Lendmonie

Terms of Service

Effective Date: Thursday 12 December 2024 11:22

These Terms of Service ("Terms") constitute an agreement between you ("Customer", "User", or "Lender") and Lendmonie Ltd. ("Lendmonie", "we", "us", or "our") governing your use of the Lendmonie app ("Service"). By accessing or using the Service, you agree to comply with these Terms.

Parties to this Agreement

This Agreement is entered into between Lendmonie Ltd., a company operating under the laws of Nigeria, and you, the User of the Lendmonie app ("Customer" or "User").

Which Country’s Law and Courts Apply?

This Agreement shall be governed by and construed in accordance with the laws of Nigeria. Any dispute arising from these Terms shall be subject to the exclusive jurisdiction of the Nigerian courts.

Definitions

  • Lender: A user who provides loans to borrowers through the Lendmonie platform.
  • Borrower: A user who borrows money from a Lender via the Lendmonie platform.
  • Service: Refers to the Lendmonie app and the functionalities it provides, including lending, borrowing, loan terms, payment reminders, and related features.
  • Account: The personal user profile created within the Lendmonie app for the purpose of accessing and using the Service.

Customer’s Consent

By using the Lendmonie app, you agree to these Terms of Service, our Privacy Policy, and all related policies that govern the use of the Service. You consent to the collection and use of your personal data as described in the Privacy Policy.

Conditions for Use of Lendmonie Account

To use the Service, you must:

  • Be at least 18 years old.
  • Be a resident of Nigeria.
  • Provide accurate and up-to-date information, including phone number and BVN for verification.
  • Agree to be bound by the terms outlined in these Terms of Service.

You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account.

Our Lending Terms

  • Lenders can set the loan amount, repayment terms, interest rates, and other conditions.
  • The borrower must agree to the terms set by the lender and repay the loan on time.
  • Lenders have access to the borrower’s credit score to assess loan eligibility.
  • The borrower is responsible for paying any bank charges incurred by the lender, plus an additional service fee imposed by Lendmonie.

Our Investment Terms

  • Users who wish to invest in the platform (as investors) may share their profiles with potential borrowers.
  • Lenders who choose to share their profile with investors will control what information is visible.
  • Lendmonie does not facilitate direct investments but provides a platform for lenders and borrowers to interact.

Our Payment Terms

  • Lenders and borrowers agree on the repayment schedule and terms at the time of the loan agreement.
  • Borrowers are responsible for repaying the loan, including principal, interest, and any additional charges.
  • Lendmonie will send reminders to borrowers to ensure timely repayment.
  • If a borrower defaults, Lendmonie reserves the right to pursue legal action on behalf of the lender.

General Terms

  • You are responsible for all activities conducted under your account.
  • You must comply with all applicable laws and regulations while using the Service.
  • Lendmonie reserves the right to modify, suspend, or terminate your account if you violate any of these Terms.

Transaction Fees

  • Lendmonie charges a service fee to the borrower, which is separate from the loan amount and bank charges.
  • Fees for using the Service will be clearly communicated to the borrower before loan disbursement.

Event of Default

If a borrower fails to repay the loan according to the agreed terms, the lender may initiate legal action. The borrower is responsible for the outstanding loan amount, including any legal fees, penalties, and service charges.

Termination of the Account

  • Lendmonie may suspend or terminate your account if you violate any of the Terms or engage in illegal or fraudulent activity.
  • You may request to terminate your account at any time, provided that all outstanding loans are fully repaid.

Closing of an Account

You may close your Lendmonie account by contacting our support team, provided that all loans have been repaid in full. Any pending transactions or obligations must be settled before account closure.

Limitation of Liability

  • Lendmonie is not responsible for any disputes between lenders and borrowers, except for the facilitation of loan agreements and repayment reminders.
  • Our liability is limited to the amount you paid for using the Service and does not extend to any indirect, incidental, or consequential damages arising from the use of the Service.

Miscellaneous

  • These Terms may be updated from time to time. You will be notified of any material changes via the app or email.
  • If any part of these Terms is found to be invalid or unenforceable, the remainder will remain in effect.
  • You agree to comply with all local laws, including those governing data protection and privacy.

Indemnification

You agree to indemnify, defend, and hold harmless Lendmonie and its affiliates from any claims, losses, liabilities, damages, costs, or expenses (including legal fees) arising from your use of the Service, your violation of these Terms, or any unlawful or fraudulent activities.

Keeping in Touch

We may contact you through email, notifications, or in-app messaging to inform you of updates to the Service, important account information, and other relevant notices. You agree to receive such communications from us.

Contact Us: If you have any questions regarding these Terms of Service, please contact us at support@lendmonie.com.