EaseMoni Terms of Service
Effective Date: September 30, 2022
The EaseMoni Terms of Service (the "Terms") is a binding contract between Blue Ridge Microfinance Bank Limited, or other related Platforms (hereinafter collectively referred to as "EaseMoni","we",“us”), and users ("you",“your”) regarding the usage of the EaseMoni Service (the "Service").
By clicking“Agree”, “apply now” or any other related icon, and using the Service, you indicate that you accept the Terms. Notwithstanding, if you are under eighteen (18) years of age, you may not use the Service.
Kindly take your time to read all contents of these Terms (especially segments that are highlighted, underlined, or in bold) before accepting. If you do not agree with any portion of these Terms, or do not understand the meaning of a provision accurately, please do NOT click agree or perform any follow-up actions. Such actions will be deemed an inferred acceptance of the Terms. Should You have any questions regarding any of the provisions of these Terms, please reach us via our customer service channels for onward clarification of such provisions.
We reserve the right to update these Terms from time to time. When this happens, we will communicate the changes to you. Your continued use of this Service after changes to the Terms are announced and come into effect shall indicate that agree to be bound by the latest version. It is your responsibility to acquaint yourself with the communicated changes.
EaseMoni: this refers to the loan service through which you (as our customer) may select and apply for loan according to these Terms. You may select from a range of loan products, with attendant terms and conditions associated with each kind of loan on our platform.
Platform: refers to any of our outlets, including our website, including any sub-domains thereof, web, mobile (or other) application channels, from which you may access the products of EaseMoni.
Designated Account: refers to your account information connected to your application, use, and termination of this service.
EaseMoni Account: this refers to the account you created on our platform in order to use the Services. You fully acknowledge that this account will be used through-out the process of the application.
Interest Rate: this refers to interest charges connected with which loan product you opt for. The interest rate will be clearly stated on our Platform and on each loan product page, prior to your subscription to the Service.
Instructions: refer to the instructions (including, but not limited to information transmission instructions, authorization instructions, etc.) issued to EaseMoni through a designated account, a payment password or in accordance with any other method agreed to in these Terms. For the avoidance of doubt, all instructions and its contents are irrevocable and changeable, unless expressly stipulated otherwise in accordance with some agreement with us.
Credit Limits: Refers to the EaseMoni amount that you are eligible to.
Repayment Amount: refers to the sum of your accumulated overdue EaseMoni principal, interests, rollover fee and other payables (if any) that must be repaid on the repayment date.
2. Your EaseMoni Account
You must be registered on our Blue Ridge Platform to access or use Services. Except we grant an exception, a user may only register an EaseMoni account on our Platform with one BVN. We reserve the right to cancel or terminate your EaseMoni account if we find you in breach of this term.
Upon registration on the Blue Ridge Platform, we shall assign an account and issue a member ID and password [to be created during registration) to you. A set of EaseMoni ID and password is unique to a single account. You shall be solely responsible for maintaining the confidentiality and security of Your EaseMoni ID and password and for all use of and activities that occur under your account (whether such use or activities are authorized or not).
Your account is non-transferable. You cannot sell, combine, or otherwise share it with any other person. Any violation of these Terms will disqualify your account from a “good standing” status, and/or may ultimately result in a cancellation of the account at our sole discretion. Where your account is canceled, you may forfeit any pending, current, or future account credits, and any other forms of unredeemed value in your account. Upon termination, the provisions of these Terms which, by their nature, are intended to survive termination (e.g., any disclaimers, all limitations of liability, and all indemnities) shall survive. We further reserve the right to change or discontinue any aspect or feature of our services or the Platform, including, without limitation, requirements for use.
3. Credit and Amount
By registering an EaseMoni Account and subscribing to one of its loan products, you agree that we:
are entitled to receive any document or information, including but not limited to BVN information, face recognition information, wallet account information, employment details, salary payment history, loans and other related data – all which we need to create your account and effectively manage your loan lifecycle;
may conduct any enquiry necessary to establishing patterns, scoring models, etc., in a bid to determine what loans we may offer to you, including a credit bureau check, salary and employment check, loans and other related data check from relevant third parties; and
may contact you [by SMS or email or any other methods where applicable] regarding application, or in connection with any loan that may be subsequently approved.
Where applicable, you also consent to the loan repayment amounts being deducted from your salary at source before being credited to your account and any outstanding loans being recovered automatically from any BVN accounts linked to you in the case of default.
By clicking Sign Up, you consent to Blue Ridge Microfinance Bank Limited obtaining information from relevant third parties as may be necessary, on your employment details, salary payment history, loans and other related data, to make a decision on your loan application. You also consent to the loan amounts being deducted from your salary at source before credit to your account; and any outstanding loans being recovered automatically from any BVN accounts linked to you in the case of default.
EaseMoni Credit Limits: Your EaseMoni Credit Limits refer to the maximum line of loans/credit approved by us based on Your credit status. It can be used cyclically during the validity period of the line of credit. You may log into your EaseMoni Account at any time and check your credit line. You fully understand that we may adjust the credit line at any time according to your credit status. From the Credit Limits page, you will see the amount associated with each loan type.
Validity period of credit line: refers to the period within which you may apply for a EaseMoni Credit Limits from our Blue Ridge Platform within the credit line. The initial credit limit is valid for one year from the effective date of the Terms. Before the expiration of the validity of the credit limit, if both parties have no objection, it can be automatically extended for one year from the expiration date. The number of extensions is unlimited.
Credit review: EaseMoni has the right to review your application on a case-by-case basis, and independently determine whether it is approved.
4. Cost of EaseMoni Services
The following costs of EaseMoni Services are payable, some of which may be specified on Your quotations or bills sent to You:
Interest: which is calculated on a one-time basis according to the duration of your loans. You fully understand that the interest rate varies according to your agent level as well as your loan type. We will clearly indicate the applicable interest rate for each product which will inform which EaseMoni product you subscribe to on our Platform.
Rollover Fee:This fee applies when you do not repay on the loan due date, leading to your loan being automatically extended for a period.
Other Fees: Any other administration costs, taxes or other charges, inclusive of any bank charges, which may arise from your debit order instruction in respect of successful and/or failed debit order deductions.
The repayment method for this service shall be stated as follows:
You can choose the method that suits you for repayment in the EaseMoni app or the opay app. You can either repay in full or make a partial payment. You can clearly see the repayment history and overdue amounts displayed on the page after clicking repay icon.
6. Use of Personal Information
7. Representations and Warranties
You represent and warrant that:
All the information that You have given Us is true and current in every respect and that We may rely on it;
In the event of a default, you agree that we may contact you at the contact information provided, on any day of the week;
If there are insufficient funds in the bank account under your BVN to meet the debit order obligations, you agree that we may track your bank account behaviour and re-present the instruction for payment in the bank account at any time thereafter (if applicable);
When you change your bank account details, it will simply be incorporated by way of an update; and you authorise us to apply those bank account changes to any agreement you have concluded with us (including these Terms);
These Terms (inclusive of any other policies, terms, bills related to these Terms) shall constitute the entire Terms between You and Us. These electronic Terms is provided and concluded in accordance with any applicable laws, and the terms and conditions contained herein are valid, binding and enforceable between You and Us. If any provision of these electronic Terms, or any portion thereof, is held to be invalid and/or unenforceable for any reason whatsoever, then the remainder of these Terms shall neverthelessremain in full force and effect.
8. Events and Results of Default
Each of the following events and circumstances shall be an Event of Default:
Non-repayment: You fail to pay any sum payable under these Terms by the end of the Rollover Period;
Other obligations: You fail duly and punctually to perform or comply with any of your respective obligations or undertakings under these Terms or any other policies, terms, rules that earlier or contractually accepted to obey in full.
Suspension of payments: You stop or suspend payments generally or are unable to, or admit your inability to pay your debts following which they fall into default, and/or you become legally designated/declared as bankrupt;
If an Event of Default has occurred We may, by sending notice to You:
attach declare the EaseMoni amount you have used, accrued interest and all other sums payable hereunder to be, whereupon they shall become, immediately due and payable without further demand, notice or other legal formality of any kind;
9. Taxes and Other Deductions
All sums payable under these Terms shall be paid in full without set-off or counterclaim or any restriction or condition and free and clear of any tax or other deductions or withholdings of any nature. If we (or any other person) are required by any law or regulation to make any deduction or withholding (on account of tax or otherwise) from any payment for our account, you agree to (in accordance) pay such additional amount, provided that this is without prejudice to our right to fully recover the loan sum, plus other receivables in accordance to the loan product you purchased.
10. Governing Law and Arbitration
These Terms and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of Nigeria.
Both Parties irrevocably agree that any dispute arising out of or relating to these Terms which cannot be resolved through negotiations may be brought to Chartered Institute of Arbitrators (UK), Nigerian Branch, the arbitration rules of which shall be applied and the award shall be final and binding on both parties.
If You have any questions regarding privacy issues, please contact us through: firstname.lastname@example.org. .