In This Agreement, The Terms: “You”, “Your”, “Applicant”, “Customer”, And “Borrower” Mean the Person Who Applied for A Loan and Agrees to This Agreement While “We”, “Us”, “Our” And “Lender” Shall Mean Busiyard,
Also, “Guarantor” Mean the Person Who Agrees to Stand in For The Borrower In The Event of Default of Loan Repayment By Such Borrower. Credit also refers to loans. Following an Assignment, Any Person, Company, or Bank To Whom The Rights And/or Obligations of The Lender Have Been Assigned
WHEREAS:
Whereas the borrower is desirous of entering into this loan contract to secure a loan for the purpose solely stated in the contract.
Whereas the guarantor herein guarantees that the borrower is well-known for the stated number of years and is ready, willing, and able to stand as a guarantor for the borrower for the purpose of this loan contract.
Whereas Busiyard, upon conducting due diligence and approval of the loan contract, agrees to provide the loan as applied for by the borrower.
Whereas the borrower and guarantor with full corporate responsibility, under the penalty of perjury, declare that they will abide by the terms and conditions of this loan contract
Whereas the trio; borrower, guarantor, and Busiyard hereby declare thatthey are legally empowered, and fully authorized to accept and execute this contract, as well as agree to be bound by its terms and conditions under the penalty and other consequences.
1. SUBJECT OF AGREEMENT:
1.1. “Disbursement Date” Means the Date the Lender Actually Advanced the Loan to The Borrower.
1.2. “Payment Due Date” Means the Date When the Instalment/Entire Loan with Interest Should Be Repaid.
1.3. “Credit Limit” Means the Maximum Credit Available to The Borrower on
applying with The Lender
1.4. “Loan” Means the Amount Advanced to The Borrower by The Lender, Which Shall Be No Less Than N5,000.00 (Five Thousand Naira Only)
1.5. In accordance with the provisions of this loan contract and general principles and regulations of the management of financial resources, the “borrower” applies for a loan of the stated amount, and the “guarantor” guarantees the borrower’s application for the loan, adherence to the terms and conditions of the loan and repayment of the loan should the borrower default in fulfilling the loan contract.
1.6. Borrower and guarantor warrant that all information and documentation provided to us are true, valid, and accurate. You both also undertake to notify us of any changes to the information or documentation provided.
1.7. Both borrower and guarantor hereby agree and authorize Busiyard to verify information provided by them against the information held by any third party (including official databases) such as, NIBBS, Payment System Providers any other information bank available to Busiyard.
1.8. Both borrower and guarantor hereby consent to Busiyard conducting due diligence to verify the Personal Information and the Relevant Information provided and using the Personal Information and the Relevant Information
to the extent necessary in Busiyard’s opinion for the provision of the services.
1.9. Both borrower and guarantor hereby consent to indemnify and hold Busiyard and its Third-Party Partners harmless with respect to any claims, losses, liabilities, and expenses (including legal fees and expenses) that may
arise because of the disclosure and reliance on such Personal Information and/or Relevant Information.
1.10. Busiyard reserves the right to request for further information from the borrower and guarantor pertaining to their use of the services at any time. Failure to provide such information within the time required by Busiyard may result in the rejection of the borrower’s application for access to our services.
1.11. Borrower and guarantor hereby acknowledge that Busiyard or our thirdparty service providers are acting as their agent, and not the agent of, or on behalf of the third party when we access and retrieve information from
such third-party websites and databases.
1.12. Busiyard advises its customers not to give their financial details, such as BVN (Bank Verification Numbers), OTP (One Time Password), and other sensitive financial information to anyone or a third party. Busiyard will not
be liable if such details are compromised.
2. TRANSACTIONS:
2.1. Upon approval of the loan contract, Busiyard shall make available the agreed loan amount to the borrower.
2.2. All payments will be processed in the currency of the country the borrower made the application with Busiyard.
2.3. Busiyard will provide the receipt of the loan provided to the borrower and inform the guarantor(s) duly by sms, email, or any other channel available.
2.4. During the repayment of the loan with interest, the borrower is to provide evidence/receipts of loan repayment to Busiyard within Forty-Eight (48) hours of the repayment for proper documentation.
2.5. Subject to Clause 2.4, we will verify and confirm any record of a deposit into our account. Our records will be taken as correct unless the contrary is proved.
2.6. Based on the borrower’s loan repayment scorecard, the credit limit is considerably increased by 33.3% starting with a minimum amount of ₦5,000.00 to a maximum amount of ₦500,000.00 for Unsecured Loans and
a minimum of ₦500,000.00 to a maximum of ₦5,000,000.00 for Secured Loan
2.7. Borrower hereby undertakes, throughout the duration of your use of Busiyard, to comply with anti-fraud and anti-money laundering regulations applicable in Nigeria or the country where the application is made.
2.8. In case of an unauthorized payment or a payment that was incorrectly executed due to an error by Busiyard, we shall request immediately, for a refund of the payment amount including all fees deducted therefrom.
3. LOAN REPAYMENT:
3.1. Repayment of the loan or installments should be made on or before the Payment Due Date.
3.2. Subject to Clause 3.1, failure to make repayments as and when due will attract a late fee of a maximum of 10% of the loan amount per month of delay. Interest on the unpaid amount will continue to be accrued post the due date at the rate quoted at the time of loan disbursal (up to a maximum of 15%)
3.3. Busiyard may increase or decrease the loan rate and fee from time to time. Such a change in loan rate and the fee will be communicated to the Borrower and the public via our platforms and will take effect from the next loan contract.
3.4. If the borrower wishes to liquidate the loan facility before the closure date (final due date), the borrower may contact Busiyard to understand the reduction in the total amount to repay, given that the loan is being terminated early.
4. BORROWER’S OBLIGATIONS:
4.1. Borrower agrees to fill out the application form (as provided) with accurate information and details as required.
4.2. Borrower agrees to give Busiyard authentic and up-to-date personal details, contact details, phone and financial records that we may reasonably request and analyze, from time to time.
4.3. To pay to Busiyard, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender. Borrower promises to pay these amounts as agreed in this Agreement on or before the
Payment Due Date. 4.4. In the event that the borrower defaults in repaying the loan, Busiyard reserves the right to use any means available and necessary, within the ambit of the law, financial and otherwise, to recover the loan and associated penalty (in terms of value) that comes with borrower’s default.
4.5. Subject to 4.4 above, the borrower hereby agrees to indemnify Busiyard against any and all cost, losses, liabilities or damages including (legal fees) that may arise in the recovery of the loan caused by the borrower’s default
to repay the loan.
4.6. The Borrower shall indemnify and hold harmless Busiyard and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities, and
expenses (including, without limitation, counsel’s fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any
Indemnified Person as the result or arising from:
➢ 4.6.1 credit having been extended, suspended, or terminated under this Agreement, or
➢ 4.6.2 any loan documents and the administration of such credit and in connection with or arising from the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection
therewith and any legal costs and expenses arising from or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”);
➢ 4.6.3 provided that the Borrower shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person’s gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction.
4.7. Borrower agrees not to give us false information or signatures, electronic or otherwise, at any time.
4.8. Borrower agrees to promptly notify us of any change of borrower’s name, mailing address, e-mail address or telephone number.
4.9. Borrower agrees to pay a Late Fee or Penalty Fee as may be provided in these terms and conditions.
4.10. To honor any other promises that you make in this Agreement.
4.11. To give the Lender legal authority to deduct full repayment before due date where it is established that the loan was obtained fraudulently.
4.12. To give the Lender legal authority to deduct full repayment and penalty after due date where it is established that the borrower’s default of repayment is intentional and bears a fraudulent nature. 

5. GUARANTOR’S OBLIGATIONS
5.1. Guarantor hereby consent to guarantee the borrower in the loan contract
and application for a loan
5.2. Guarantor hereby acknowledges that the borrower is well known.
5.3. Guarantor hereby agrees to fill out the application form (as provided) with accurate information and details as required.
5.4. Guarantor hereby agrees not to give us false information or signatures, electronic or otherwise, at any time.
5.5. Guarantor hereby agrees to promptly notify us of any change of guarantor’s name, mailing address, e-mail address or telephone number.
5.6. If the borrower defaults in repaying the loan, Busiyard reserves the right to use any means available and necessary, within the ambit of the law, financial and otherwise, to recover the loan and associated penalty (in terms of value) that comes with borrower’s default.
5.7. Subject to 5.6 above, Guarantor hereby agrees to be held responsible and repay the loan, interest and penalty and to indemnify Busiyard against any and all cost, losses, liabilities or damages including (legal fees) that may
arise in the recovery of the loan caused by Borrower’s default to repay the loan.
5.8. The Guarantor shall indemnify and hold harmless Busiyard and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, counsel’s fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of:
➢ 5.8.1 credit having been extended, suspended, or terminated under this
Agreement, or
➢ 5.8.2 any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection
therewith and any legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”);
➢ 5.8.3 provided that the Guarantor shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified
Person’s gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction.6. OBLIGATIONS OF BUSIYARD:
6.1. To make available the loan/credit facility to the Borrower of a figure not less than ₦5,000.00 (Five Thousand Naira only).
6.2. To perform above upon confirmation of the Borrower’s identity and personal information.
6.3. To conduct investigations on the Borrower prior to the approval of the loan
contract.
6.4. To demand repayment for the Borrower as and when due.
6.5. To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the transaction fees and any other penalty fee imposed on the Borrower as a result of the loan.
6.6. The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
7. DEFAULT OF PAYMENT:
Default of Payment shall arise in this agreement if:
7.1. The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan agreed to in the loan contract.
7.2. Any representation/information, warranty or assurance made or given by
the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower/Guarantor is later discovered to be materially incorrect; or
7.3. The Borrower does anything which may prejudice the Lender’s rights in terms of this Agreement or causes the Lender to suffer any loss or damage.
7.4. Subject to 7.1, 7.2, 7.3 above, Busiyard reserves the right to assign its right, title and interest under the Agreement to an external Collection Agency that will take all reasonable steps to collect the outstanding loan amount.
7.5. Busiyard also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
7.6. The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and
all suits, actions, proceedings, claims, damages, losses, liabilities and
expenses (including, without limitation, counsel’s fees and disbursements
and other costs of investigation or defense, including those incurred upon
any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of:
➢ 7.6.1 credit having been extended, suspended, or terminated under this Agreement, or
➢ 7.6.2 any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection
therewith and any legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”);
➢ 7.6.3 provided that the Borrower shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified
Person’s gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction.
8. VALIDITY:
Once this contract is signed, it becomes solely valid for the period of the loan duration which covers, but not limited to, the entire period of full loan repayment, with the duration of payment default and loan recovery by Busiyard.
9. FULL UNDERSTANDING:
9.1. The latest edition/signature of this contract, executed by each party, represents the full understanding between the parties and supersedes all other verbal or written undertakings. All statements and representations
are made without any omission of material fact and with full corporate and legal responsibility under penalty of perjury.
9.2. The Parties hereto accept that should the present Agreement partially or in full be found invalid or unenforceable pursuant to judicial decree or by virtue of any regulations related to the provisions of loan, this Agreement
shall be reconstructed upon mutual consent and agreementof both Parties to this loan agreement.
9.3. Until the physical exchange of original hard copies, the acknowledged copies of this Agreement via email, our website, app and other platforms proved to be associated with Busiyard shall be deemed original.
10. COMMUNICATION:
10.1. Any notice to be given hereunder from one party of the borrower, guarantor(s) or Busiyard to the other shall be in writing and shall be delivered physically or by e-mail to e-mail address of the respective Party
as provided herein. The Parties agree that acknowledged e-mail or physical copies are treated as legally binding original documents. E-mail copies scanned and sent on e-mail as photo, of this Agreement and exchange of
correspondence dulysigned and/or executed shall be deemed to be original and shall be binding and are regarded as original andgood for any legal purpose.
10.2. EDT-Electronic Document Transmittal & Counterparts: This Agreement may be executed in multiple copies at different times and places, each being considered original and binding. All facsimile /electronic
transmittal/communications, including electronic signature, relating to this Agreement and which are mutually accepted by the Parties, shall be deemed legally binding and enforceable documents for the duration of the transaction.

10.3. If you wish to contact us, or if any condition in these Terms and Conditions requires you to give notice to Busiyard, you may send such communication to us by e-mail to info@busiyard.com or to such e-mail address that may be
communicated to you from time to time. We will confirm receipt of this by contacting you in writing by e-mail.
10.4. If we must contact you or give you notice in writing, we may do so by posting such notice on our website; the App, by e-mail or SMS to the mobile phone number or e-mail address you provided to us.
11. TERM OF AGREEMENT
This Agreement is a full recourse commercial commitment enforceable under the laws of the jurisdiction of the country the loan services are being provided. And, said law shall govern the interpretation, enforceability, performance, execution, validity and any other such matter of this agreement, which shall remain in full force and
effect until completion of the duration of the agreement and it is legally binding upon the Parties signatories.
12. LAW AND ARBITRATION
12.1. This Agreement is a full recourse commercial commitment enforceable under the laws of the jurisdiction of the countries where the loan services are being provided, and any dispute is to be resolved under the rules for
arbitration of its governing countries unless the Injured- Party takes legal action in a court of jurisdiction. Injured Party may choose, which shall govern the interpretation, construction, enforceability, performance, execution, validity and any other such matter regarding this Agreement.
12.2. The Parties hereto acknowledge and agree that any discrepancy and/or dispute in the application of this Agreement will be solved amicably. If it is not possible, the arbitration procedure is to be followed.
12.3. This Agreement is intended to be performed in accordance with, and only to the extent permitted by all applicable laws of jurisdiction, ordinances, rules and regulations. If any provision of this Agreement be considered invalid or unenforceable, then, the remaining part of this Agreement shall not be affected (if agreeable by both Parties) and shall be enforced to the greatest extend permitted by law. Furthermore, we, the undersigned Parties, hereby attest that the information provided by herein is accurate and true, and by affixing our signatures /initials/seals to this Agreement .