Loan terms

The loan agreement

Every loan is documented in a written agreement between you (the borrower) and Vicade Global Merchandise Nigeria Limited (the lender). It states the principal amount, interest rate, repayment schedule, any security or guarantor, and the consequences of default.

Interest

Interest accrues at 15% per annum on the principal for the agreed tenor unless your agreement states otherwise. Your offer shows the total interest and total repayment amount in Naira before you accept.

Repayment

• Repayments are due on the dates set out in your repayment schedule.
• Payments are made by transfer or deposit to the account named in your agreement.
• Repayments are applied first to accrued interest and charges, then to principal.
• You should retain proof of every payment made.

Early settlement

You may settle your loan before the end of the tenor. Request a settlement figure from your loan officer and pay that amount to close the account.

Security and guarantors

Where a loan is secured, the asset pledged is described in the agreement and remains pledged until the loan is fully repaid, at which point it is released. A guarantor, where required, is jointly responsible for repayment if you default.

Default

If you fail to pay an amount when due, default interest of 30% above your agreed rate applies, the entire outstanding balance may become immediately payable, and we may enforce any security or pursue lawful recovery of the debt, including recovery costs.

Your obligations

• Provide true and complete information throughout the loan.
• Use the loan for the stated purpose.
• Keep your contact and bank details up to date.
• Tell us promptly if your circumstances change and you may struggle to repay.

Governing law

Loan agreements are governed by the Laws of the Federal Republic of Nigeria. Where possible, disputes are resolved amicably before any legal action.