Terms and Conditions

LAST UPDATED: 5th September 2022

  • Definitions
  • Consent
  • Fees
  • Your Obligations
  • Our Obligations
  • Credit Reference
  • Notices
  • Default
  • Termination
  • General


In this agreement, the terms: “You”, “your”, “Customer”, and “Borrower” mean the person who applied for this Account and agrees to this Agreement while “We”, “us”, “our” and “Lender” shall mean The Lender, and following a novation, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned

  • “Account” means the Borrower’s account with the Lender
  • “Disbursement Date” means the date the Lender actually advanced the loan to the Borrower
  • “Payment Due Date” means a maximum of between 15-90 days after the loan is issued, depending on the amount issued.
  • “Credit Limit” means the maximum amount available to the Borrower on opening the account with the lender
  • “Loan” means the sum of money or total lump sum advanced to the Borrower by the Lender, not less than Two Thousand, Five Hundred Naira.


  • All electronic correspondence sent to you is as valid as written documents sent to your valid legal address.
  • By agreeing to these terms and conditions, you consent to the sharing of your data/information collected from this transaction with our affiliate entities and service providers for the purpose of this transaction.
  • Due to the nature of our Services, we are required to work with a number of third parties and we may receive information about you from them. By agreeing to these terms and conditions, you consent to us receiving personal information and data from third parties for our process.

Your consent to these T&Cs replicates your execution of this contract via electronic signature, and you hereby assent to the following:

  1. In the event of a default on repayment on or before the Payment Due Date, the loan shall be rolled over for another term of a single installment cycle which is either 15, 20, or 30 days (as stated above) depending on the loan type. Upon a rollover, the applicable interest rate for the installment cycle shall be applied. However, where you make repayment of your loan within the first 7 days of the rollover, the same interest rate charged at inception shall apply without any rollover charges.
  2. The applicable Rollover interest rate shall be an additional rate as the applicable rates stated in Clause 1 above.
  3. The Lender shall deduct default and roll-over fees where accruable and in the event of any dispute arising from these Terms and Conditions – the cost of Litigation/Solicitors’ fees.
  4. The applicable interest rate may be increased or decreased from time to time by the Lender. Such change in applicable interest rate will take effect on the Borrower’s account following a minimum of 15 days of written notice electronically mailed.
  5. Total applicable interest rate of the term of the loan shall remain payable in the event that the Borrower liquidates the loan before the expiration of the term.


  • To pay the loan sum, including the applicable interest rate, default or roll-over fees, and other amounts due to the Lender charged to you on the basis of this transaction on or before the Due Date.
  • We presume that by accessing and consenting to these terms and conditions, you have authorized this loan application made in your name. If you suspect any unauthorized use of your credentials, forgery, or fraud, please report immediately by sending an email to [email protected]
  • To repay the loan given to you and/or to someone you authorized to use this Account 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. The Lender reserves the right to accept early repayment before the Payment Due Date, provided the Borrower has given adequate notice and repays the full loan along with the interest rate. Loan repayment via electronic debit card may be affected by the Lender in the way and manner hereinafter specified.
  • 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.
  • 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 best-effort basis process a refund within a reasonable time.
  • 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 a third party.
  • 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 and interest rates are settled.
  • 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.
  • For loan amounts greater than Fifty Thousand Naira, we may set up a standing order or direct debit mandate based on Borrower’s authorization and deduct the repayment amount on the scheduled payment due date.
  • To provide your authentic and up-to-date personal, social media, phone, and financial records that we may reasonably request and analyze, from time to time.
  • To pay all costs of collection if we take any action to collect 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 collection lasts.
  • To pay default or roll-over fees as may be provided in these terms and conditions.
  • To make all payments via direct debit on cards or by electronic funds transfer as stated in the application form.
  • To promptly notify us if you change your name, your mailing address, your e-mail address, or your telephone number.
  • To honor any other promises that you make in this Agreement.
  • That you will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract.
  • Not to use any of our platforms for any act of illegality or criminality as Credlanche Limited will not be criminally culpable for any illegality committed by you.
  • To fill out the application form (as provided) with accurate information and details as required.


  • To make available the loan/credit facility to the Borrower of a figure not less than N2,500.00 (Two Thousand, Five Hundred Naira only).
  • To execute disbursement upon confirmation of the Borrower’s identity, personal information, and other risk criteria as may be deemed necessary by the Lender.
  • To demand repayment from the Borrower as and when due.
  • To conduct reasonable investigations on the Borrower prior to opening an account for the Borrower.
  • To use all reasonable and legitimate means to collect the amount extended to the Borrower, interest rate, roll-over fee, and other such fees imposed on the Borrower as a result of the loan.
  • Not to store or save Borrower’s debit or credit card details given by the Borrower in the application form.


  • The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
  • The Borrower authorizes The Lender to access any information available to The Lender as provided by the Credit Agency(ies).
  • The Borrower agrees that the Borrower’s details (save for the card details) and the loan application decision may be registered with the Credit Agency.


We will only share/collect personal information/data with other companies or individuals in the following circumstances:

  • We have your consent which you hereby grant us by accepting these terms and conditions.
  • We provide personal data/information to other trusted businesses or persons for the purpose of processing or verifying personal information on our behalf.
  • We require that these parties agree to process/provide such information based on our instructions and in compliance with our Privacy Policy and any other appropriate confidentiality and security measures.


The Borrower agrees that the Lender may communicate with him/her by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

  • To the most recent physical address provided by the Borrower to the Lender holds for its records.
  • By delivery to any email address provided by the Borrower during the application process.
  • By delivery of an SMS to any mobile telephone number, the Borrower has provided to the Lender.
  • By posting a such notice(s) on the Lender’s official website www.credlache.com.


Default in terms of this Agreement will occur if:

  • The Borrower fails to make any scheduled repayment in full on or before the Payment Due Date (15-90days from the disbursement date).
  • 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 discovered to be materially incorrect during the subsistence of a loan.
  • The Borrower performs any act which in the Lender’s opinion, may prejudice the Lender’s rights in terms of this Agreement or cause the Lender to suffer any loss or damage.

In the event of any default by the Borrower, the following shall occur:

  • The Lender reserves the right to assign its right, title, and interest under the Agreement to an external Collections Agency that will take all reasonable steps to collect the outstanding loan amount.
  • The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
  • The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in attempting to obtain repayment of any outstanding loan balance owed by the Borrower.


  • In addition to Termination by default, the Lender may terminate this Agreement at any time and for any reason subject to the requirements of applicable law.
  • The Lender can terminate your Account by sending written notice to the address on your application.
  • If there is no debit or credit on your Account for twelve (12) consecutive months, the Lender may terminate this Account without notice to you.
  • When Termination arises as a result of the default, you will not be able to apply for credit in the future.


  • This Agreement represents the entire understanding between The Lender and the Borrower.
  • Any amendment to this Agreement shall be made by the Lender from time to time and communicated to the Borrower in writing via email, SMS, or posted on the Lender’s official website. The Borrower hereby accepts that any information/notice passed via such communication means shall be deemed valid and accepted by the Borrower.
  • This Agreement 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.
  • If The Lender does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Payment Due Date) or grant the Borrower an indulgence, the Lender shall not be deemed to have waived or lost those rights and will not be prevented from insisting upon its strict rights at a later date.
  • The Lender 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 any other party. The Lender will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
  • 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.
  • Please refer to our General Data Privacy Policy on our website www.credlache.com for your rights under the Nigeria Data Protection Regulation.