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These terms and conditions apply to and regulate the provision of credit facilities advanced by Resolution Finance Limited (RFL). These Standard Terms and Conditions together with our offer letter set out the terms governing this Loan Agreement. It is important that you read the offer letter and these terms and conditions carefully and keep them for future reference.


i. The Annualized Percentage Rate of Interest (”APR”) for the RFL Loan Accounts are [ %] or at such higher rate which the Bank may in its sole discretion (subject to applicable laws and regulations) determine from time to time and also as varied by RFL under sub-clauses a(ii) and/or a(ii) below.
ii. RFL may in its sole discretion increase or decrease the prevailing interest rate for any reasons and
iii. Any change in interest rate will take effect on the Borrower’s account following a minimum of 7 days written notice.
iv. All Charges will be capitalized into the interest calculation.


All payments by the Borrower will be made by one of the following methods: Direct Deposit at the RFL/ Bank, Personal Cheque, Standing Order or through an acceptable electronic channel, All other methods will be accepted with the RFL’s consent only.
In Particular:
i. The borrower will be given a dedicated and customized repayment plan upon approval of the loan application;
ii. The Borrower will be expected to make monthly repayments in accordance with the repayment plan.
iii. The Borrower will be sent an electronic message or sms alert two (2) banking days -before each monthly repayment date and the Borrower hereby agrees that such notice shall be conclusively deemed received by the Borrower without need of any further notice.
iv. The Borrower hereby agrees that nonpayment of the amount owed by the Payment Due Date shall render the Borrower in default and entities RFL to take step to recover the outstanding loan amount in accordance with clause E below.


You may be required to provide us with your latest financial statements, contingent liability details and any other reasonable information relating to you and/or your financial affairs.


RFL will approach a dedicated Credit Reference Agency for a credit report on the Applicant in considering any application for credit. The Borrower authorizes RFL to access any information available to it as provided by the Credit Agency. The Borrower also agrees that his/her details and the loan application decision will be registered with the Credit Agency. In the event the Borrower wishes to access the credit report, RFL will advise the Borrower of the contact details of the relevant credit agency and the Borrower waives any claims he/she may have against the Direct Bridge in respect of such disclosure .


Default in terms of this Agreement will occur if:
1. The Borrower fails to make repayment in full, on or before the payment date in accordance with the monthly repayment plan given to the Borrower;
2. Any representation, 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; or
3. The Borrower does or omits to do anything which may prejudice RFL’s rights in terms of this Agreement or cause the company to suffer any loss or damage. If the Borrower defaults in their obligations under this Agreement, RFL will be entitled to do the following:
1. RFL 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, RFL will attempt to collect the outstanding amount within the next twenty - four (24) hours.
2. Where more than forty-eight (48) hours have elapsed since the repayment date and the repayment amount (total or Partial) still remains outstanding, RFL will start calculating accelerated the number of days in default divided by 30 or 31 days multiplied by the monthly interest due.
3. Following the borrower’s default/ RFL reserves the right to assign its right title and interest under the Agreement an external Collections Agency who will take all steps to collect the outstanding loan amount.
4. RFL also reserves the right to start legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such.
5. RFL 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 Resolution Finance Ltd or if any information provided by the Borrower as part of the application is incorrect or misleading in any material manner. On such termination,
RFL reserves the right to demand repayment of the full loan amount with interest calculated in the same manner as in sub clauses (2) above.
6. Hold the Borrower responsible for all legal costs and expenses incurred by RFL in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged in accordance with sub clause 2 above.


The Borrower agrees that RFL may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner.
a. To the most recent address the company holds for the Borrower on file.
b. By delivery to any email address provided during the application process.
c. By delivery of an SMS to any mobile telephone number the Borrower has provided to RFL.


This Agreement shall be governed by the laws of the Federal Republic Nigeria and shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria. If RFL does not strictly enforce its rights under this Agreement(including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, RFL will not be deemed to have lost those rights and will not be prevented, from insisting upon its strict rights at a later date. The company reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. RFL will only tell the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.

All the terms and conditions in Resolution Finance Limited (’’RFL’’) Loan Application package have been read understood by me. I hereby accept the terms conditions as evidenced by my signature below.