You are requesting for an SME credit Loan by clicking the Request button you have agreed and accepted the 9pay SME digital Loan terms and conditions provided by Novacrest Solutions Ltd in partnership with Guardian credit Ltd.

 

1. Terms & Conditions

  • Interest : 10% Flat
  • Penal Charge: 3% per month, upon default
  • Loan tenure is 30days
  • Repayment will be from your 9pay wallet or debit card linked to your account.
  • Maximum loan amount is N250,000, subject to credit review
  • Lender must have transacted a minimum of N5000 on airtime & Data in the last 30days.

 

Further to your application for the SME credit loan. We are pleased to inform you that Novacrest Solutions Ltd (the “Lender”) has approved a time loan (“facility”) under the following terms and conditions.

 

2. AMOUNT

As may be approved by 9pay

 

3. PURPOSE

To bridge the cashflow gap for business.

 

4. TENOR

30days.

 

5. INTEREST

The interest rate for the facility is 10% flat, which shall be subject to review from time to time in line with the prevailing money market conditions. Any change in pricing of the facility notified by the lender to the borrower shall be binding on the borrower.

 

6. ONE TIME MERCHANT VERIFICATION FEE

N2,000

 

7. PENAL CHARGE

When Default Penalty
10 days post maturity 3%
30 days past Due 3%
45 Days Past Due 3% (every month thereafter)

 

8. REPAYMENT SOURCE

9pay wallet shall be debited for amount due or from debit card linked to account when loan is due/past due.

 

9. COMMENCEMENT DATE

This facility shall be available for utilization only upon meeting criteria and conditions precedent to collection as may be prescribed by 9pay.

 

10. AVAILABILITY

The facility shall commence on the date of disbursement, after which the loan is repayable 30days after.

 

11. CONDITIONS PRECEDENT TO DRAWDOWN

  1. Borrower must be a premium customer
  2. Completion of loan application form via 9pay platform.
  3. Confirmation of eligibility after due credit check has been carried out.
  4. Acceptance of these Terms and Conditions.

 

12. ELECTRONIC COMMUNICATIONS

The borrower hereby consents to notices , documents and any other communications relating to the facility and terms and conditions sent by 9pay to borrower via email or other electronic means (including without limitation, an SMS Message).

 

13. TERMINATION

These terms and conditions shall remain in force as long as 9pay remains the creditor of the borrower or as long as any part of the loan remains unpaid.

 

14. ACKNOWLEDGMENT

I acknowledge that I have read and understood all of the terms and conditions as contained herein and agree to be bound by them.