ORDINARY LOAN FORM- TERMS AND CONDITIONS

Terms and Conditions 

1. Loan Approval is Not Automatic: Approval is based on verification of all documents and information.
2. Charges: Applicant shall pay 1% of loan amount as Admin fee, 1% of loan amount as insurance fee.
3. Applicant with collateral shall pay no down payment of loan while applicant with no collateral shall pay 5% down payment which will be refunded after loan repayment.
   Collateral: Loans above 500,000 shall require a collateral from the applicant or guarantor, loans below 500,000 shall require direct debit form.
4. Repayment Obligations Applicant must repay monthly/weekly/daily as agreed. 
5. Interest Rate shall be on a 5% monthly interest rate on reducing balance.
6. Notice: Clients are required to provide a minimum of one (1) week notice prior to any loan approval or disbursement, subject to meeting all eligibility requirements and agreeing to the applicable terms and conditions.
7. Legal Enforcement:   If payment is not made by the agreed timeline, BEST ADEOLUWA GLOBAL INVESTMENT LIMITED action will be taken. Loan defaulters will be reported to credit bureaus and loan tracking systems.
8. Right to Recover:The company reserves the right to visit applicant’s or guarantors known address(es) for recovery.
9. No False Information: Any fake documents or misrepresentation will lead to immediate disqualification and blacklist.  The company reserves the right to verify all data submitted.
10. Privacy & Use of Data: All data will be securely stored and used strictly for verification, collection, and communication purposes.
11. Loan duration: Loan Duration shall be maximum of 12 months

One Loan at a Time Rule: Only one loan per person is allowed at a time. Applicant must complete repayment before a new application