GENERAL TERMS AND CONDITIONS
These terms and conditions apply to and regulate the provisions of credit facilities provided by Citadele Capitals Limited a corporate organization rendering money lending and financial services registered with the Corporate Affairs Commission, (hereinafter referred to as ‘The Company”).These Terms and Conditions constitute Citadele Capitals Limited's offer and sets out the terms governing this Agreement. It is important that you read these terms and conditions carefully and keep them for future reference.
ADVANCEMENT
This term shall commence on the effective date and shall continue until the facility is fully liquidated.
CitadeleCapitals Limited agrees to advance the loan and the borrower agrees to take the loan subject to this terms and conditions as set out herein.
INTEREST RATE
The monthly percentage rate of interest (MPR) for soft loan accounts are 5-20% monthly while for parallel loans are 10-15% monthly subject to negotiation by the company. The company may in its sole discretion (subject to applicable laws and regulations) determine from time to time some variances in the percentage rate. This refers to the sub-clauses (b) and (c) below.
The interest rate is subject to review at the company’s discretion
Any change in the interest rate will take effect on the borrower’s account following a minimum of 7 days written notice.
All charges will be capitalized into the interest calculation.
CitadeleCapitals Limited will calculate interest in the daily balance outstanding (after adjustment is presented to the bank in the cause of collection).
CitadeleCapitals Limited shall compound interest on the loan at such interval as it shall solely in its discretion determine.
METHOD OF PAYMENT
All repayments by the borrower will be made by any or one of the following methods: Direct deposit at Citadele Capitals Limited’s bank account, cash deposit, personal postdated cheques and standing orders or through an acceptable electronic channel or any other means that Citadele Capitals may think fit from time to time. All other methods will be accepted with the company’s consent only.
The borrower will be given a dedicated and customized repayment plan together with an offer letter upon approval of the loan application.
The Borrower will be expected to make monthly repayments in accordance with the repayment plan.
The borrower will be sent an electronic message or SMS every single day of the 5 (five) days to repayment date before each monthly repayment date and the borrower hereby agrees that such notice shall be conclusively deemed received by the Borrower needless or any further notice.
REPAYMENT
The borrower agrees to repay the loan (principal and accrued interest) in accordance with this terms and conditions.
The installment repayment as calculated in the dedicated repayment schedule are done on the basis of payment at regular agreed intervals, with an extension of 36 hours if the agreed due date falls on a weekend.
The borrower may terminate the loan agreement and repay all or any part of the borrowed amount on any day before the scheduled maturity date with an interest as agreed by the company by paying to Citadele Capitals Limited all interest, fees, and other monies then accrued or due under this agreement (whether or not yet payable).
The borrower hereby agrees that nonpayment of the amount owed to the company by the payment due date shall render the borrower in default and entitles the company to take steps to recover the outstanding loan amount in accordance with clause H below.
CONDITIONS PRECEDENCE
At our request, you will be required to provide us with your latest 6 months financial statement, contingent liability details, and any other reasonable information relating to you and your financial affairs.
USE OF CREDIT BUREAU
Upon filling of Citadele Capitals Limited’s loan application form, the borrower agrees that:
The company will approach a dedicated credit reference agency for a credit report of the borrower upon considering any application of credit.
The borrower authorizes the company to access any information available to it as provided by the Credit Agency.
The borrower also agrees that his/her details and loan application decision will be registered with the Credit Agency.
In the event the borrower wishes to access the credit report, the company will advise the Borrower to contact details of relevant Credit Agency and the borrower waive any claims he/she may have against the company in respect of such disclosure.
In the event the borrower presents a Dud cheque as a collateral or as any other means of security, the borrower will be guilty of an offence and his name will be forwarded to three private credit bureau and the credit risk management system(CRMS) in accordance with the provisions of Banks And Other Financial Institutions Act (BOFIA).
REPRESENTATIONS AND WARRANTIES
The borrower represents and warrants that:
He/she agrees to accept this facility and has taken all necessary actions to authorize same upon executing the offer letter herein.
He is not in default or under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in breach or default under any provisions of any other agreement.
The information given to Citadele Capitals limited either verbally or in written form on the loan application form is true and accurate.
The borrower will utilize the loan for the purpose for which it intimated Citadele Capitals limited about in their application for loan.
The borrower agrees that Citadele Capitals will not be held liable for the postdated cheques provided by the borrower upon approval of the loan facility, in the event that such loan is declined by Citadele Capitals Application documents shall not be returned to the borrower in the EVENT OF DEFAULT
The occurrence of any of the following event shall cause outstanding amounts under the facility to become immediately due and payable.
If the borrower fails to make repayment or payment of principal, interest or other amount in respect of loan on the date it was due to be paid or;
If the borrower breaches any of the terms and conditions in this offer letter including any representation or confirmation given by the borrower in this loan agreement.
Where the borrower is liable to pay any other party within the meaning of section 1 of the bankruptcy act (cap 30) Laws of the Federation of Nigeria.
Where a situation arises which in the opinion of Citadele Capitals makes it inappropriate for the company to continue to extend the facility to the borrower.
If the borrower defaults in the performance and observance of any other term, condition or representation herein and such breach or default continues unliquidated after 10 days’ notice shall have been given to the Borrower.
The borrower fails to make repayment in full, on or before the payment date in accordance with the monthly repayment plan availed to the borrower;
Any representation, warranty or assurance made or given by the borrower in connection with the application for this loan or any other information or documentation supplied by the borrower, is subsequently discovered to be materially incorrect; or
The borrower by his Act or omission prejudices the company’s right in terms of this agreement and/or cause the company to suffer any loss.
The borrower agrees to sign an indemnity form in the event of further default and adverse effect of defaulting further shall be deemed self-inflicted.
RIGHT OF THE COMPANY IN THE EVENT THAT THE BORROWER DEFAULTS
The company will on each repayment date collect the total amount payable by that date in accordance with the repayment plan schedule given to the borrower. Where the borrower fails to honor their obligation to repay their total monthly repayment amount by the due date, the company will attempt to collect outstanding amount within 24 hours
Where more than 36 hours have elapsed since the repayment amount (total or partial) still remains outstanding, the company will start calculating accelerated interest at the rate of 1% per day of the amount due.
CitadeleCapitals limited reserves the right to restructure loan for defaulting borrower
Following the borrower’s default, the company reserves the right to assign its right, title and interest under the agreement. An External Collection Agency who will take all steps to collect the outstanding loan amount.
The company reserves the right to start legal proceedings against the defaulting borrower and is under no obligation to inform the borrower before such proceedings commences.
The company will be entitled to terminate this agreement (after service of any notice required there under) if the borrower in any way perpetrates or attempts to or is involved in any act of fraud or other criminal activity in respect of Citadele Capitals or the loan, if any information provided by the borrower as part of the application is incorrect or misleading in any material manner. On such termination, the company reserves the right to demand repayment of full amount with interest calculated in the same manner.
Citadele Capitals limited reserves the right to present postdated cheques of either the borrower or the guarantor to the designated bank in the event of default in repayment of either the whole amount due payable or the monthly amount as described in the repayment plan schedule with or without the consent of the lender or his guarantor
COSTS AND EXPENSES
The borrower hereby agrees to pay all administrative costs, charges and expenses (including legal fees) reasonably incurred by Citadele Capitals limited in connection with the processing of this loan request.
The borrower hereby agrees to pay (…….) in the event that any of the repayment instruments issued by them in favor of Citadele Capitals limited is returned unpaid
The borrower hereby agrees to pay all costs and expenses (including legal fees) incurred by Citadele Capitals limited as a consequence of entering into this loan agreement.
ASSIGNMENT AND DISCLOSURE OF INFORMATION
The borrower consents irrevocably to any future transfer and assignment, however arising from the loan, whether as part of the loan transfer scheme or otherwise.
The borrower authorizes Citadele Capitals limited to disclose any information or documentation relating to the loan to the general public including but not limited to the borrowers employer (where the borrower is in a salaried employment), friends, family members and relatives, professional association and any other body associated with the borrower in the event that the loan has ceased to be serviced by the borrower.
VARIATION OF CONDITIONS
Citadele Capitals limited reserves the right at all times to vary the terms and conditions of the loan agreement. Any such variation will become effective upon notice to the borrower by any means Citadele Capitals limited considers reasonable in the circumstance.
Citadele Capitals limited reserves the right to modify the amount of credit accessible to the borrower
SET OFF
Citadele Capitals limited May at any time with or without notice:
Combine or consolidate some or all of the borrowers account with it without any liability and
Set off and transfer any sum outstanding to the credit of any such account in full or partial payment of any account the borrower owes to Citadele Capitals limited.
This clause is in addition to and does not amend or qualify any other present or future right of Citadele Capitals to combine or set off any of the borrowers account with it.
MEANS OF COMMUNICATION
The borrower agrees that the company may communicate with them by sending notices, emails, messages, alerts, and statements in relation to this Agreement in the following manner:
To the most recent address the company holds for the borrower.
By delivery to any email address provided during the application process.
By delivery of SMS to any mobile telephone number the borrower has provided to the company.
Citadele Capitals limited reserves the right to contact applicants’ employers and /next of kin or any other person who is of important standing to the borrower concerning loan details especially as it relates to any case of default.
GOVERNING LAW
This agreement shall be governed by the laws of the Federal Republic of Nigeria.
INDEMNIFICATION
You will indemnify and hold harmless CitadeleCapitals limited and the Third Party Providers, and the officers, directors, agents, partners, employees, licensors, distributors, and representatives of CitadeleCapitals limited and the Third Party Providers, from and against any and all claims, demands, actions, causes of action, suits, proceedings, losses, damages, costs, and expenses, including reasonable attorneys’ fees, arising from or relating to your access and/or use of, or interaction with the Company’s website (including, without limitation, Third Party Content), or any act, error, or omission of your use of your account or any user of your account, in connection therewith, including, but not limited to, matters relating to incorrect, incomplete, or misleading information; libel; invasion of privacy; infringement of a copyright, trade name, trademark, service mark, or other intellectual property; any defective product or any injury or damage to person or property caused by any products sold or otherwise distributed through or in connection with the Service; or violation of any applicable law.
ELIGIBILITY
By logging in to the CITADELE CAPITALS LTD’S website, users signify and warrant that they have the legal capacity to enter into a contract and are of at least 18 years old being the minimum legal age to use the CITADELE CAPITALS LTD’S website.
MISCELLENOUS
If the company does not strictly enforce its right under this agreement (including its right to insist on repayment of all sums due on the repayment date) or grant the borrower an indulgence, the company will not be deemed to have waived those rights and will not be prevented from insisting upon its strict right at a later date
The company reserves the right to transfer or assign its right and obligations under this agreement (including obligations to lend money to the borrower or the amount owed under this agreement) to another person. The company will only tell the borrower if such a transfer causes the arrangement for the administration of this Agreement to change.
The company reserves the right to destroy all cheques (including postdated) at the expiration of the loan or on payment in advance of installment by the borrower.
Any refund made to the borrower for duplicate payment may attract refund processing fee.
Citadele Capitals limited reserves the right to review, verify and screen all details, including but not limited to loan amount applied for by the borrower and the lender is not bound to grant the extract loan amount applied for by the borrower.
The borrower agrees to provide a guarantor whose duty is to confirm the borrower’s existence and credibility. Where the borrow defaults in paying the loan, the guarantor will be held liable.
Any applicant/borrower that submits fake or fraudulent documentation shall be reported to appropriate regulatory bodies, for prosecution and/or any penalties as the regulatory body may deem fit.
The borrower authorizes Citadele Capitals limited to present the repayment instrument issued by you in favor of Citadele Capitals limited for the repayment of loan as at when due until the loan has been fully liquidated, and if for any reason whatsoever, your account is not funded at the time of presentation, you shall be criminally liable under dishonored cheques (offences) Act, CAPD1, LFN 2004.
By registering “I agree to the Terms and Conditions”, on the platform, which you hereby adopt as your electronic signature, you consent and agree that:
We can provide materials and other information about your legal rights and duties to you electronically.
We are authorized to share, receive and use data/information collected from your transaction with other affiliated third parties including but not limited to switching companies, mobile network operators, electricity companies, aggregators, credit bureaus, other financial institutions, e-commerce platforms, etc.
You hereby expressly consent and authorize CitadeleCapitals to debit your Wallet and/or authorize us or any of our duly authorized agent or partner to debit your designated salary account, or any other bank account linked to your Bank Verification Number (BVN), for repaying the Loan with applicable interest as and when due.
To access payroll-related offers, you have expressly consented and authorized us to verify your salary details with your employer and/or your employer’s appointed salary processors without further recourse to you.
Your electronic signature on agreements and documents has the same effect as if you signed them using ink on paper or any other physical means.
DISCLAIMER: PLEASE NOTE THAT NO FORM OF CASH TRANSACTION BETWEEN CLIENT AND ANY STAFF, AGENT OR PERSONS ON BEHALF OF CITADELECAPITALS LIMITED IS ALLOWED. CITADELECAPITALS LIMITED WILL NOT ACCEPT LIABILITY FOR SUCH TRANSACTION OR PAYMENT.
TERMS AND CONDITIONS APPLY STRICTLY!!
