a) I hereby authorize the lender to apply to my bankers for any inquiry to assess my credit worthiness and in the event of a default on my loan, then my bank shall list full details with the lender
b) I understand that the above given information may be vetted and that completion of this form does not in any way entitle me to immediate credit facility by the Lender.
c) I authorize my employer to deduct from my salary the loan amount plus interest and any other charges related to this loan facility then pay the lender when my salary is being processed.
d) I understand to adhere to your terms of one month credit period at an interest rate (ranges between 10-25 % depending on my credit worthiness) one off on the principal amount applied and approved through my monthly salary from my employer
e) In the event of default, I agree to pay all interest on all the overdue accounts at the rate of 3.0% per month on all overdue amount compounded monthly from the date of default till full settlement.
f) I understand and accept that, should I fail to observe these terms and conditions, my credit facility will be withdrawn without notice and only reinstated at the Lender’s discretion and only after I have paid the outstanding amount or interest and any costs and expenses relating to the withdrawal and reinstatement of such credit facility
g) I agree to pay all legal charges and expenses that may result from the Lender having to take any legal action to recover any debt owned by me to the Lender
h) I accept that the Lender’s right to change interest and institute legal proceedings can be exercised at any time when default occurs even if not exercised on the first occasion that arises
i) The Lender reserves the right at all times to vary these conditions of credit without prior notice.
j) I agree with the charges and the interest rate applicable
