@Amo-Omo Business Loan Terms & Conditions


1. Definitions & Interpretations

1.1 The Borrower – The registered business entity borrowing funds from the Lender.

1.2 The Capital – The principal amount lent by the Lender to the Borrower, including applicable fees and charges.

1.3 The Lender – @Amo-Omo, the provider of business financing solutions.

1.4 Loan – The total sum advanced to the Borrower by the Lender as per the agreement.

1.5 Schedule – The loan details, including amount, repayment terms, interest rates, and installments, forming part of this agreement.

1.6 Outstanding Balance – The remaining balance of the Loan, including fees, interest, and charges owed by the Borrower.

1.7 Early Settlement – Full repayment of the Loan before the scheduled term.

1.8 Business Days – Any day excluding weekends and public holidays.


2. Loan Agreement

2.1 Loan Acknowledgment – The Borrower acknowledges receiving the Loan amount and agrees to repay it as specified in the Schedule.

2.2 Use of Funds – The Borrower agrees to use the Loan solely for business purposes and not for personal expenses.

2.3 Loan Disbursement – The Loan may be disbursed via electronic transfer to the Borrower’s designated business bank account.

2.4 Payment Obligations – The Borrower is responsible for ensuring sufficient funds are available for scheduled repayments.

2.5 Interest & Fees – The Loan carries an interest rate and processing fees as specified in the Schedule.

2.6 Liability for Costs – The Borrower is liable for any legal or collection costs incurred due to non-payment or default.

2.7 Credit Reporting – The Lender reserves the right to report the Borrower’s repayment behavior to credit bureaus.

2.8 Arrears & Penalties – Late payments will attract additional charges as detailed in the Loan Schedule.

2.9 Security & Guarantees – Where applicable, the Borrower may be required to provide security or a business guarantee for the Loan.


3. Repayment Terms

3.1 Repayment Schedule – The Borrower must adhere to the agreed-upon repayment schedule outlined in the Loan Schedule.

3.2 Debit Order Authorization – The Borrower authorizes the Lender to deduct loan repayments directly from their business bank account.

3.3 Insufficient Funds – If funds are insufficient, the Lender reserves the right to attempt collection at a later date or impose penalty fees.

3.4 Early Settlement – The Borrower may repay the Loan before the due date, subject to potential settlement fees as outlined in the Schedule.

3.5 Default & Collection – In the event of default, the Lender may initiate legal proceedings or engage third-party debt collectors to recover outstanding amounts.


4. Legal Provisions

4.1 Jurisdiction – This agreement is governed by the laws of Namibia. Any disputes will be resolved under Namibian court jurisdiction.

4.2 Notices & Communication – The Borrower agrees to receive notices electronically via email or SMS. Any changes to contact details must be reported within 14 business days.

4.3 Privacy & Data Use – The Borrower consents to the Lender collecting and storing business and financial information for loan administration, credit evaluation, and marketing purposes.

4.4 Employer & Third-Party Communication – The Lender reserves the right to contact relevant third parties, including suppliers and business partners, to verify financial stability.

4.5 Termination & Amendments – The Lender reserves the right to update these terms without prior notice. The Borrower may terminate this agreement within one (1) business day of loan approval, after which the agreement is irrevocable.


5. Final Agreement

5.1 Binding Agreement – This agreement constitutes the entire understanding between the Borrower and the Lender and overrides any previous agreements or representations.

5.2 Borrower Declaration – The Borrower confirms they have read and understood these terms and agree to abide by them.

@Amo-Omo reserves the right to update these terms periodically. Borrowers are encouraged to review the terms regularly.

 

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