Borrower terms and conditions

This agreement is made between you (the Borrower) and us (VeendHQ).

Definitions

Loan: means any money paid by a Lender on our platform to you or to your guarantor on your behalf as a result of this agreement or any extension or amendment to it.

‘You’ and ‘your’: means the person who is borrowing the loan from a Lender on our platform, whose name and details appear on the loan transaction as beneficiary.

‘We’, ‘us’ and ‘our’: means VeendHQ and or the ‘Lender” (Lenders being Lenders onboarded on VeendHQ platform).

Agreement: means this Terms and Conditions together with any amendments, modifications, extensions and revisions thereto.

Daily Sales: means the transactions between VeendHQ, a Lender or any third party processed on the Borrower’s behalf, settled on a daily basis.

Day: means a calendar day that is, every day on the calendar, including weekends and public holidays.

Disbursement Date: means the date the Lender advanced the Loan to the Borrower.

Instalment: means the sum of money due as one of the daily equal payments for the repayment of the loan and interest, spread over the entire loan duration.

Interest: means the proportion of the loan the Lender has charged on the loan advanced to the Borrower.

Guarantor: means the person who has agreed to guarantee us full repayment of your loan if you fail to meet any payments due and whose name and signature appear on the guarantee and indemnity.

Guarantee and indemnity: means an agreement where the guarantor agrees to be responsible for your debt if you break this agreement, and to compensate the Lender for any and all loss.

Account: means the Veend account, which is opened in your name when we sign this agreement.

Maturity Date: means the date on which the Borrower is expected to have fully paid the loan plus the interest outstanding default amount.

Moratorium: means the three (3) days grace period granted to the Borrower, before a penalty charge of 1% starts to apply on the on outstanding default amount.

Principal/Loan: means the amount disbursed to the Borrower on the Disbursement Date.

Repaying your loan

You agree to pay the Lender the amount you borrowed, including interest and any other charges, out rightly or in instalments on the agreed date from the daily sales, where applicable or monthly payment date within the agreed tenor from the disbursement date. These payments are very important and you will be breaking this agreement if you do not make them.

Where the Daily Sales is less than the daily Instalment, 75% of the Borrower’s sales will be deducted, while the outstanding Instalment will be carried over to the next Day.

A penalty charge of 1% flat or whatever is agreed with the Lender (per month) will be chargeable on any outstanding default amount, after the moratorium.

In the event of default by the Borrower in making any repayment by the maturity date, the outstanding Loan and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.

The Borrower hereby authorizes VeendHQ to debit their wallet and bank account from any outstanding payments at or after the maturity date.

The Borrower agrees that VeendHQ shall have the power to set-off the Borrower’s indebtedness under this Agreement from all such monies and funds standing to the Borrower’s credit/ benefit in any all such accounts or from any other financial assets belonging to the Borrower in the custody of any bank or financial institution.

The Borrower confirms acceptance of the terms of Loan. Notwithstanding anything herein contained, express or implied, the Borrower hereby confirms that VeendHQ may at any time of recovery and without notice to the Borrower deduct any amount due to VeendHQ or to the Lender from the Borrower’s account(s) as a result of the Borrower’s defaulting in repayment due.

In the event of default by the Borrower, veendHQ reserves the right at its discretion, to transfer the defaulting account to a third-party agency, to recover any outstanding debt due to VeendHQ or to the Lender. In addition, in the event of loss of job leading to a default, the Bank shall transfer the defaulting account to a recovery agent company designated by veendHQ, to recover any outstanding debt owed on behalf of the Borrower.

Interest and how we work it out

When you borrow money on our platform, you pay back the amount you borrowed plus interest and applicable fees.

The Lender fixes its’ interest and applicable fees at its discretion and based on your loan request.

At any time we may increase or reduce the rate of interest to reflect the agreed rate where necessary. Any change will apply to your debt from that the inception of the loan. If we increase it, we’ll give you 24 hours’ notice. If we reduce it, we’ll give you 12 hours’ notice.

Change to this Agreement

The Borrower or the Lender may request for a change in the payment date or interest rate or penalty charge. We will only reflect your request if the other party agrees to it and communicates this agreement to your request with us. If the change is effected, we will notify you via your email address.

We may change, amend or review these Terms and Conditions to reflect any updates on this page. All changes made will be posted on this page and where changes will materially affect you, we will notify you of this change by placing a notice online or via email. If you keep using our services, you consent to all amendments of these Terms and Conditions.

Breaking the agreement

By accepting this agreement, the Borrower agrees.

You will have broken this agreement if:

• you don’t make your payment on time;
• you break any of the other conditions of this agreement;
• you made a statement which is false or misleading when you applied for this agreement;
• a bankruptcy petition is presented against you;
• the guarantor exercises a right to cancel the guarantee and indemnity. (where you provide a guarantor).

If the manner in which you have broken the agreement is serious and cannot be put right or you have repeatedly committed the break, we may:

• send you a default notice;
• close your account; and
• demand immediate payment of your debt.

If you fail to repay the loan as agreed, the loan becomes delinquent, VeendHQ and/or the Lender shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set off the Borrower’s credit in any financial institution and from any other financial assets they may be holding for the Borrower’s benefit. VeendHQ or the Lender may ask you to pay the missed payments (then ask your guarantor) by taking an amount using any payment method authorised for use under this agreement. We may take court action against both you (and your guarantor by applying for an attachment of earnings order where we have the court’s permission to get your employer to pay us out of your salary), warrant of execution (which may involve a bailiff visiting your property), property charging order (where we get rights to be paid out of the money paid when you sell your property).

We may also end this agreement if you die

How we use your payments

When you make a payment, we will use it to pay your balance in the following order. Firstly, we pay the fees and penalties first, then the interest that has accrued on your debt and finally, we pay it towards the balance of your debt

Our rights

If we delay in enforcing our rights under this agreement, it will not affect our rights. We may also accept late payments or partial payments, or cheques and money orders marked payment in full or something similar, without losing any of our rights under this agreement.

You must tell us about any changes on your account

Every so often we need to contact you about your account. To make sure we can do this, you must tell us (within seven days) if you’ve changed your home address, your name, your email address, or any phone number that we use to contact you.

You can tell us about any change via mail to support@Veendhq.com.

We may send all notices, information and statements to your address shown on the agreement or your last known address, by email, text message or phone call.

General

We really don’t want to take you to court. If we have to, until we’ve received all the money you owe us, you will liable to us for the cost of litigation.

You agree that if any part of this agreement is not valid or cannot be enforced, it will not affect any other part of this agreement.

Sometimes we can’t meet our promises to you because of matters beyond our reasonable control. This would include a problem with a computer system, a technical problem or an industrial dispute. In these cases, we will not be legally responsible to you.

This agreement applies only to you and you may not transfer any of your rights and responsibilities under the agreement. For business reasons, we may transfer our rights under this agreement without your permission.

You’ve the right to receive a statement of account. You can ask for this at any time during the term of the loan and it is free of charge. It will include details of each repayment you owe under the agreement, the date each repayment is due, the amount and any conditions which relate to the repayment. It will also break down each repayment, showing how much covers the amount you borrowed (loan) and how much is the accrued interest

We may record or monitor phone calls to our support channels.

Repaying the loan early

You have the right to pay off some or all of the debt that you owe us at any time. You must give us notice that you want to do this. If you want to pay off the loan in full, we will send you a statement setting out what you owe. When you make a partial payment, we will first use it to pay any fees, penalties, accrued interest and will then apply the payment to the loan amount. You may ask us to send you a statement.

Indemnification

The Borrower hereby irrevocably undertakes to fully indemnify VeendHQ or the Lender against all claims, cost and expenses (including but not limited to legal fees, collection commission), arising in any way in connection with the Borrower’s accounts; in enforcing the terms and conditions herein; or from the recovery of any outstanding debts due to a Lender on VeendHQ’s platform or incurred by VeendHQ in any legal proceedings of whatever nature.

Non assignment

This agreement is binding on the Borrower and is not in anyway or form assignable to a third party.

Governing Law and Dispute Resolution

The Borrower agrees that the law of the Federal Republic of Nigeria will apply to these Terms and Conditions and the Loan hereby granted.

In the event of a dispute, this Agreement shall be referred to as Lagos Multi-Door Courthouse (LMDC) for mediation which shall be conducted in accordance with the LMDC Mediation Procedure Rules or such other rules mutually agreed by the Parties. Each party shall bear its own cost and would be liable to contribute the same amount in respect of fees to be paid to the mediator.

What you should do if you have a complaint

We’re committed to dealing with all complaints, fully and fairly, and in a reasonable time. If you have a complaint about the agreement or anything we’ve done, please let us know. You can make a complaint by sending a mail to support@Veendhq.com.

Sharing information

We will use the information you provide to consider any loan application. You agree that we may hold and process, by computer or otherwise, any information we gather about you as a result of this agreement and any other agreements or applications you have made with us. Where necessary, for any of the above purposes, as well as to prevent fraud and money laundering, we may share and receive your personal information, including information on the conduct on the Borrower’s account together with details of non-payment or delayed payment to and from credit bureaus and reference agencies whether based locally or abroad. Other financial institutions, our regulators and law enforcement agencies and relevant third parties, or to anyone we transfer our rights and duties to under this agreement for the purpose of assisting them and/or VeendHQ in making lending or rating decisions about the Borrower. We may also release your personal information to others (such as mailing agencies) who carry out certain aspects of the administration of this agreement for us. If you write and ask us, you have a right to receive a copy of the information we hold about you. You will need to pay a fee. Please contact us on our website via mail to support@veendhq.com

Credit decisions

When you apply for a loan on our platform, we will look at your credit file and make our findings known to the Lender. This credit search is used to check your identity and your eligibility for a loan. To prevent fraud, your details will be looked with fraud-prevention agencies. If you provide false or inaccurate information and we suspect fraud, we’ll record this.

We and other organisations may use and search these records to:

• help make decisions about credit and credit-related services for you;
• trace debtors, recover debt, prevent fraud, and to manage your accounts; and
• check your identity to prevent money laundering unless you give us other satisfactory proof of identity.