Terms & Conditions
M’Kwaanime Financial Services (MKFS)
1. Definitions & Interpretations
1.1 The Borrower – The individual or entity applying for and receiving loan funds.
1.2 The Capital – The principal amount lent by the Lender to the Borrower, inclusive of any applicable fees and charges.
1.3 The Lender – M’Kwaanime Financial Services (MKFS).
1.4 Loan – The total amount disbursed to the Borrower by the Lender.
1.5 Schedule – The loan details, including the amount, repayment terms, interest rates, and installment structure.
1.6 Outstanding Balance – The remaining unpaid portion of the Loan, including interest, fees, and charges.
1.7 Early Settlement – Full repayment of the Loan prior to the agreed-upon end date.
2. Debit Order Instruction
2.1 Authorization
The Borrower authorizes the Lender and its authorized agents to deduct scheduled loan repayments from the bank account provided.
2.2 Insufficient Funds
If there are insufficient funds, the Lender may initiate partial deductions or adjust collection schedules to recover arrears.
2.3 Payment Date Changes
The Lender may amend the payment date to align with salary payment dates without prior notice to the Borrower.
2.4 Bank Charges
The Borrower agrees to cover any bank fees or penalties incurred due to failed debit orders.
2.5 Account Changes
The Borrower must inform the Lender promptly of any changes to their banking details.
3. Loan Agreement
3.1 Loan Acknowledgement
The Borrower acknowledges receipt of the loan amount and agrees to repay it in accordance with the Schedule.
3.2 Loan Schedule Updates
The Borrower must request an updated repayment schedule if not received within two (2) business days post-disbursement.
3.3 Employment Confirmation
The Borrower confirms they are currently employed and is able to repay the loan borrowed.
3.4 Loan Disbursement
The Loan may be issued via E-wallet, pay to cell and the retain electronic transfer as selected by the Borrower.
3.5 Payment Obligations
The Borrower authorizes the deduction of loan repayments and acknowledges their responsibility to maintain sufficient account funds.
3.6 Liability for Costs
The Borrower is liable for any legal or debt collection costs resulting from non-payment or breach of agreement.
3.7 Credit Reporting
The Lender reserves the right to report the Borrower’s payment behavior to registered credit bureaus.
3.8 Settlement and Arrears
Early settlement requires prior notice and may include applicable fees. Arrears will attract interest as per the Schedule.
4. Legal Provisions
4.1 Jurisdiction
This agreement is governed by the laws of the Republic of Namibia. All disputes shall be subject to the jurisdiction of Namibian courts.
4.2 Notices
The Borrower must provide updated contact information within fourteen (14) days of any changes. Communications may be sent electronically.
4.3 Scanned Copies
Scanned or digitally imaged versions of this agreement are legally binding and enforceable.
4.4 Privacy Consent
The Borrower consents to the collection and use of personal information for purposes including loan processing, debt collection, marketing, and internal research.
4.5 Employer Communication
The Borrower authorizes the Lender to verify employment and salary information with their employer when necessary.
4.6 Termination
The Borrower may cancel this agreement within one (1) business day of loan approval. After this period, the agreement becomes final and binding.
5. Final Agreement
5.1 Agreement Binding
These Terms & Conditions represent the entire agreement between the Borrower and the Lender, superseding any previous discussions or agreements.
5.2 Borrower Declaration
By signing or accepting this agreement, the Borrower confirms that they have read, understood, and agreed to be bound by these Terms & Conditions.
Note: M’Kwaanime Financial Services (MKFS) reserves the right to amend these Terms & Conditions at any time without prior notice. Borrowers are encouraged to review these terms regularly.