Terms And Conditions

Corporate Account Terms & Conditions

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TERMS & CONDITIONS FOR PAYDAY LOAN FOR COPORATE ORGANISATIONS


Introduction
Vuvaa is a leading provider of financial and lifestyle solutions; in partnership with other financial solutions company is dedicated to helping individuals and businesses achieve their goals. With a commitment to integrity, innovation, and customer service excellence, we strive to be your trusted partner in financial success.

At Vuvaa, we offer a comprehensive range of life style services and lending products tailored to meet your unique needs. Whether you're looking for a personal loan to fund a major purchase or a business loan to expand your operations, our team of experienced professionals is here to help.

Our mission is to empower our clients to achieve their dreams by providing flexible and affordable financial solutions. We understand that every financial situation is different, which is why we take the time to understand your needs and offer personalized solutions that work for you.

With a focus on transparency and responsible lending practices, Vuvaa is committed to building long-term relationships with our clients based on trust and mutual respect. We are proud to have helped thousands of individuals and businesses achieve their financial goals, and we look forward to helping you do the same.

Contact us today at [email protected] to learn more about our products and services and discover how we can help you achieve financial success.

Acceptance of Terms
By accessing the platform, you are deemed to have read, understood and agreed to the terms. Vuvaa may at any time modify any of the terms and such modification will supersede and replace any previous terms. The amended terms will be made available on the platform. Each time you access the platform, you agree to be bound by the terms, as they have changed. If you do not accept these terms and conditions, please do not continue to use this platform. Please note that the terms and conditions stated in this document refer to the use by you of this platform and are not related to any commercial agreement concluded between you and Vuvaa.


Eligibility Criteria:
An SME’S with a Physical address with at least an employee of two (2) and above
Must have completed, submitted the CAC document and approved from our company (Lender) after thorough verification of document submitted and as well the financial stability of such SME’S.


The company employee must have been receiving salary through VUVAA for eligibility.

Application Process
Application is done on the VUVAA app with a processing fee of NGN500 in which approval will be done by the Employer and Loan is disbursed instantly.

Loan Amount and Terms
Every eligible employee as approved by the employers is eligible to take 40% or less of their monthly salary but can be increased to maximum of 60% by the employer which is repaid at the end of the month once salary is being received through VUVAA with an interest rate of 5%.
The said PAYDAY LOAN repayment is monthly; within the same month of disbursement upon salary payment.

Disbursement and Repayment
After application, approval is done by the employer (Your company) & Loan is disbursed instantly to the employee’s VUVAA wallet in which repayment is done the same month of disbursement upon the employee salary payment for that month instantly from employee’s VUVAA wallet.

Indemnity and Guarantee
The Company (Employer) serve as a guarantor to their employees and an indemnity form will be signed in regards to that to cover for any defaulters thereby ensuring the employer scrutinized their employee before approving for eligibility of their staff.
NB: In-case of any default such as payment of employee salary spilled beyond few weeks and delayed up to the end of the following month or any other situation as it may thereby delay loan repayment shall attract additional 10% interest rate payable monthly.

Default and Remedies

  • Failure to meet repayment obligations: If your company fails to make timely repayments as per the loan agreement, the lender may have the right to terminate the loan program.
  • Breach of loan agreement: If your company breaches any other terms of the loan agreement, such as violating covenants or providing false information, the lender may terminate the loan program.
  • Insolvency or bankruptcy: If your company becomes insolvent or files for bankruptcy, the lender may have the right to terminate the loan program.
  • Change in circumstances: The loan agreement may include provisions allowing either party to terminate the agreement in certain circumstances, such as changes in the company's financial condition or business operations.

Process for Termination:

  • Notification: The lender would typically provide written notice to the company informing them of the termination of the loan program.
  • Wind-down period: The loan agreement may specify a wind-down period during which your company can repay any outstanding balances and wind down its participation in the loan program.
  • Settlement of accounts: Your company would be required to settle any outstanding balances and fees as per the terms of the loan agreement.
  • Legal considerations: Depending on the jurisdiction and the terms of the loan agreement, there may be legal considerations to take into account when terminating a loan program, such as compliance with consumer protection laws and regulations.


Confidentiality
We ensure that all personal or financial information provided by your organization or your employees is kept confidential and used only for the purpose of processing the loan application.


Compliance
We Ensure that the terms and conditions comply with all relevant laws and regulations, including those related to lending practices and consumer protection.


Governing Law
The law of the Federal Government of Nigerian is adopted to govern this agreement,
in case of any disputes.


Disputes Resolution
Any dispute, controversy or claim arising under, out of or relating to this Transaction and any subsequent amendments of this Agreement including, without limitation, to its formation, validity, binding effect, interpretation, performance, breach or termination, as well as claims, shall be resolved by a court of competent jurisdiction.
In a situation whereby dispute arises as a result of default from the applicant/employee, the 10% interest rates shall remain valid monthly until the matter is determined by the Court.