Welcome to FLAGLA LENDING LTD ("FLAGLA LENDING", "we", "us", or "our"). These Terms of Service constitute a legally binding agreement between you ("user", "borrower", or "you") and FLAGLA LENDING LTD, governing your access to and use of our website, services, and mobile loan applications.
1. Acceptance of Terms
By accessing our website or downloading our mobile client, you acknowledge that you have read, understood, and agreed to be bound by these Terms of Service. If you do not agree, you must immediately cease using our services.
2. Eligibility
To register an account or apply for a credit product, you must:
- Be a citizen and resident of the Federal Republic of Nigeria.
- Be between the ages of 20 and 55.
- Have full legal capacity to enter into a binding financial contract.
- Possess a valid Bank Verification Number (BVN) and a bank account in Nigeria.
3. Verification & BVN Consent
By registering and applying for a loan, you authorize FLAGLA LENDING LTD to verify your identity and credit profile. You consent to our accessing and checking your Bank Verification Number (BVN) registry records solely for identity authentication and credit scoring, in compliance with Central Bank of Nigeria (CBN) and NDPR directives.
4. Loan Interest, Fees & Repayment
- Interest Rates: The specific interest rate, processing fees, and repayment dates for each loan will be explicitly presented in the mobile app and the credit agreement before you accept.
- Disbursement: Approved loan amounts will be disbursed electronically to your designated bank account.
- Repayment Obligation: You agree to repay the loan principal plus accrued interest on or before the due date. Payments must be completed through our approved digital channels (bank transfer, debit card, or USSD).
5. Late Fees & Delinquency
If you fail to make your loan repayment by the due date, we reserve the right to:
- Charge late payment fees and penalty interest as detailed in your loan contract.
- Report your delinquency and default status to licensed Credit Bureaus, which will impact your credit score and ability to borrow from other lenders.
- Employ legal debt collection procedures to recover outstanding amounts, in accordance with fair collection rules.
6. Prohibited Activities
You agree not to use our services to: commit fraud, provide false or misleading identity or financial details, launder money, or perform any illegal activity. Any fraudulent application will be reported immediately to law enforcement authorities.
7. Limitation of Liability
To the fullest extent permitted by law, FLAGLA LENDING LTD shall not be liable for any indirect, incidental, special, or consequential damages resulting from your use or inability to use our services, or any unauthorized access to your account.
8. Governing Law
These Terms of Service are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising out of these terms shall be subject to the exclusive jurisdiction of the competent courts in Nigeria.
9. Contact Us
If you have any questions or require clarification regarding these Terms of Service, please write to us at: help@flagla.ng.