and all other amounts then outstanding shall become immediately due and payable by the Borrower to the Lender. The Lender shall be entitled to charge a monthly service fee recoverable to cover routine administration costs of maintaining the agreement and interest at the contractual daily rate in arrears on an overdue payment on the loan. The Borrower hereby authorizes the Lender to apply the contractual interest rate on any overdue payment on the loan in arrears.
20. The Borrower hereby authorizes the Lender to share their information, good or bad (in the event of default of the loan repayment) to third parties such as credit reference bureaus and other regulators or Government agencies.
21. The Borrower hereby authorizes the Lender to perform credit searches and obtain information on the Borrower with one or more of the registered Credit Reference Bureaus and other regulated sources.
22. The Borrower hereby chooses domicilium citandi et executandi at the address set out on the face of this Agreement and shall provide written notice to the Lender of not less than 14 (fourteen) days should this address change, provided that the new address chosen shall be an address within the jurisdiction of the High Court for Zambia, and provided further that such address shall comprise both a physical address and postal address.
23. All communications between the Lender and the Borrower under this Agreement shall be in writing and delivered by hand or sent by prepaid registered post or sent by fax or e-mail:
23.1 In the case of communications to the Lender to its registered place of business or such changed address as may be notified to the Borrower by the Lender.
23.2 In the case of the Borrower, at the address set out on the face of this Agreement or such other address as may be notified to the Lender by the Borrower.
24. The Borrower agrees that this Agreement has been drafted in a language that he understands, and that he is fully aware of the meaning thereof, the same having been explained to him in a language that he understands. The Borrower further confirms that he/she was afforded the opportunity to read this Agreement.
25. The Borrower hereby confirms that he/she also understands that the Lender may apply set-off in this matter and any other current and future matter where he/she is indebted to the Lender, including debts ceded to the Lender. This set-off includes, but is not limited to, actions where certain monies in excess of the original amount of the debt have been collected by the Lender, but the Borrower is not in the position to claim a refund for such monies as he/she is still indebted to the Lender in terms of other loan agreements entered into by him/her with either the Lender and / or its subsidiaries and / or its cessionaries.
26. Any legal process may be served upon the Borrower at his/her domicilium citandi et exutandi/or cessionaries.
27. The parties agree that each clause in this Agreement is severable, the one from the other, and if any clause is found to be void, illegal or unenforceable for any reason by any competent court, then the remaining clauses shall be and continue to be of full force and effect.
28. No delay or omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power or remedy or be construed as a waiver thereof or of any other right, power or remedy.
29. The Agreement shall be governed by the laws of the Republic of Zambia and the Borrower hereby consents to the jurisdiction of the courts of the Republic of Zambia.
30. The Borrower acknowledges that any and all information contained in the application for the loan completed by or on behalf of the Borrower is deemed material, and constitutes representations by the Borrower forming the basis upon which the Lender has agreed to make the loan to the Borrower.
31. The Borrower consents that the Lender, its affiliates, associates and subsidiaries may send advertising and promotional material by e-mail / SMS (Short Message System) to his/her computer/ cellular telephone as provided herein. This authority by the Borrower may be revoked by written notification sent to the Lender. The Borrower furthermore consents to the Lender sending SMS's to the Borrower with regard to outstanding balance(s), due instalments, arrears and any other matters related to this Agreement, and which authority cannot be revoked.
32. The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration of the Borrower's loan, collection and marketing, including tracing, research , recordable (over and above for the Lender's operations), transmission, distribution, storage, organization, updating modification, disposition, making available in any form, and product design by the Lender.
33. The borrower forthwith confirms that the contents of this Loan Agreement are understood by him/ her and the Loan Agreement was completed in all respects upon sign-off hereof and that this Agreement constitutes the record of the Agreement with the Borrower in regard to the subject matter hereof and the Lender shall not be bound by any express or implied term, representation, warranty of the like not recorded herein.
34. The Borrower hereby agrees that the Lender may on his/her behalf enter into an insurance contract/ policy and declares that he/she cedes, transfers or assigns to the Lender his/her rights, titles and interest in this contract/policy as collateral security for the loan granted by the Lender. I have read, understood and consent to all clauses of the Loan Agreement:
35. DECLARATION I declare that the information given in this loan application and agreement is true and complete. I understand that any misleading information or any omissions will be sufficient grounds for termination of the loan application and agreement