Terms & Conditions
Loan Contract
Borrower’s Obligation
1. The borrower(s), as referred to herein, hereby agrees under contract to borrow the principal loan sum of _________________ which is to be repaid over _________ fortnightly / monthly
instalments of ____________________. The first fortnightly / monthly instalment is to be deducted at settlement with subsequent instalments to commence on the following pay day on
or about the __________________ day of ____________________________20 _________ until such time that the loan amount inclusive of principal, interest and any fees is paid in full
2. The borrower agrees to meet instalments in full on the due dates in the manner described in the contract.
3. The borrower is to immediately advise National Finance (NF) of any change in residential address, employment or contact details.
4. Should the borrower retire, resign from, or be terminated by their employer for any reason whatsoever, any final entitlements with their employer shall, in the first instance be directed to
NF to meet associated debt obligations without reference to the borrower.
5. National Finance or NF refers to either National Finance Limited or National Finance (SI) Limited or Natfin Finance Limited.
Interest Rate
6. Interest will be charged on the loan at a flat rate of ___________________ percent per fortnight / month on the Gross Loan. If the Gross Loan has not been fully paid by maturity date,
interest will continue to be charged at the same rate and debited to the loan each fortnight / month until such time as the Gross Loan has been repaid in full. The interest rate is fixed for
the term of the loan
Fees
7. The borrower(s) acknowledge the following fees apply to this loan.
a) Loan Processing Fee as applicable from time to time and detailed on the front page of the loan application.
b) Default Fee – A Default Fee as applicable from time to time will be charged on the loan each time a required payment is not paid on the date it is due.
c) Statement Fee – A statement fee for a printed statement will apply as applicable from time to time. Statements provided by email will be fee free
b) Default Fee – A Default Fee as applicable from time to time will be charged on the loan each time a required payment is not paid on the date it is due.
c) Statement Fee – A statement fee for a printed statement will apply as applicable from time to time. Statements provided by email will be fee free
Default
8. An act of default will be deemed to have taken place under the following circumstances:
a) The borrower fails to repay any component of principal or interest on the due date in terms of financial agreement.
b) The borrower provides false information or data in relation to this agreement.
c) The borrower becomes insolvent or is declared bankrupt.
d) The borrower is unemployed for a period of six (60) consecutive days.
b) The borrower provides false information or data in relation to this agreement.
c) The borrower becomes insolvent or is declared bankrupt.
d) The borrower is unemployed for a period of six (60) consecutive days.
9. Should the borrower commit an act of default as defined above, all monies owing to NF become due and payable on demand
10. The borrower may incur additional legal and administration expenses should the loan fall in default as defined under Clause 6 sub clauses a), b), or c). Such expenses and costs include
associated expenses reasonably incurred by NF when exercising its rights of enforcement and/or all other expenses and damages incurred by NF as a direct or indirect result of the
borrower breaching this contract. Such expenses may be added to the existing balance at any time at the discretion of NF.
11. In addition to any other process service modes, the borrower shall accept service of Originating Process and all legal documents via his/her e-mail address or postal address stated in
this Loan Application Form.
12. NF may in its absolute discretion assign to a third party, any debt owed by the borrower under this contract, pursuant to Section 3 of the Mercantile Act 1953.
Loan Protection Cover
13. Upon production of a certified copy of the borrower(s)’ death certificate the loan protection fee will be applied in satisfaction of the outstanding loan balance.
Claims will not be accepted in the following circumstances:
a) Death occurs within the first 30 days of obtaining the loan.
b) Death by suicide.
c) Death by pre-existing medical condition, HIV/AIDS, COVID-19 or any other illness or disease declared to be a global pandemic.
d) The loan is a secured loan.
e) The loan exceeds K20,000.00 base loan or foreign currency equivalent.
f) In the case of joint borrowers, the death of one borrower.
g) The death of any Guarantor (if applicable).
h) If the loan is in default or is deemed to be a bad debt.
In all such cases listed in Clause 14, NF reserves the right to recover the outstanding loan balance from employment entitlements and superannuation entitlements
Assignment
14. I hereby irrevocably assign to NF, all entitlements and/or savings from those entities listed below in relation to monies I owe or guarantee to National Finance Limited
Finish Pay and Entitlements
Other (Specify) ______________________________________________________________________________________
Other (Specify)
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