LOAN AGREEMENT
Date: DATE_PLACEHOLDER
This loan agreement between ZARA CAPITAL LIMITED (Lender) and NAME_PLACEHOLDER Of ID No. ID_PLACEHOLDER on this day. (date as above)
In consideration of the lender loaning some money to the borrower, which the borrower borrowed through our application (ZARA CASH) downloaded from Google play store, the parties agree to keep, perform and fulfill the promises set out in this agreement.
1. Loan amount and interest
The Lender agrees to lend kes. AMOUNT_PLACEHOLDER to the borrower and the borrower promises to pay this principal amount to the lender, with interest payable at the rate of sixteen percent (16%) per month, calculated monthly beginning today.
A processing fee of two percent (2%) shall be charged on the total amount borrowed.
A further twenty percent (20%) excise duty fee shall be charged on the processing fee amount.
2. Payment
This loan will be repaid as per the borrower’s request on the application.
- If one month, – on the same date (as today) next month.
- If two months – in two instalments the same dates (as today) each month consecutively starting next month.
- If three months – in three instalments the same dates (as today) each month consecutively starting next month.
Both the processing fee and excise duty shall be deducted upfront.
At any time while not on default under this agreement, the borrower may make lump sum payments or pay the outstanding balance then owing under this agreement to the lender without further bonus or penalty.
3. Default
Notwithstanding anything to the contrary in this agreement, if the borrower defaults in the performance of any obligation under this agreement, then the lender may declare the principal amount owing and the interest due under this agreement at that time to be immediately due and payable.
4. Governing Law
This agreement shall be construed in accordance with and governed by the laws of the republic of Kenya.
5. Costs
The borrower shall be liable for all costs, expenses and expenditure incurred including without limitation, the complete legal costs of the lender incurred by enforcing this Agreement as a result of any default by the borrower. And such costs will be added to the principal then outstanding and shall be due and payable by the borrower to the lender immediately upon demand of the lender.
6. Amendments
These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
7. Entire Agreement
This Agreement, together with our Privacy Policy and Terms and Conditions sets out the complete terms and conditions (the “Terms and Conditions”) which shall be applicable to the Account (as hereinafter defined) opened by you with ZARA CASH.