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Terms & Conditions

General Information


These Terms and Conditions (hereinafter “Terms and Conditions”) apply to and regulate the provision of credit facilities advanced by Paycredit Limited (hereinafter called "The Lender" or “Paycredit”) to the Borrower herein.

  1. Please carefully read and understand these Terms and Conditions (“T&Cs”) [and any amendments made thereto from time to time by Paycredit] before accessing the App or making use of any of the Services.
  2. By accessing the App or requesting/using any of the Services, you agree to be bound by the T&Cs below.
  3. These T&Cs, together with our Privacy Policy (as define below) set out the complete terms and conditions which shall be applicable to your use of the App and access to any of the Services.
  4. These T&Cs and any amendments or variation made thereto shall take effect on their date of publication. You are responsible for being familiar with the current version of the T&Cs posted on the App each time you access the App.
  5. The use of this App may be monitored, tracked and recorded. Anyone using this App expressly consents to such monitoring, tracking and recording.
  6. If you do not agree with these T&Cs or any portion thereof, please do not use this App or any of the Services.


  1. Paycredit is an open-end credit plan offered by the Lender and by accepting the Terms, a Paycredit Account is set up with PAYCREDIT LIMITED and you agree that you have read the Terms and Conditions.
  2. The Terms and Conditions constitute the Lender's offer and sets out the terms governing the relationship between the Lender and the Customer/Borrower.

In these Terms and Conditions, the following words and expressions shall bear the following meanings (except otherwise required by the context):

  • App” means the Paycredit mobile application owned and operated by Paycredit Limited.
  • Services” means any form of financial services or products that Paycredit Limited may offer you via the App and which you may from time to time subscribe to.
  • Account” means the Borrower’s Account with the Lender;
  • Borrower” means the person who applied for the Account
  • CreditLimit” means the maximum credit available to the Borrower on opening the account with the Lender;
  • Customer” means the Borrower;
  • Disclosures” means all important communications, billing statements and demand notes and reminders sent to the Borrower by the Lender through the borrower’s email, or made available on the Lender’s website.
  • DisbursementDate” means the date the Lender actually advanced the loan to the Borrower
  • Lender” means Paycredit Limited and following an assignment, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned
  • Loan” means the amount advanced to the Borrower by the Lender, which shall be no less than N1,000.00 (One Thousand Naira only);
  • PaymentDueDate” means a maximum of 30 days after the Disbursement Date;
  • You” or “Your” means the Customer and includes the representatives of the Customer;
  • We” and “Our” means Paycredit and our authorised representatives;
  • Headings in these Terms and Conditions are for convenience only and do not affect the interpretation of the clauses;
  • Words importing the singular meaning (where the context so admits) include the plural and vice versa;
    • This App is owned and operated by Paycredit Limited. Paycredit Limited is a private limited liability company incorporated under the Laws of the Federal Republic of Nigeria.
    • Subject to you agreeing to abide by these T&Cs, we hereby grant you a revocable, non-transferable, non-exclusive licence to use the App and the Services. Except as expressly stated in these T&Cs, the App and the Services are for your personal and non-commercial use. We reserve all the other rights. The App, or any portion of the App, may not be reproduced, duplicated, copied, modified, sold, resold, or distributed without our express written consent.
    • Except as expressly stated in these T&Cs, we do not grant you any rights in or to our intellectual property or that of any other party in the App. The licence granted in this section is subject to your compliance with these T&Cs. In the event that you breach any provision of these T&Cs, your rights under this section shall be terminated immediately.
    • The works of authorship contained in this App, including but not limited to all design, text, sound recordings, and images, are owned, except as otherwise expressly stated, by Paycredit Limited.
    • You shall not engage in any activities related to this App that are contrary to applicable law, regulation or the terms of any agreements you have with us.
    • In circumstances where locations of this App require identification for access, you shall establish commercially reasonable security procedures and controls to limit access to your password, PIN or other identifying information to authorized individuals.
    • You shall not use the App or any of the Services in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these T&Cs, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, including viruses, or harmful data, into the App, any Service or any related operating system.
    • You shall not infringe on Paycredit Limited’s intellectual property rights or those of any third party in relation to your use of the App or any Service, including the submission of any material (to the extent that such use is not licensed by these T&Cs).
    • You shall not transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the App or any Service.
    • You shall not use the App or any service in a way that could damage, disable, overburden, impair or compromise Paycredit Limited’s systems or security or interfere with other users.
    • You shall not use any automatic device or manual process to access our Services or to monitor or copy web pages, data or the content contained in this App or for any other unauthorized purpose without our prior expressed written permission
    • The App and the Services offered by Paycredit Limited can only be utilized by persons over the age of 18 and only for the purpose of accessing our Services.
    • The materials and information posted on the App may be printed for your use, provided, however, that they may not be duplicated, copied, re-disseminated or re-distributed to any other person or entity. Re-dissemination and re-distribution includes, without limitation, making any such materials and information available via the internet or via any other electronic means of access.
    • The information on the App, including research, is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
    • Paycredit Limited reserves the right to decline your request for any of the Services or to revoke the same at any stage at Paycredit Limited’s sole and absolute discretion and without providing any reason or giving any notice thereto.
    • Paycredit Limited reserves the right(in its sole and absolute discretion) to provide, refuse to provide any of the Services and/ or vary the terms of the provision of any Service depending on its assessment of your credit profile from time to time
    • You agree to and shall release from and indemnify Paycredit Limited against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to Paycredit Limited having acted (or failing to act) in accordance with the whole or any part of any of your requests for a Service.
    • You shall not at any time operate or use the App or any of the Services in any manner that may be prejudicial to Paycredit Limited.
    • You are strictly prohibited from unauthorized use of our systems or this App, including but not limited to unauthorized entry into our systems, misuse of passwords, or misuse of any information posted to this App.

5 Paycredit ACCOUNT

5.1 The Account is an open-end credit account where you access direct loan or credit facility using Paycredit while you repay the loan or credit facility on a future date via cash transfer or electronic repayment from your debit/credit card on the Payment Due Date at a flat interest on the loan of up to 2% daily.

5.2 While opening an Account, you will be asked to provide information (such as your date of birth and your Bank Verification Number), when you apply for a Paycredit loan. This information is used for verification purposes.

5.3 It is presumed that Borrower authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account unless the Borrower notifies the Lender, in writing, of imminent fraud by another person on the Borrower’s Account prior to such fraud.


6.1. By ticking the "I agree to the Terms and Conditions", on the application form, which you hereby adopt as your electronic signature, you consent and agree that:

  1. You agree unequivocally to comply with and be bound by these Terms and Conditions;
  2. We are authorized to provide materials and other information about your legal rights and duties to you electronically;
  3. We may lawfully receive, use and share data/information collected from your transaction with other affiliated third parties and we are absolved from any claims from you in respect thereof;
  4. 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;
  5. You possess full legal competence and authority to enter into this transaction with us;
  6. These Terms and Conditions are may be amended or varied by the Lender from time to time by publication of revised terms on the Paycredit website and you agree to be bound by the revised Terms and Conditions;
  7. We can send Disclosures and compaigns to you electronically via our website, SMS, or to an email address that you provide to us for while applying for this loan;
  8. This consent applies to this transaction, to all future Disclosures on this Account, to all future transactions in which you use the Paycredit Payment option with us, at any time, and to all Disclosures save under circumstances where you have, prior to such transaction, withdrawn your consent in accordance with these Terms and Conditions. By the procedure mentioned below.

6.2 By consenting, you agree that electronic Disclosures have the same meaning and effect as if we provided paper Disclosures and you expressly waive any right or claim requesting that such Disclosure must actually be brought to your attention or that you must have read same to be operative.


7.1 The Transaction Fee for the use of the Paycredit Account shall be up to a flat 150 Naira for validation, fixed for the term of this loan, exclusive of all other fees and charges in this section.

7.2 The Lender shall have the right to charge default fees, penalty fee (2% on the repayment amount for each default day) and in the event of disputes arising from the relationship between the Lender and the Borrower, the cost of such legal action and Lender’s solicitors’ fees.

7.3 The Borrower shall be liable to pay the total Transaction Fee and other applicable charges in the event of a prepayment of the loan before the Payment Due Date.

7.4 The Lender reserves the right to review, amend and/or vary the Transaction Fee from time to time and such revised fee shall become applicable to, and payable by the Borrower immediately upon Disclosure.


8.1. To pay to us, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date. All payments to be made to the Lender via direct cash transfer to a bank account listed by the Lender, an electronic debit from the card/account you provided on the due date, or through an acceptable electronic channel.

Loan repayment via electronic debit card may be effected by the Lender in the way and manner hereinafter specified –

  1. The Lender shall charge a one-time processing fee the first time a Customer sets up a new debit card on the Account. In the event the card is expired or about to expire, you will have to obtain a renewed card from your bank or provide us with another personal debit card.
  1. The Lender shall deduct from the card setup on the Payment Due Date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by you, we will on a reasonable effort basis process a refund within a reasonable time.
  1. You hereby indemnify us against any and all losses, liabilities or damages that may arise in the event that you use a third party's card on your Account without the consent of such third party.
  1. In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other cards you may have on your Account or profile other than the primary card listed on an ongoing basis until the debt is settled.
  1. You understand and agree that we do not store card details on our platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant.

8.2 To provide accurate records and information to the Lender and up-to-date personal, social media, phone and financial records about you that we may reasonably request and analyze, from time to time.

8.3 To promptly inform the Lender of any fact which may have a material adverse effect on the Lender and your ability to repay the Loan.

8.4 To pay all costs of recovery and collection if we take any recovery action on this Account or take any action in a bankruptcy proceeding filed by or against you. This shall include, unless prohibited by applicable law, reasonable attorneys' fees and expenses incurred while recovery and collection lasts.

8.5 Not to give us false information or signatures, electronic or otherwise, at any time.

8.6 To pay a Late Fee or penalty fee as may be provided in this Terms and Conditions.

8.7 To promptly notify us if you change your name, your mailing address, your e-mail address or your telephone number, or any other change of personal details and information supplied to us.

8.8 Not to use Paycredit for any act of illegality, tort or criminality as Paycredit is hereby exempted from any such illegality, tortious liability or crime committed by you.


The Lender shall:

9.1 Subject to the Borrower meeting required pre-conditions, make available the loan/credit facility to the Borrower.

9.2 Not store or save Borrower’s debit or credit card details given by the Borrower in the application form.


10.1 The Lender or its duly authorized representatives/agents may employ the services of utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.

10.2 The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency.

10.3 The Borrower also agrees that the Borrower’s details (save the card details) and the loan application decision may be registered with the Credit Agency.


It is understood that the Lender may employ the following channels of communication with the Borrower:

11.1. To the physical address supplied by the Borrower to the Lender;

11.2. By delivery to any email address provided during the application process.

11.3. By delivery of an SMS to any mobile telephone number the Borrower has provided to the Lender. The message shall be deemed as sent upon delivery notice given to the Lender.

11.4. By posting such notice on the Lender’s website.


12.1 An event of default will occur if:

  1. The Borrower fails to make any scheduled repayment in full on or before the Payment Due Date;
  2. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect;
  3. There is a material adverse change affecting the financial condition of the Borrower or his ability to perform his obligations in the Terms and Conditions; or
  4. A bankruptcy or analogous proceeding or criminal action is instituted against the Borrower;
  5. Death or incapacity of the Borrower occurs; or
  6. The Borrower does anything which may prejudice the Lender’s rights in terms of this Agreement or causes the Lender to suffer any loss or damage.

12.2. In the event of any default by the Borrower subject to clause 9.1 above –

  1. The Lender reserves the right to assign its right, title and interest under the Terms and Conditions to any third party who will take all reasonable steps to recover and collect the outstanding loan amount and other due payments in full.
  1. The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before commencement of such proceedings.
  1. The Lender also reserves the right to store and spool all Borrower phone contacts and explore by calling or sending SMS in cases of continuous default in other to recover the loan and the Lender is under no obligation to inform the Borrower before commencement of such processes.
  1. The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in enforcing the recovery of outstanding amounts.

13.1 The Lender may terminate the Account for a breach of the Terms and Conditions and/or the occurrence of an Event of Default. Upon such termination, all payments made to the Borrower will become payable immediately, even before the Payment Due Date.

13.2 In addition to termination for breach under 9.1 above, we may terminate this Agreement at any time and for any reason subject to the requirements of applicable law.

13.3 Upon termination, a written notice of the termination will be sent to the Borrower.

13.4. If there is no debit or credit on this Account for twelve (12) consecutive months, we may terminate this Account without notice to you.

13.5. When Termination arises as a result of default, you will not be able to apply for credit in future.


14.1 The Terms and Conditions represent the entire understanding between the Lender and the Borrower.

14.2. The Borrower agrees and undertakes that for the period of the agreement created by the Terms and Conditions, the Borrower will not close the Borrower’s specified bank account.

14.3. The terms and Conditions shall be governed and construed under the laws of the Federal Republic of Nigeria and, in the event of a dispute, shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.

14.4. If any provision or part-provision of the Terms and Conditions becomes invalid, illegal or unenforceable, it shall be deemed deleted, but that shall not affect the validity and enforceability of the rest of the provisions of the Terms and Conditions.

14.5 No failure or delay by the Lender to exercise any right or remedy provided under the terms and Conditions shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy by the Lender.

14.5. The Lender reserves the right to transfer or assign its rights and obligations under the Terms and Conditions.

14.6. The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars, data and information in the application by the Lender which may include but shall not be limited to purposes necessary to promote or sustain the business of the Lender; and the Borrower waives any claims the Borrower may have against the Lender arising from any such access, use or disclosure.