Social Lender Agreement

Social Lender is a product of Bincom ICT Solutions licensed to Sterling Bank. Throughout the application, the terms “we”, “us” and “our” refer to Sterling Bank and Bincom ICT. We offer this application, including all information, tools and services available from this site to you, the user, conditioned upon your acceptance of all terms, conditions, policies and notices stated here.

The following Social Lending Agreement regulates the relationship between you (a Requester) and Sterling Bank SOCIAL LENDER.

  • Introduction
    • By registering to use this application, you agree to be bound by these Social Lending Agreement in your capacity as a Requester. You also agree to be bound by our Terms & Conditions (http:// sociallenderng.com/index.php/site/terms).
    • If as a consequence of using our service you subsequently enter into a Cash Request Agreement (as a Requester) the rights and obligations owed by each party to the other shall be governed by this Social Lending Agreement.
    • It is important that you read these Terms of Service and you should print or otherwise save a copy for your future reference.
    • If there is a conflict between this Social Lending Agreement and the Terms & conditions, the terms of the Social Lending Agreement shall prevail.

 

  • The Service

Important please read

    • Through the application our principal role is to perform administrative functions, to provide a stream-lined process for entering into Cash Request Agreements and to co-ordinate and facilitate the payment and collection of sums due under or in connection with such Cash Request Agreements (including certain limited actions upon a Requesters default as set out in these Terms of Service.
    • Sterling Bank Social LENDER team reserves the right to form their own opinion regarding the credit worthiness of a Requester and undertake its own research, analysis and assessment of each Requester for each Cash Request Agreement, and where appropriate, seek its own independent financial and/or legal advice.
    • All of our fees are in payment for our role in supplying the Service set out herein.
  • Pre-conditions of becoming a Requester

The following conditions must be satisfied before a Requester can use the Service:

    • The Requester must be older than one year on the social network.
    • The Requester must have a verified Sterling Bank account that is at least one month old
    • The Requester must have a Social Guarantor / Referee who must also register and approve on the Social LENDER platform.*
    • The Requester must comply with basic credit and fraud risk criteria which will include obtaining a Social reputation score and independent assessment by our Social Credit Officer.
    • The Requester agrees that the details that are submitted to us is accurate and true.

 

  • The Lending Process & Requester audits
    • As part of the registration process we will check your identity. Our Social Credit Officer will do this using our Social Reputation Audits.
    • You warrant to us that all information submitted in the course of the application and requesting process was at the time of its submission, and is at the time a Cash Request Agreement is entered into, true, accurate and is not misleading.
    • As a Requester, you select the amount of money that you would like to request.
    • The current maximum amount first time users are allowed to request in relation to a Cash Request is 3,000 naira. This increases overtime depending on frequency of successful transactions and other indices to be determined.

 

  • The Cash Request Agreement

Important please read

    • For the avoidance of doubt, any Cash Request will be subject to the Terms of the Social Lending Agreement, which shall comprise of:
    • Entry into a Social Lending Agreement is an automatic process supplied as part of the Service but pends approval by our Social Credit Officer.
    • Service Charge and Repayments
    • A Requester must pay a flat rate of 100 naira as service charge per month and may have to pay the service charge at the end of the 30 day period regardless of payment of the principal sum.
    • The Social Lending Agreement sets out the terms and regulates the repayment of Cash Requests by the Requester.
    • Repayment of an approved Cash Request and payment of service charge shall may be deducted directly from the Requester’s Bank Account. The Requester shall therefore ensure that their Bank Account has sufficient funds to process repayments each month.
    • By entering into a social lending agreement, The Requester authorizes Social Lender to directly credit their account when requesting (direct disbursement of cash cash request)

 

  • Cash Request Retrieval Process
    • If a Requester fails to make a full repayment (including service charge), we shall within reason, repeatedly contact the Requester to ask them to pay the overdue amount immediately.
    • If a Cash Request exceeds the Repayment Date as agreed by the User, it is then considered as a "Payment Overdue" and additional transaction charges will be applied to the User for the transaction.
    • When there is payment default after 60 days, a direct debit will be activated to retrieve the funds from the User's Account or Associated Card.
    • Guarantor(s) will be contacted after 30 days of default.
    • All friends of the bad debtor will be blacklisted after 90 days of default.
    • 3 months old cash repayments will be made public on the platform.
    • The cash repayment and service charge will be Paid to Social Lender account.

 

  • Social Name and Shame
    • User’s with Due Cash Repayments older than 3 months will be named on all Social Networks to users of Social Lender. A six (6) months old cash request will be made public on all Social Media Platforms.

 

  • Terminating your Usage of the Service
    • If you no longer want to benefit from the service you can inform us know and we will end your membership as soon as any current Cash Request Agreements are repaid.
    • We shall have the right in our absolute discretion to terminate your membership in the event of the following:
    • you breach these Terms and Conditions of Service;
    • you breach any Cash Request Agreement
    • We suspect that you have committed fraud, been involved in money laundering or other criminal activities.
  • Entire Agreement
    • These terms set out the entire agreement between the Requester and Social LENDER with respect to use of the application and the services and supersedes any and all representations, communications and prior agreements (written or oral) made by you or Social LENDER.