This Payday Loan Contract template is designed for use by licensed financial institutions and money lenders operating in Nigeria who offer short-term, high-interest loans to employed individuals. The document is structured to comply with Nigerian federal and state-level regulations, including the Money Lenders Law, Banks and Other Financial Institutions Act (BOFIA), and Central Bank of Nigeria guidelines. It should be used when providing loans that are intended to be repaid on the borrower's next payday, typically within 30 days. The contract includes mandatory disclosures, interest rate calculations, repayment terms, default provisions, and data protection clauses. It is particularly relevant for regulated financial institutions seeking to offer compliant payday loan products in the Nigerian market.
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1. Parties: Identification of the lender and borrower with full legal names, addresses, and contact details
2. Background: Brief context explaining the purpose of the agreement and that the borrower has requested a short-term loan
3. Definitions: Key terms used throughout the agreement including 'Loan Amount', 'Interest Rate', 'Repayment Date', 'Default', etc.
4. Loan Details: Specific details of the loan including principal amount, interest rate, APR, and total amount payable
5. Repayment Terms: Clear specification of repayment date, method of payment, and payment processing details
6. Interest and Charges: Detailed breakdown of interest calculation, additional charges, and fees in compliance with CBN guidelines
7. Representations and Warranties: Borrower's confirmations regarding their ability to repay, employment status, and accuracy of provided information
8. Default and Consequences: Definition of default events and consequences, including additional charges and collection procedures
9. Data Protection: Provisions for handling personal data in compliance with NDPR
10. Governing Law: Specification that Nigerian law governs the agreement and relevant jurisdiction
11. Termination: Circumstances under which the agreement can be terminated and the consequences
1. Security: Include when the loan requires any form of security or collateral
2. Insurance: Include when loan protection insurance is offered or required
3. Electronic Communications: Include when parties agree to electronic notifications and communications
4. Early Repayment: Include when early repayment options are offered with any associated terms
5. Guarantor: Include when a guarantor is required for the loan
6. Assignment: Include when either party may need to assign rights under the agreement
1. Schedule 1 - Loan Summary: Key financial information including loan amount, interest, fees, and APR in tabular format
2. Schedule 2 - Repayment Schedule: Detailed breakdown of repayment date and amount
3. Schedule 3 - Fee Schedule: Comprehensive list of all applicable fees and charges
4. Appendix A - Required Documents: List of documents required from borrower (ID, proof of income, bank statements)
5. Appendix B - Direct Debit Authorization: Form for setting up automatic repayment if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Consumer Finance
Microfinance
Consumer Credit
Retail Banking
Alternative Lending
Relevant Teams
Legal
Compliance
Credit Risk
Operations
Customer Service
Collections
Retail Banking
Product Development
Documentation
Regulatory Affairs
Relevant Roles
Loan Officer
Credit Manager
Compliance Officer
Legal Counsel
Risk Manager
Branch Manager
Financial Services Manager
Collections Officer
Customer Service Representative
Operations Manager
Credit Risk Analyst
Regulatory Affairs Manager
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