AJOAPP COOPERATIVE LOAN TERMS AND CONDITIONS
1. Introduction
These Terms and Conditions govern the loan services provided by AjoApp Cooperative Society (hereinafter referred to as “AjoApp”). By applying for a loan, you agree to comply with all the terms outlined below.
2. Eligibility Criteria
To qualify for a loan under AjoApp Cooperative:
- The applicant must be a registered member of the cooperative society.
- The applicant must provide valid identification and proof of business activity.
- The applicant must meet the financial assessment standards determined by AjoApp.
- The applicant must provide a surety or a guarantor
3. Loan Products and Interest Rates
- Business People Loans:
- Interest Rate: 10% per month.
- Repayment Method: Daily collection by authorised agents.
- Moratorium Period: One-week grace period before repayment begins.
- Repayment Tracking: Payments are recorded in the borrower’s physical card and online account.
- Default Penalty: 2% extra charge for late repayment.
- Legal Action: Persistent default may lead to legal action, including lawsuits.
- POS Operator Loans:
- Interest Rate: 2.5% per day.
- Repayment Method: Daily repayment through collection agents.
- Default Penalty: 1.5% extra charge for late repayment.
- Legal Action: Aggressive legal measures for failure to repay within the stipulated time.
4. Application Process
- All applicants must submit a complete loan application form with supporting documents.
- Loan applications are subject to review and approval by AjoApp loan officers.
- Approved loans are disbursed after the one-week moratorium period.
5. Repayment Process
- Repayments are collected daily by authorised agents.
- Payments will be documented in both the borrower’s physical repayment card and online account.
- Any failure to meet daily repayment obligations will trigger default penalties.
6. Default Management and Consequences
- Business Loans: 2% penalty charge for late payments.
- POS Operator Loans: 1.5% penalty charge for late payments.
- Legal Action: Continuous default may result in legal proceedings, including lawsuits and asset recovery actions.
7. Obligations of the Borrower
- Provide accurate information during the application process.
- Ensure timely repayment of loans as agreed upon.
- Cooperate with collection agents and maintain open communication in case of challenges.
8. Obligations of AjoApp
- Provide clear information regarding loan terms and interest rates.
- Maintain transparent records of repayment and balances.
- Ensure fair treatment of all borrowers and compliance with financial regulations.
9. Confidentiality and Data Protection
- All personal and financial data collected will be used solely for loan assessment and management purposes.
- AjoApp ensures the confidentiality of borrower information, except where required by law.
10. Termination and Modification
- AjoApp reserves the right to modify these terms at any time, with prior notice to borrowers.
- Membership in the cooperative can be revoked for breach of these terms.
11. Governing Law and Dispute Resolution
- These terms are governed by the laws of the Federal Republic of Nigeria.
- Disputes arising from these terms shall first be addressed through mediation. If unresolved, legal action will be pursued in accordance with Nigerian law.
12. Agreement and Acceptance
By applying for a loan with AjoApp, you acknowledge and agree to abide by these terms and conditions.
