Terms of Service

These Terms of Service (“Terms”) govern your access to and use of the CrediSurge lending platform, website, and mobile application operated by CrediSurge Lending Limited (“CrediSurge,” “we,” “us,” “our”). By using our services, you agree to these Terms.

1. About Us

CrediSurge Lending Limited is a company duly registered in Nigeria and licensed as a money lender under the laws of Lagos State. Our lending activities are regulated by the Lagos State Ministry of Home Affairs and applicable Central Bank of Nigeria (CBN) directives.

2. Eligibility

To use our services, you must:

• Be at least 18 years of age.
• Be a resident of Nigeria.
• Have a valid Nigerian bank account.
• Have a valid BVN (Bank Verification Number).
• Provide accurate and complete information during registration.
• Not be using our services for any illegal purpose.

3. Loan Application and Approval

3.1 Application: You may apply for a loan through our mobile application or website. You must provide accurate and complete information.

3.2 Credit Assessment: We will assess your creditworthiness based on the information you provide and data obtained from credit bureaus and other sources. We reserve the right to approve or decline any loan application at our sole discretion.

3.3 Loan Agreement: Upon approval, a loan agreement will be presented to you. The agreement will specify the loan amount, interest rate, repayment schedule, fees, and other terms. You must accept the agreement before funds are disbursed.

3.4 Disbursement: Approved loan funds will be disbursed to your nominated bank account. Disbursement times may vary depending on your bank.

4. Repayment

4.1 Repayment Schedule: You agree to repay the loan in accordance with the repayment schedule set out in your loan agreement.

4.2 Payment Methods: Repayments can be made through bank transfer, direct debit, or any other payment method we make available.

4.3 Early Repayment: You may repay your loan early at any time with no penalty. Interest will be calculated up to the date of early repayment.

4.4 Default: If you fail to make a payment when due, we may charge late payment fees as specified in your loan agreement. We may also report default to credit bureaus, which may negatively affect your credit score.

5. Fees and Charges

All applicable fees and charges will be clearly disclosed in your loan agreement before you accept it. These may include:

• Interest charges (calculated on a reducing balance basis).
• Processing fees (if applicable).
• Late payment fees (if applicable).
• Reversal fees for failed direct debits (if applicable).

We do not charge hidden fees. All charges are transparent and disclosed upfront.

6. Your Obligations

You agree to:

• Provide accurate, complete, and up-to-date information.
• Notify us promptly of any changes to your contact or financial information.
• Use the loan funds only for lawful purposes.
• Repay the loan in accordance with the agreed terms.
• Not use our services for money laundering, fraud, or any illegal activity.
• Not attempt to circumvent our security measures or access our systems without authorisation.

7. Privacy and Data Protection

Your privacy is important to us. Our collection, use, and processing of your personal data is governed by our Privacy Policy, which forms part of these Terms. We process your data in compliance with the Nigeria Data Protection Regulation (NDPR).

8. Intellectual Property

All content on our website and app, including text, graphics, logos, software, and trademarks, is our property or the property of our licensors. You may not reproduce, distribute, or create derivative works without our prior written consent.

9. Limitation of Liability

9.1 We provide our services on an “as is” and “as available” basis. We do not guarantee that our services will be uninterrupted or error-free.

9.2 To the maximum extent permitted by law, we shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising out of or relating to your use of our services.

9.3 Nothing in these Terms excludes or limits our liability for fraud, death or personal injury caused by our negligence, or any other liability that cannot be excluded under Nigerian law.

10. Termination

10.1 By You: You may stop using our services at any time. However, you remain obligated to repay any outstanding loan according to the agreed terms.

10.2 By Us: We may suspend or terminate your access to our services if you breach these Terms, engage in fraudulent activity, or if required by law. Termination does not affect your obligation to repay outstanding loans.

11. Changes to Terms

We may update these Terms from time to time. We will notify you of material changes by posting the updated Terms on our website and updating the “Last updated” date. Your continued use of our services after changes constitutes acceptance of the new Terms.

12. Governing Law and Dispute Resolution

12.1 Governing Law: These Terms are governed by the laws of the Federal Republic of Nigeria.

12.2 Dispute Resolution: If a dispute arises, we will first attempt to resolve it through informal negotiation. If the dispute cannot be resolved within 30 days, either party may refer the matter to mediation at the Lagos Multi-Door Courthouse (LMDC).

12.3 Jurisdiction: Any legal action arising out of these Terms shall be brought exclusively in the courts of Lagos State, Nigeria.

13. Contact Information

If you have any questions about these Terms, please contact us:

Email: support@credisurge.ng
Address: Lagos, Nigeria